Inside Information

MAY 30, 2023

This is the time of year when the various industry magazines come out with their broker-dealer surveys, listing the ‘top’ BD rankings based on total revenues or the number of ‘producing’ reps. In most cases, with a few exceptions, sales are 40% or more of the total revenues, and are more often over 60%.

Communication 40

Communication Sales Compliance Insurance 40

International College of Financial Planning

SEPTEMBER 3, 2021

They may charge for their services either on a commission basis or hourly rates. However, our advice is to trust financial planners who either take a flat annual fee or charge per hour for managing your portfolio instead of charging a commission on every stock they buy or sell. Go for Fee-Only Financial Advisors.

Financial Planner 52

Financial Planner Financial Advisor Certified Financial Planner Commission 52

Sara Grillo

AUGUST 14, 2023

The standard, however, is often used haphazardly, invoked as a sales tool by dual-registered advisors who want to virtue signal, only to be abandoned in a legal context by those same advisors who backpedal into being “just a salesperson.” Commissions are opaque. Let’s talk about it. This is where the confusion comes in.

Financial Advisor 52

Financial Advisor Fiduciary Duty Insurance Financial Advice 52

WiserAdvisor

MAY 31, 2022

However, the numbers tell a different story. According to the Federal Trade Commission (FTC), in 2021, American consumers lost over $5.8 million consumers filed a fraud report, the highest number since 2001. However, the FTC expects the actual numbers to be higher than the reported numbers since multiple scams go unreported.

Investing 52

Investing Investments License Accounting 52

Inside Information

JULY 31, 2022

And, of course, the pursuit of an SRO opened the door for FINRA (previously the NASD) to argue that it should become that SRO, which would give it free rein to strangle and eliminate these annoying client-first competitors to wirehouse sales agents and asset-gatherers.

Financial Planner 45

Financial Planner Financial Planning Ethics CFP 45

Sara Grillo

MAY 8, 2023

Indexed universal life (IUL) is often sold using smoke-and-mirrors sales shams, but in this podcast we’ll expose the truth! Listen to this if you are a financial advisors or consumer who wants to see through the crap and make better decisions about whether IUL is good for you (or your client) or NOT. Excuse exactly.

Insurance 59

Insurance Clients Financial Advisor Accounting 59

Inside Information

JANUARY 31, 2022

At the top of my conflict list is sales contests , which basically tell brokers what “investment opportunities” to sell and give them a financial incentive (and, of course, firm-wide recognition to the winners, which is an incentive in itself) to recommend them to their unwary customers. Apparently not very effectively.

Commission 40

Commission Clients Sales Fee Only 40

Sara Grillo

APRIL 11, 2022

” As an hourly financial advisor he doesn’t make commissions for recommending products such as private REITs, structured products, etc. It’s all your number… How much are you managing it? And it’s just all hourly, there’s no way you win there at all, no product sales.

Financial Advisor 52

Financial Advisor Portfolio Clients Management 52

Sara Grillo

SEPTEMBER 26, 2022

I mean, how is the CFP Board even going through a process of due diligence, again, innocent till proving guilty in the sense when they have all kinds of disclosures, but at the same time, they’re publicly reprimanding 40 people, 80 people, whatever the number is, in a given year, out of the tens of thousands.

CFP 59

CFP Financial Advisor Financial Planner Ethics 59