Many professionals use titles like Financial Advisor, Financial Consultant, Wealth Manager, etc., to describe the value they offer. But in many cases you might be surprised to learn the limitations of their services. At Alpha Fiduciary, we feel strongly that your wealth manager must integrate financial planning, investment consulting, and relationship management to provide you the service your trust deserves.
In the past, the terms “financial advisor” or “financial consultant” have been used rather loosely in our industry. Sometimes they have basically just meant “financial products salesperson.” If the title isn’t accompanied by an RIA designation or an industry certification that holds the advisor to certain fiduciary standards, you won’t always know. When you engage the services of such an advisor, you may merely be paying commissions to a broker or annuity salesperson. A true financial advisor will provide you unbiased advice that puts your interests ahead of earning commissions.
Some financial advisors don’t make commission but only provide investment management. Investment management is a critical part of any financial plan, but unless the management considers your total financial picture, it’s more or less just a commodity. With the rise of so-called “robo-advisers” that can spit out a portfolio plan electronically based on a short questionnaire, this type of financial advice should be seen for what it is and nothing more.
When you hire a financial advisor or financial consultant, you want that person to be a true wealth manager who looks at your financial plan (or helps you build one), your tax situation, your investments, your goals, your risk comfort level, and any other relevant information to help you make the right set of decisions with your money. Your financial advisor should remain sensitive to changes in your situation and check in with your regularly.
In sum, transferring your money and buying some stocks, bonds, and funds may be just what you need financial advisor to do. But it’s just investment management and is more of a commodity than a comprehensive service. By combining financial planning, investment consulting, and relationship management Alpha Fiduciary offers comprehensive wealth management that can add real value to your experience.