Best Financial Advisor In Miami

By Author: michael braganza
Total Articles: 119
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In sunny of recent Wall Street degradations, many investors are taking a closer look at who is actually managing their money and what investment procedure they are following. Investors are taking the time to do their due-diligence and are becoming more tasteful on selecting the best financial advisor. In my travels and meetings with clients, I continue to hear the same manner of questions. How do I select the best wealth boss? How do I select the best investment management company? What is a Registered Investment Advisor? What is the difference between a Registered Illustrative and a Registered Investment Advisor? With such great questions, I wanted to take the time to answer these questions and address this central theme of helping savers excellent the best financial consultant or wealth manager.

Only a small proportion of financial advisors are Registered Investment Advisors (RIA). Federal and state law needs that RIAs are held to a fiduciary standard. Most so called "financial advisors" are considered broker-dealers and are held to a lower standard of diligence on behalf ...
... of their clients. One of the best ways to judge if your financial advisor is held to a Fiduciary standard is to find out how he or she is rewarded.

This model minimizes conflicts of interest. A Fee-Only financial advisor charges clients directly for his or her advice and/or on-going management. No other financial reward is provided, directly or indirectly, by any other institution. Fee-Only financial advisors are selling only one thing: their knowledge. Some advisors charge an hourly rate, and others charge a flat fee or an annual retainer. Some responsibility an annual percentage, based on the assets they manage for you.

This popular form of recompense is often confused with Fee-Only, but it is very different. Fee-Based advisors earn some of their compensation from fees paid by their client. But they may also receive compensation in the form of commissions or discounts from financial products they are licensed to sell.

An advisor who is compensated solely through commission’s faces immense conflicts of interest. This type of advisor is not paid unless a client buys (or sells) a financial product. A Financial Advisor held to a Fiduciary Standard occupies a position of special trust and confidence when working with a client. As a fiduciary, the Financial Advisor is required by law to act in the best interest of their client. This includes disclosure of how they are to be rewarded and any supportive conflicts of interest.