Before looking into working with a financial advisor, be sure to do your research on the benefits of an independent advisor vs. a career agent. There are many advantages to working with an independent advisor.
Let’s begin by diving into what an independent advisor is. An independent advisor is someone who is not tied to any specific family of funds or investment products. These advisors are typically registered with the Securities and Exchange Commission or a state securities regulator rather than a particular broker-dealer.
With an independent advisor, the focus is solely on the client. There are no proprietary interests, personal gain, or vested financial interest in their recommendations. This takes the pressure off of advisors to sell specific products or promote an individual carrier and focus on the clients’ financial needs.
Similarly, independent advisors are not bound to specific funds, investments, or products. Generally, they can offer a broader range of investment products and are better suited to meet their clients’ needs and wants. This same benefit also applies to insurance products. There is no sales quota to make for any specific product or product lines, which typically makes the products they recommend more affordable – which is most client’s biggest concern.
There are also no restrictions to invest platforms, technologies, and more. This allows the clients of an independent advisor to hold their investments and assets on a platform of their choice. You are not tied to an advisor’s in-house trading platform and are free to choose where you receive your statements and access your account online.
An independent advisor relies on their reputation to conduct business. A larger parent company does not back them; they are not linked to a specific product to verify their credibility, their success is based solely on customer satisfaction. Everything done on the client’s behalf reflects on the advisor’s reputation within their community and industry.
There are many advantages to working with an independent advisor aside from the reasons listed above. Before deciding who to trust with your finances, be sure to do your research and choose someone who can best support your financial needs. To learn more, contact our team today. We’d be happy to discuss how we can help you reach your financial goals.
