The movement is in its nascency but it’s growing. What if financial planning wasn’t given away like a pawn just to “close the deal?”Ī growing number of financial planners are operating their practices from a position that, to a higher extent than ever before, puts the client at the center and not only pushes the products aside but eliminates them from the offering.Īdvice-only financial planners are officially a “thing” -Sara Grillo, CFA What if financial advisors gave generously without expecting anything in return? What if financial advisors were more preoccupied with service than selling? What if, instead of trying to make yourself look as good as possible, you instead asked yourself, “How can I be as clear and transparent as possible?” Unfortunately the list goes on ad nauseum. The benefits of advice-only financial plannersĪs those of you who know me are aware, I’m sick of the compiled, embedded, opaque fees, the BS products clients get sold, like interval funds, private REITs, the crypto crap, the whole life insurance, direct indexing (or personal indexing, custom indexing or whatever other name you want to call it). Provides financial planning services only.Does not implement investment recommendations on the client’s behalf.Does not charge a fee for managing assets.Does not have discretion over client assets.These are not advice-only financial planners these are financial advisors who offer financial planning services on a stand-alone basis in addition to other services that they offer. Many financial advisors will say that they offer advice-only services but if it is an offering it is not the only thing an advisor does. They may provide general guidance on how to manage your investments, such as helping you assess your risk, but they do not implement investment recommendations on the client’s behalf. Here is the definition of an advice-only financial planner:Īn advice-only financial planner is someone who provides only financial planning services. For example, in Cody’s ADV you will see that he has no discretion over any client investments. Financial planning is offered as a stand-alone product it is the only thing that an advice-only financial planner does. What is an advice-only financial planner?Īdvice-only financial planning is fee-only comprehensive financial planning without the expectation or even the option to manage any client investments. I have a newsletter in which I talk about financial advisor lead generation topics which is best described as “fun and irreverent.” So please subscribe! I am an irreverent and fun marketing consultant for financial advisors. I am a CFA® charterholder and financial advisor marketing consultant. What’s up with these “advice-only financial planners?” Find out by listening to the show.įor those of you who are new to my blog/podcast, my name is Sara. The advice-only movement is a bigger move than a shift in fees – it’s a transcendence to a higher level of morality, transparency, and service to the consumer. It’s so clear to me what the future of financial advice is – what it should be – and what it will be. This interview with Cody Garrett, CFP, of Measure Twice Financial was mind-blowing.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |