Why Choose Retirement Portfolio Partners
In the United States, there are about 310,000 financial advisors.
About 25% are Certified Financial Planners®.
Approximately 6% are fee-only.
How many are CFPs, fee-only, and have retirement income expertise?
Very few. I am among those few.
CERTIFIED FINANCIAL PLANNER
““Anyone can use the term Financial Advisor. But the CFP designation has to be earned.””
Digging deeper, the Certified Financial Planner designation demonstrates your financial advisor has completed the extensive education and experience requirements to meet the complexities of your financial situation.
I'll save you the exam details, but on average it takes approximately 1-2 years to be eligible to take the examination.
Then you have to pass.
Making this sacrifice means you take your job serious. It is the financial planning industry's way to separate those who are trying to be stewards of the profession versus those who are just trying to make a quick buck.
You can learn more about why the CFP designation matters.
FIDUCIARY
“A Financial Advisor can provide advice that is suitable or advice that is responsible. Suitable advice starts with a product application. Responsible advice starts with a financial plan. ”
FAH-DUE-SHEE-AIRY: My Oath To Provide Recommendations In Your Best Interest
Good question. You don't need any more financial jargon in your life.
But you do need a standard of care when it comes to the advice you need. A fiduciary ensures just that.
Simply put, a fiduciary financial advisor is legally responsible for the advice they give. They must, at all times, put your interest ahead of their own.
That means (hopefully) you will not be sold a product you don't need. Or told to make changes in your investments that don't benefit you.
Why I Took The Oath
Candidly, it takes the “complications” out of your relationship with me.
No call once a month to sell you something else.
There is no churn and burn here.
No can't miss opportunity or "guaranteed" returns.
Taking the fiduciary oath elevates the level of care from doing what is suitable, but maybe not the best for you to doing what is responsibly in your best interest.
What You Can Expect
When you work with a fiduciary financial advisor, you can expect the following benefits:
The advice you receive will be based on a thorough analysis of your situation
Your relationship will be based on getting you to your goals, not products to buy
The recommendations you receive will be outlined in a comprehensive financial plan
In other words, we will treat you with the honesty and integrity that you would expect from someone with whom you are entrusting your retirement. Please click here to print an unsigned copy of this oath that you can take to any other advisors you are interviewing.
FEE ONLY ADVICE
A Deeper Level of Responsibility
It is easy to say a certain product, such as a guaranteed annuity, is in your best interest. But since there are commissions that go along with selling the policy, how do you know your financial advisor is not advising you to buy something that provides a higher commission versus a better choice that doesn’t?
You don't. Hence lies the conflict of interest.
You hope your advisor will not just offer products where they get the most commission. But why take the chance?
No Buyer's Remorse
Since fee only financial advisors get paid based on a flat fee or percentage fee basis, they can be objective with the products you need and recommendations they provide.
When you work with a fiduciary, fee only financial advisor, you have elevated your standard of care:
The advice you receive will not be based on purchasing any products
You will know the fees you are charged and how they are paid
If you do need products, your advisor will be objective in recommending the right one
Wait A Minute...Isn't This The Same As A Fiduciary?
Taking the fiduciary oath as an advisor is a great first step. However it does not mean the advice you receive will be conflict free.
Conflicts arise, naturally, when there are incentives at play. It has nothing to do with providing advice in your best interest. It has everything to do with how your advisor chooses to deliver your advice.
A Fiduciary Advisor can still work on commissions and sell products. A Fee Only Advisor removes these conflicts by abstaining from selling.