Why Get Financial Advice from This Motorcycle Rider?
Article written by Brian Bickett
Earlier in my career, I worked as a fee-based financial advisor. This meant that I got paid to give advice AND got paid commissions for suggesting my clients buy certain products (like mutual funds, annuities and insurance policies) from large financial companies. Most of your “traditional” financial advisors and planners work under this model.
It wasn’t all bad. Back then, I enjoyed helping clients with financial advice where I was compensated directly from the client and worked as fiduciary: a fancy term for being required to act in the client’s best interests at all times. This standard applied whenever I was providing advice on specific steps to move clients in the direction of their goals. Examples would include where and how to invest for goals, how much and what type of life insurance policy was needed (if needed at all), how to retire with confidence, taking full advantage of the tax code, and how to structure an estate plan.
To be honest, there were times I was less than comfortable with selling financial products where the product company paid me a commission. There were many occasions where two similar financial products, with different commissions, were a good fit for the client’s situation. An internal struggle ensued when the one I wanted to recommend also had the higher commission. I always second guessed myself, did the higher commission affect the recommendation? That doubt always lingered in the back of my mind.
Then the opportunity presented itself to work as a fee-only financial planner. As a fee-only financial planner, I can now provide objective financial advice as a fiduciary 100% of the time and the only compensation I receive is directly from the client. No commissions, no products for sale, and no referral fees. It’s all transparent for my clients. So now, when it comes to individual financial products, I am in a position to provide truly objective advice as my compensation is not dependent on the product selected. I am sleeping better at night.
Find Your Financial Roadmap.
Why from This Motorcycle Rider?
Enjoying life on a motorcycle is inherently more dangerous than in a car. A motorcycle rider always has more at risk – regardless of who’s at fault. This constant reminder that tomorrow is promised to no one helps me to be more present in my life and influences how I work with clients. While it is important to plan for tomorrow, I also encourage clients to live today. Why put off a dream until “someday” if we can work thru the steps to bring it to tomorrow? Money is not the goal but simply a tool to be used to help you live the life you want to live.
Getting financial advice from this motorcycle riding, fee-only CERTIFIED FINANCIAL PLANNERTM professional can follow a couple of different paths depending on the needs and wants of the client. The following options are available to meet these differing needs and wants.
The Touring Package
The Touring Package is an on-going service that helps guide you along the ride of your life. This includes getting a clear picture of your current situation, goals, and dreams; education and exploration of what is possible, and implementation of a road map to guide you in direction of your dreams. Having a guide who has helped others down this road not only helps to prevent you from stalling out but also provides assistance when obstacles and opportunities present themselves.
Take a Day Trip
The Day Trip consists of working with a fee-only CERTIFIED FINANCIAL PLANNERTM Professional to provide you with one-time, objective advice on specific issues. Day Trips can include single or multiple issues from areas including cash flow and budget development, selection of employee benefits, education on insurance products, college funding options, investment guidance, developing retirement income, tax analysis and estate planning.
Due to client demand, investment management is available as a stand-alone service or can be added to the Touring Package or Day Trip options. We invest your money based on our long-term goals, your tolerance for risk, and your investment time horizon. From this, we construct an appropriate globally-diversified, cost and tax efficient portfolio. Because I am a fee-only CERTIFIED FINANCIAL PLANNERTM Professional working as a fiduciary 100% of the time, my ethical and legal duty to act in your best interest applies to investment management as well.
I encourage you to live your life with intention and enjoy every ride along the way. If you would like help planning the ride of your life, I can guide you through our financial planning and investment management processes — it’s what I do for a living. Click here to schedule an introductory call.
Additional Articles You May Find Interesting
Article written by Brian Bickett You and I both know that South Dakota was ranked the best state for retirement in Bankrate’s 2018 “Best and worst states for retirement” study which is summarized here. The study ranked South Dakota #1 overall based on rankings...
Summary of the 2019 Social Security Trustees' Report Article written by Brian Bickett Earlier than in the past, the Social Security Board of Trustees released their annual report at the end of April this year. The report for 2018 spans 270 pages that go...
Article written by Brian Bickett Do I have enough life insurance? It’s a simple question with a simple answer. However getting from the question to the answer requires a bit of exploration. And that exploration always begins with “Can you tell me why...
Start your journey to financial freedom and peace of mind today.
CONNECT WITH US
Iron Mountain Financial Planning LLC (“IMFP”) is a registered investment adviser offering advisory services in the States of South Dakota and Wyoming and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. The presence of this website on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute. Follow-up or individualized responses to consumers in a particular state by IMFP in the rendering of personalized investment advice for compensation shall not be made without our first complying with jurisdiction requirements or pursuant to an applicable state exemption.
All written content on this site is for information purposes only. Opinions expressed herein are solely those of IMFP, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.