When I meet with people about their finances I hear about the company and "advisor" they currently use or have in the past. After hearing their stories and look over their investment statements I am reminded how great it is for my client's that they work with an independent financial planning firm.
There are many unfortunate stories of people being pushed into unnecessary and expensive financial products not in the client's best interests. I realize there is a lack of trust by the public towards financial professionals in general and I am aware of the industries short comings. I want you to know there are other options available where you can receive personalized financial advice that is in their best interest.
Flexibility: As an independent Registered Investment Advisor my firm is able to evaluate, use and provide a vast array of services from multiple providers to meet the clients unique needs. We can provide advice on your 401k without having to switch providers; use a college savings plan from Vanguard to take advantage of their low costs versus the less desirable home state option; create individualized financial plans with the industry leading software company Money Guide Pro; custody assets with a low cost institution. The other option is to go to a broker like Edward Jones or Merrill Lynch to receive cookie cutter advice and hear a sales pitch on the their list of in-house products.
Not Selling Products: Being bombarded with sales pitches on annuities, life insurance, proprietary mutual funds, structured notes, and other products with high costs are detrimental to achieving your long term financial lifestyle. There have been many times where I show someone they are paying a lot more in fees than they realized. Many times an investor will pay 3% to 4% in combined annual expenses to a broker, advisor, and mutual fund. Sometimes the person is also paying up front commissions for certain mutual funds and broker engineered products. This lines their pockets with double revenue and no requirement to disclose the additional costs.
At Peterson Wealth Advisory we look at the clients entire financial picture including business ownership, real estate, insurance and investments, etc. and weigh the pros and cons of each towards meeting their goals. If it makes sense and helps the client achieve their goals we will advise the person to keep the asset even if we are not compensated.
When it comes to compensation we are fee-only. Fee-only means we charge an hourly rate or a percentage of assets under management and we do not receive commissions or kickbacks. We are paid directly by our clients. This helps eliminate conflicts of interests and makes our costs transparent. Our clients receive complete financial advice from a Certified Financial Planner®, invest in low cost index funds, and custody assets at a low cost institution all for less than 2% a year.
These are just some of the ways clients benefit from working with an independent Registered Investment Advisor firm. Contact Christopher G. Peterson, CFP® for more information on achieving your goals and receiving independent financial advice in your best interests.
