In some industries you can hire different versions of a particular profession. For instance, in the state of New York you can hire a property manager but that does not necessarily mean you are hiring a real estate broker. If you are looking for a lawyer to handle a particular case, depending on the case you could either hire a paralegal for the paper work or an actual lawyer for advice. Another industry where you have a choice of who to hire is a Financial Advisor Marysville CA.
For your investing needs, you have two choices on who to refer. One is a financial advisor and one is a broker. Where the water gets muddles however is that a broker can also be referred to as an advisor but an advisor is not a broker. In the two ways that these two categories differ and why you want to confirm who it is you are hiring is in how the financial person gets paid and exactly how they are to represent you and your money.
If you are looking for a Financial Advisor Marysville CA you have to dig deep and ask the right questions to make sure you are only getting an advisor. An advisor has a fiduciary responsibility, meaning monetary, to find suitable investments for your best interests. This means that they are paid a flat salary for representing you or they are paid a small cut of the assets. They do not have conflicting interests as to where to invest your money as they are paid the same regardless of where you put your money.
Next, because a broker can also be called an advisor it may be hard to tell them apart or even get a straight answer from them on what they do for you. You can ask your potential financial person how they get paid. If they get a commission as to how much money they are putting into a specific account, they are a broker. The usual rate for an advisor is a flat 1% where a broker can receive a great deal more based on the collective amount they can get their clients to put into specific funds. Visit Ryanwealth.com, For more information.
Be the first to like.