Stock Brokers vs. Fiduciaries- Do You Know The Difference?

Tony Robbins recommends this short video clip in his new book, Money: Master The Game. This is a great explanation of the difference between brokers and financial fiduciaries.  Most brokers call themselves “financial advisors” or “financial planners,” but less than 10% of them are actually fiduciaries.  Robbins advocates for using an Independent Fee-Only Fiduciary in order to protect investors from deceptive sales practices.

This clip here gives a nice break down of why.

The Recipe for Building a $1 Million Retirement Plan

The 401(K) has become America’s number one way to save for retirement.  The stock market’s recent bull streak has not only pushed the average 401(k) plan balance to record highs, but also boosted the ranks of a new breed of retirement investor: the 401(k) millionaire.  To join this “Million Dollar Club,” you need to learn all the right ingredients to this recipe.

Click here to read the article.

Would people possibly mistake someone completely unqualified to handle their finances?

The fact is, anyone can claim to be a financial advisor. There is a big difference between stock brokers, insurance agents, salesman, and CERTIFIED FINANCIAL PLANNERS. Do you know the difference between fee-only and fee-based?  Does your financial adviser sell products to make commissions?  Fee-Only advisers do not sell any financial products! To bring awareness to this confusion,  the CFP Board recently conducted an informal experiment. Would people possibly mistake someone completely unqualified to handle their finances for a qualified financial advisor? The results are alarming.

The CFP Board created a fake financial firm on the 48th floor of a prominent office building. The firm’s key feature? A conference room constructed with fake walls, two-way mirrors and six hidden cameras. Once everything was properly set up, they invited various people to receive a brief presentation from a man claiming to be a financial advisor. In actuality, he was a professional DJ equipped with little more than a few financial-sounding phrases and a personable demeanor.  The lesson here, not all financial planners are what they appear.

If they’re not a CFP® pro, you just don’t know.  CFP® CERTIFICATION is recognized as the highest standard in personal financial planning.  Not all financial planners are FIDUCIARIES. Work with professionals who are required to put your needs before their own.  We adhere to the highest standard a Fiduciary can and do not combine product sales with advice-giving.  If they’re not a CFP® pro, you just don’t know.  Find a CERTIFIED FINANCIAL PLANNER™ who’s properly vetted.   CFP®:  Work with the highest standard.