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.
Then My Road Changed
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.
Why Get Financial Advice 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.
The Services
Getting financial advice from this motorcycle riding, fee-only CERTIFIED FINANCIAL PLANNER™ 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 PLANNER™ 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.
Investment Management
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 PLANNER™ 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.
