Financial Advisory for Women

It's About Time.

 

    

Bell Tower Advisors Philosophy

  • We are independent
  • We are fee-only
  • We act as fiduciaries on behalf of our clients
  • We are committed to remain a boutique firm
  • We serve women (and like-minded men!)

How to check out a (or your!) financial advisor

How do you know if an advisor is truly working on your behalf, or just earning commissions for his/her own bank account? This seems to be one of those topics that retail investors still get confused about, and I can see why. This recent NYT article (see link below) provides a great discussion on the various differences, and I encourage you to read it, particularly is you are in the market for an advisor, or aren't sure how the advisor you ARE working with gets paid.  I have heard so many horror stories (like the one in this article) where people were really taken by an advisor who "seemed" trustworthy and so knowledgeable, but yet they were sold something they really did not need nor want in the end.  And to add insult to injury, some of these products even have cancelation fees which makes it next to impossible to sell the investment once you learn what you really bought. (Hint: don't ever buy an annuity without getting several opinions and explanations on exactly what you are getting yourself into!) 

http://www.nytimes.com/2014/10/12/business/mutfund/before-the-advice-check-out-the-adviser.html?_r=0

There's still a lot of work to be done to educate the public about our profession and how the different business models work.  As a Registered Investment Advisor (RIA), I am held to a fiduciary standard, which means I am legally obligated to put my clients' interests ahead of my own.  Brokers do not operate under this standard, and it is therefore much harder to prove they sold you something you didn't need in a court of law. 

I was glad to read this article and wanted to pass it along. 

Margie

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