I recently saw an article by an advisor in Daytona Beach that asked the question if your adviser was a product “agnostic”? Sort of a funny question since the word “agnostic” usually refers to someone who has no definite belief in God’s existence.
The article went on to describe an adviser who was a “product agnostic”! A fiduciary should be such. The best product for one is not necessarily the best product for another. Many Financial Advisors claim to be objective, but often sell and/or recommend products based on their company’s production quotas, or their commission. They give advice that is not about the clients best interest. Just as a Baptist will defend his religious view, most advisors will defend their product as better than others.
What makes us different is a few things: 1) Independence We answer to the client not a brokerage house or insurance company. 2) We consider all the available choices, services and strategies to find the right fit for each client, 3) We use institutional money managers who have low cost due to their economy of scale with low, minimum account sizes, 4) We charge a fee instead of commissions. 5) We spend time with client so we can understand all the circumstances involved in the decision and getting to know them as to “What’s the money for?”