Independent’s Day

Okay, this has nothing to do with America’s celebration of independence from British rule… other than it’s a play on words and you know I can’t possibly resist.

No, today’s post is about your own independence from the biases that are infused into advice you might receive from an advisor who is working for an insurance company, a brokerage, a bank, or a mutual fund company.  The way you can achieve this independence is to work with an independent advisor – an advisor who operates as a fiduciary, providing advice that is solely in your own best interest.  This is an important enough issue for me to direct you to other advisors’ websites – folks who technically are competitors to me – so that you can see what they have to say about this independence and the fiduciary duty of care that you, the consumer of financial services, deserve.

So, today I am highlighting several colleagues of mine who are independent financial advisors – and providing links to articles they’ve written about independent advice and the fiduciary duty that they engender.

For starters, Roger Wohlner, CFP®, a financial advisor based in Chicago, wrote the article “2010 The Year of the Fiduciary?”.

Nathan Gehring, CFP®, EA, who is running a financial advisory out of Appleton, Wisconsin, recently wrote about the fiduciary “fight” that has been going on in Congress as a part of the financial industry overhaul legislation in his article “Forget the Fiduciary Fight”.

Based in Atlanta, Georgia, Russ Thornton recently wrote an article entitled “Do Commissions Influence Your Advisor?”, which details some of the ways that you may be getting short-changed in the advice you receive.

And while we’re talking about advisors in the Peach State, Teri Tornroos, EA, CFP®, wrote the article “How is Your Financial Advisor Paid?”, giving you insights into the issues of commissioned advisors versus independent advice.

Jean Keaner, CRPC, CFDP, an independent advisor out of Keller, Texas, wrote an article announcing that “Motley Fool Endorses Garrett Planning Network”.  The Motley Fool, one of the most admired financial brands in America, has exclusively endorsed the Garrett Planning Network, a fee-only financial planning network whose members operate as fiduciaries for their clients.

Last but not least in my list is Curtis Smith, CFP®, who operates his fee-only financial advisory out of Sugarland, Texas.  Curtis recently wrote the article “Why People Want Independent Financial Advisors”.  More good information here about why you should choose an independent advisor to bolster your own independence.

If you’re looking for an independent advisor you can go to the Garrett Planning Network’s website and use the “Locate an Advisor” page to find a planner near you.  Another option is to go to the NAPFA website (NAPFA stands for National Association of Personal Financial Advisors) and use the “Find An Advisor” tool there.  No matter how you do it, you owe it to yourself to declare independence – and use these independents’ resources to help you do it.

Photo by DrewMyers

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 Jim Blankenship, CFP®, EA, is an expert in personal retirement, IRAs, and tax issues, with more than 25 years of experience in the industry. Read more from this author