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Five benefits of an independent financial advisor

The right investment advisor does what’s best for you.

 

What is an independent financial advisor?

 

Independent Registered Investment Advisors (RIAs) are professional independent advisory firms that provide personalized financial advice to their clients, many of whom have complex financial needs.

Because these advisors are independent, they are not tied to any particular family of funds or investment products. As fiduciaries, they are held to the highest standard of care – and are required to act in the best interests of their clients at all times. They are registered with either the Securities and Exchange Commission or state securities regulators.

 

Why does it matter if your advisor is independent?

 

Many independent advisory firms are owned by the individual advisors who run them, so they forge deep, personal relationships and have a strong sense of accountability to their clients.

 

As one of the fastest-growing areas within the financial services industry, independent advisors have increased their assets managed by more than 14% year over year since 2008, and this number is expected to grow another $1 trillion in the next two years (2015-2016) alone.

 

Investors with complex needs are increasingly seeking out personalized advice – and one way to ensure you’re getting that is to work with an independent financial advisor.

 

Benefits of working with an independent financial advisor include:

 

1. Customized guidance based on your complete financial picture.

 

Independent advisors are not tied to any particular family of funds or investment products. So whether you need help with retirement planning, a tax situation, estate planning, or managing assets at multiple places, independent advisors have the freedom to choose from a wide range of investment options in order to tailor their advice based on what’s best for you.

 

2. A relationship that is proactive, observant, and exclusive.

 

To offer advice closely aligned with your goals, independent advisors must first build a strong understanding of your situation. As a result, many independent advisors focus on building deep relationships with their clients. This often takes regular, ongoing interactions. And because many of these advisors are entrepreneurial business owners, they hold themselves personally accountable to their clients.

 

3. A fee structure that is straightforward and transparent.

 

Independent advisors typically charge a fee based on a percentage of assets managed. This fee structure is straightforward, transparent, and manageable. It also gives your advisor an incentive to help grow your assets. When you succeed, your advisor shares in that success.

 

4. A high level of proficiency to support the most complex financial needs.

 

Independent advisors can help investors address the variety of complex investment needs that arise when you accumulate significant wealth. While specific services vary from firm to firm, they are often described as financial “quarterbacks” focused on your holistic financial picture. Some advisors are specialists in certain investment strategies. Others can assist you with comprehensive services, such as estate planning or borrowing, the sale of a business, complicated tax situations, trusts, and intergenerational wealth transfer.

 

5. Your assets are held by an independent custodian, not the advisor firm.

 

Independent advisors use independent custodians to hold and safeguard clients’ assets. For many investors, this provides a reassuring system of checks and balances – your money is not held by the same person who advises you about how to invest it like most banks and wire-houses. 

 

Reference: This is a reproduction of an article. The original can be found here: https://learninghub.findyourindependentadvisor.com/5-key-benefits-of-independent-financial-advisors/ 

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5 Reasons To Consider Using An Independent Financial Advisor

Whether you’re in the market for specific strategies or a range of financial services, choosing to work with a financial advisor is an important decision. One thing to consider is if an advisor is independent. Here, we break down what that means, exactly—and why it might matter— from the basics to the benefits.

THE FIDUCIARY STANDARD

Independent Registered Investment Advisors are held to the fiduciary standard. Put on the books by the Investment Advisors Act of 1940, the fiduciary standard requires independent advisors to keep the best interests of their clients in mind at all times. In fact, they are legally required to put their client’s interest first—and always act accordingly.

THE BENEFITS OF INDEPENDENCE

Advice You Can Trust

Independent advisors are not bound to any family of funds, investment products, or services. This provides clients with confidence – they can trust that the products and services recommended by their advisors are in their best interests.

Relationships Built on Accountability

To best serve their clients, independent advisors often seek to develop deep personal relationships, so as to fully understand each client’s specific needs and goals. What’s more, because independent advisors are entrepreneurial business owners, they value their client relationships and hold themselves accountable to their clients.

Transparency

Independent advisors typically operate on a fee-based compensation model—which is simple, transparent, and incentivizes growing a client’s assets. Therefore, when the client does well, so does the advisor’s business.

Deep Expertise That Caters to Your Needs

Acting as financial quarterbacks, independent advisors help clients come up with a financial game plan that looks at the big picture, no matter how complex their financial needs. While some independent advisors concentrate on specific investment strategies, others can assist with comprehensive services, offering a high level of expertise on financial planning, estate planning, complicated tax situations, charitable giving, intergenerational wealth transfer, and more.

Reference: Reference: This is a reproduction of an article. The original can be found here:
https://www.forbes.com/sites/charlesschwabadvisor/2016/09/22/5-reasons-to-consider-using-an-independent-financial-advisor/#564b5f050473