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Brokers and advisors who operate under the suitability standard offer you products for sale from a range of products carried by the company he or she represents. By law, the advice or products they sell you simply must be suitable for you. Or, in other words, the advice may or may not be the best advice for your given situation or investment objective. The product pitch often takes precedence over your needs and goals.
Kind of like selling a Porsche to a newly licensed teenager. Is it suitable? Maybe. But as a fiduciary is it prudent to put an inexperienced driver behind the wheel of a race car? Probably not!
An advisor operating under the fiduciary standard must present, by law, the “best advice” he/she can give, taking into consideration the needs, wants and objectives of the individual. The client’s needs and personal objectives must come first. The main focus is you and this is known as the higher standard. In fact, legislation has been passed in recent years to encourage financial people from raising their standards to that of a fiduciary.
One last thing, it’s important to work with a financial advisor who is dually licensed which means they have both a securities license and an insurance license. An advisor who has both has a much broader universe of options to offer you and as a result are not beholden to any one product or company. It’s just like going to a Ford dealership, are they going to suggest a Toyota even if it’s better for you? A dually licensed financial advisor has more options and in the end you benefit from those increased capabilities.
Fiduciary duty extends solely to investment advisory advice and does not extend to other activities such as insurance or broker dealer services. Advisory clients are charged a fee for assets under management while insurance products pay a commission, which may result in a conflict of interest regarding compensation.
To schedule a time to discuss your financial future and the possible role of insurance or investments in your financial strategy, contact us at firstname.lastname@example.org or call us at 844-GROUP10 today!
We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives.
This website is for informational purposes only and is not meant to be a complete description of our investment services, performance or financial concepts. This site is in no way a solicitation or offer to sell securities or investment advisory services. Information throughout this site is obtained from sources that we and our suppliers believe to be reliable and accurate, but we do not warrant or guarantee the timeliness or accuracy of this information. We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives. Investment advisory services provided by Brookstone Capital Management LLC, an SEC Registered Investment Advisor. Group 10 Financial, LLC and Brookstone Capital Management LLC are independent of each other. Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents. Investments and/or investment strategies involve risk including the possible loss of principal. There is no assurance that any investment strategy will achieve its objectives.
By contacting us, you may be offered information regarding the purchase of insurance and investment products.
*Guarantees provided by insurance products are backed by the claims-paying ability of the issuing carrier.
The retirement kit is provided for informational purposes only. It is not intended to provide tax or legal advice. By requesting this report you may be provided with information regarding the purchase of insurance and investment products in the future.