Would you say Financial Advisors are a respected career or just salesman hawking life insurance and annuities to people ? Would love to hear the B&I boards thoughts .......
neutics said:
If he's a true fiduciary (fee-only) then he didn't receive any compensation for the life insurance policy.
You don't fully understand fiduciaryneutics said:
If he's a true fiduciary (fee-only) then he didn't receive any compensation for the life insurance policy.
FIFYthemissinglink said:
A good financial advisor will tell most people to get term life insurance. If they start pushing whole life insurance, they work for Northwestern Mutual.
Tell me, Tarhee. What's makes you a "true" fiduciary? Be specific like this is a court room and not just a marketing brochure your company printed.tarhee200 said:
I'm a FA who is a true fiduciary. Fee-only financial services...no insurance or annuity product sales.
I refused to go into that business, but that's not to say that they're all purely "salesman". But I would recommend you go the fee only route if looking for a FA that truly 100% looks out for your interests.
Sure I do. Everyone tries to call themselves a fiduciary now, including the insurance salesman and B-D's, and I fully recognize that all of us have certain conflicts of interest. Thank the CFP Board for watering this term down tot he point that it means almost nothing.Stagecoach said:You don't fully understand fiduciaryneutics said:
If he's a true fiduciary (fee-only) then he didn't receive any compensation for the life insurance policy.
Did the change from Big 4 consulting equal a pretty big income hit in the initial year or two? Would be curious what your transition experience was like.... I often think of getting out of corporate finance into the FA world as that is something I am much more passionate about but with a wife who stays home with 3 kids not sure if I could afford to do so.tarhee200 said:
I'm still fairly new to the industry (worked as a consultant in the Big 4 world for a while previously). I've been happy so far with the switch. But you're taking a good approach doing some due diligence and research up front.
hedge_zer0 said:
i wasnt trying to cause conflict, headed down a path to be a FA myself, doing some research and there is alot of flack towards FA's
tarhee200 said:
I assume you're talking about whatever bear trap I just walked into by responding....
I haven't posted in the investing Texags realm often, so be gentle. Was just trying to casually help explain. Hopefully I'm not stepping into an ongoing battle that has been litigated ad nauseam on here already.
There are FA's and there are wealth managers, similar to nurse and doctor. I really appreciate my FA and never felt there was any shame in being one. I would imagine that a FA that acts like a used car salesman isn't a FA for very long. But I wish I had a need for a wealth manager.hedge_zer0 said:
i wasnt trying to cause conflict, headed down a path to be a FA myself, doing some research and there is alot of flack towards FA's
my comment was for the thread in general, not your reponse. We have a Financial Advisor / Insurance bashing thread about every 2 months or so and there are always fireworks!tarhee200 said:
I assume you're talking about whatever bear trap I just walked into by responding....
I haven't posted in the investing Texags realm often, so be gentle. Was just trying to casually help explain. Hopefully I'm not stepping into an ongoing battle that has been litigated ad nauseam on here already.
They are one in the same by definition. However, WM's won't work with you unless you are able to start with a 7-figure investment balance. Their clients are primarily high net worth individuals.hedge_zer0 said:
whats the difference between FA and WM ?
Yes, and private opportunities with other high net worth individuals of similar risk appreciation, investment history . . . not stuff with ticker symbols.hedge_zer0 said:
commercial property, meaning REITS?
I would have loved a career in FA/WM. I assume you have passed all your tests. Good luck to you, I"m sure there are some guys on here that would be more than happy to help you, but you better get your AgTag locked in place.hedge_zer0 said:
im an associate, working on cfp, maybe cfa down the line