What does it truly mean for a wealth advisor to be independent?
This is an important question for individuals considering beginning with wealth management and financial planning. But it is also a question that many advisors and agents ask themselves routinely, as they mull the pros and cons of taking their professional future into their own hands.
Let’s explore both sides of this crucial query, and discuss the advantages of independence, for advisors and their clients alike.
What Does an Independent Advisory Firm Mean for Advisors?
Freedom to Build Your Way
Working with large companies can often come with “handcuffs,” limiting your options as an advisor. With greater independence comes greater freedom to deliver the services you want, work with the team you want, and build and share your your brand the way you want.
At the end of the day, independence means that your business is your business – not theirs. This gives you the opportunity to be as creative and innovative as you would like – to choose the providers and products that really work, to structure your fees as you see fit, and to really tell your story, unshackling your marketing and promotion efforts from restrictive corporate oversight.
Greater Payouts and Net Worth
Independent advisors have the freedom to charge whatever they feel is fair and reflective of the real value of their services. Independent advisors have greater freedom to structure fees, and to select the payout structure that works best for them. That may mean greater payouts, which can be put right back into building a business, or bolstering savings.
As an independent advisor, you have full ownership over your book asset value, and can build it however you wish. All of this gives you greater flexibility to manage your business, your lifestyle, and your net worth as you see fit.
Access to Superior Tools and Resources
Going independent can offer advisors the opportunity to grow their practice and better serve their current clients, with a personalized toolbox and enhanced marketing capabilities.
Here at FourStar Wealth Advisors, for instance, we have built a community of advisors facilitated through an advisor engagement program that allows advisors discuss current problems facing their practice and brainstorm solutions.
At the same time, FourStar advisors are able to take advantage of enhanced goal planning, philanthropic advisory services, as well as a fiduciary executive advising suite, and superior technology and financial planning suites.
What Does an Independent Advisory Firm Mean for Clients?
Flexible Planning That Accounts for Your Entire Financial Picture
When working with an agent for a corporate brokerage firm, your options will typically be limited to what that specific firm is trying to sell. With an independent, client-focused firm, however, advisors are not tied to any one particular product or provider. This means that your advisor has greater freedom to explore many different investment and wealth management solutions, tailored to your unique individual needs.
Personal, Accountable Relationships
With an independent advisory firm, each and every advisor is first beholden to you, the client. Our sacred duty is to act in your best interest, at all times, helping you to articulate your wants, needs, and desires, in order to live a full and complete life. In order to do this, independent advisors have more incentive to truly get to know their clients, so that they are better equipped to help offer the best possible guidance. At the same time, less bureaucracy means more transparency and accountability from your advisor to you, at every step of your journey.
Comprehensive Expertise
Rather than trying to sell you on specific products or services, and independent advisor has greater flexibility and freedom to understand the entirety of your unique financial picture. As a result, independent advisors must be able to navigate through your unique circumstances, no matter how complex they may be.
For FourStar Wealth Advisors, this expertise is a byproduct of our unique “Build. Live. Share.” approach. Our task is to assist at all phase of life: to BUILD a strong life by best efforts and practices at managing resources, to LIVE and enjoy those resources, and to SHARE those resources as desired.
For instance, we have come to be known for our leadership in philanthropy and real estate, and have created an extensive network of complementary professionals such as estate attorneys and specialized accountants, which we utilize to provide deep level expertise to clients. What’s more, we offer many unique multimedia educational services, including podcasts, videos, and social media, allowing our advisors to maintain superior relationships with clients.
About FourStar Wealth Advisors
Four Star Wealth Advisors is a Registered Investment Advisor firm headquartered in Chicago, an independent firm without the conflicts of the old school firms.
We are directly focused on serving clients, without all the obvious conflicts of interest of the brokerage firms. As fiduciary advisors, we are obligated to your best interest. We believe that money and wealth is a tool to help investors get where they are going and achieve their hopes and dreams.
Whether you are accumulating wealth or investing for income, solidifying your retirement plan, or devising a distribution approach that meets your lifestyle and legacy goals, we believe success in achieving important financial goals starts with a comprehensive wealth strategy. We will help you define what is most important to you and then formulate the strategies that are suited for your needs.
Have any questions? Does FourStar sound like a fit for you? Don’t hesitate get in touch or send us a message to keep the conversation going.
General Advertising Disclaimer
This article is provided by FourStar Wealth Advisors, LLC (“FourStar” or the “Firm”) for general informational purposes only. This information is not considered to be an offer to buy or sell any securities or other investments. Investing involves the risk of loss and investors should be prepared to bear potential losses. Investments should only be made after thorough review with your investment advisor, considering all factors including personal goals, needs and risk tolerance. FourStar is a SEC registered investment adviser that maintains a principal place of business in the State of Illinois. The Firm may only transact business in those states in which it is notice filed or qualifies for a corresponding exemption from such requirements. For information about FourStar’s registration status and business operations, please consult the Firm’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov/
