Not all financial advisors are created equal. Beware of the wolf in sheep’s clothing.
Financial Advisors – What Investors Need to Know
Beware of a salesperson hiding behind a “financial advisor” title. Job titles such as Wealth Manager, Money Manager, and Financial Advisor are not professional designations and many people with these titles sell investment products. They can earn bonuses for meeting sales goals and can be paid by commission. On the other hand, truly Fee-Only Advisors sell no products and are the only type of advisor obligated to put client interests first. Speak to the truly fee-only financial advisors at Roof Advisory Group by clicking the link or by calling 717-260-9281.
Financial Advisors Compensation
As you choose a financial advisor, you should fully understand how they get paid. Advisors who receive commissions are salespeople and often operate under a conflict of interest. Advisors whose only compensation comes from the client is a true advisor whose goals and objectives align with the client. Click the DOWNLOAD button for the three types of advisor compensation.
Fiduciary vs. Suitability Standards
Fiduciary Standard: An advisor who operates under a duty of care and loyalty that puts the clients’ best interests above the advisor. Follow the link to read Investopedia’s definition of Fiduciary.
Suitability Standard: Motivated by sales quotas, the advisor’s duty is to the brokerage firm that he or she is affiliated with, not necessarily the client served. Follow the link to read Investopedia’s definition of Suitability.
Think Doctor vs. Pharmaceutical Rep:
The pharmaceutical rep is there to sell specific products. A doctor follows the Code of Medical Ethics to offer the best solutions for the patient.
Financial Advisor Check
It’s easy to check online if the financial advisor and the advisory firm has any complaints filed against them. Click the links below to begin your search.
- Financial Industry Regulatory Authority
- Securities and Exchange Commission
- Any state/regulatory agencies
If you have even the slightest concern, do not engage before seeking a second opinion. No matter how you feel about your financial advisor, seeking a second opinion in the form of an investment portfolio evaluation is a step that every savvy investor should take. Many Fee-Only Registered Investment Advisors, like Roof Advisory Group, may offer a complimentary consultation for qualifying investment portfolios. You can find out more about our investment portfolio evaluations, including how to qualify and the duration of our evaluation offer by clicking here.
Make sure your money is working to its fullest potential so that you can rest assured that you are creating a path to a meaningful life, stable wealth, and a lasting legacy.
Roof Advisory Group is a fee-only, independent, Registered Investment Advisor located in Harrisburg, PA and serving clients across the USA for over 20 years. The sole mission of the firm is delivering objective investment management and financial advice on a fee-only basis. Our advisory firm has received numerous awards from national honors such as Top Wealth Managers, Top Performing Firm, to local Reader’s Choice and Simply the Best.
The firm has been singled out more times than any other firm as a nationwide leader in the Investment Adviser Industry at the 2017 InvestmentNews Best Practices Awards & Workshop. Not only was firm founder, Jeffery Roof invited to be among three panelists for the “The Best Practices of the Best Practices” workshop presentation but Roof Advisory Group was also a winner of the InvestmentNews Best Practices Awards. It was one of only twenty-one investment advisory firms nationwide to receive this recognition by InvestmentNews, the leading national industry publication. “This exclusive workshop and awards program is for the industry’s truly elite firms,” explains InvestmentNews.
About the Top Performing Firm Award
To be selected as a winner, the firm first had to rank in the top 25% of the over 700 firms participating nationally in the 2017 Compensation and Staffing Study as well as the 2017 Adviser Technology Study Compensation and Staffing Study. This group then participates in interviews conducted by the InvestmentNews Best Practices Committee to determine the award recipients, which were announced on Oct 17, 2017, in Boston, Mass. This is the fifth time that Roof Advisory Group has received an InvestmentNews Best Practices distinction.
“No firm has been singled out for this award more times than Roof Advisory Group,” Matt Sirinides, Senior Research Analyst with InvestmentNews.
Mark Bruno, Associate Publisher at InvestmentNews, noted that the winning firms should be considered leaders and role models for fellow industry members. “The Best Practices winners are some of the most strategic and successful firms in the advice business,” said Mark Bruno. “Their leaders have a clear plan and vision for growing their firms and managing elite organizations. Acknowledging their accomplishments and telling their stories will help educate, inform and influence the growth of the overall industry.”
“Roof Advisory Group has built a national reputation as a top-tier investment advisory firm and is honored to receive this prestigious recognition among an elite group of peers,” stated Jeffrey Roof, firm President and CEO. “More importantly, it again confirms that our firm’s continuous focus on professional excellence provides notable ongoing benefits to our valued clientele.”
Want to consult one of our advisors? Roof Advisory Group is here and ready to serve your financial needs. Contact us today to set up your meeting to talk to one of our Certified Financial Planners.