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1 - I'm not beholden to firm profit margins. 2 - I get zero pressure to invest my clients into any particular fund or investment.3 - If something were to happen to me, you will be left in the hands of someone capable enough to handle you accounts, instead of someone who just got licensed and will be gone within the year.There are a lot but those would be off the top of my head.
10 pages or bust
In your own words, explain that there are plenty of very good wirehouse advisors out there, and that there are plenty of very good independent advisors out there. The difference is that due to pressures on some advisors from their corporate parents, often products may be sold that are not the most ideal for that client, or are not in their best interest.However, those pressures can also come from hybrid or commission only indy advisors as well, both due to commission conflicts (ie. higher commission products vs. fees vs. lower commission products, etc.), and because some indy firms still have proprietary products (ie. Ameriprise).I am NOT saying that fee-only makes you "better", but in the eyes of the public it certainly can (and it does reduce the conflicts of interest, but not eliminate them). There has been such a war on commissions lately, and I am finding that many of my prospects come to me wanting to pay fees and explicitly stating they don't want to pay commissions. And even though you will pay MORE on a fee basis, there is still a perceived (and real) conflict.One of the things i also explain to clients is that my hands are not tied as much as captive advisors. Especially at Jones, I was so hog-tied as far as product was concerned. I was constantly having to fit a square peg into a round hole with portfolios. I didn't like having to use inferior mutual funds simply because I had to hit a breakpoint. Or not getting paid because clients may have needed serious planning help, and already had a large existing portfolio that needed to be managed (and I only got paid when we made a transaction).
Every time I start talking about large firms, the client basically starts finishing my sentence regarding a perceived pressure to sell certain products and meet quotas.
FA1. I wish you could have hung around at JONES longer. Now with Guided Solutions and the fee based platform, much of the conflicts you mentioned are gone. Sounds like you like to think for yourself and that’s good. Would have loved to still have you on the team.