We are going to let you in on an industry secret:
The odds are that you and 96% of the investors reading this for the first time have their investments and retirement money being directed by someone with an obvious conflict of interest.
However, the majority of the wealthy people earn better returns with lower costs by investing smartly and differently, than ordinary investors. Educated wealth has learned not to hire a stockbroker and/or insurance only salesperson for a financial advisor. They know the ordinary broker and/or insurance salesperson is motivated by their company’s compensation plan to focus on their own commissions first and the customer’s net returns second. These salespeople who are masquerading as objective financial advisors, are only required to offer suitable investments and insurance products, which is the lower minimum standard in financial services. These salespeople typically sort suitable products and investment offerings daily by the highest commission rates, and the stockbroker or salesperson will then recommend (sell) first the highest commissioned products to customers.
Congress could and should have fixed this by requiring all brokers and insurance salespeople to be held to a higher standard, with the 2300 page Dodd Frank Financial Services Legislation that was passed a few years ago. Unfortunately, the stockbroker and insurance company lobbies were too strong and prevailed to maintain the status quo over middle class investor interests.
Sophisticated wealthy people instead learned from their parents and grandparents, to hire only a financial advisor whom is held to the higher standard of fiduciary, which requires that the advisor put the client’s interest first. Fiduciary is the same standard your CPA and attorney is held to. The industry secret is that 93% of Registered Investment Advisors have an obvious conflict of interest by being simultaneously employed by a broker-dealer or who are owned by a broker-dealer corporation.
Fortress is one of only 7 percent of Registered Investment Advisors who are not employed by a broker-dealer, nor is Fortress owned by a broker-dealer corporation. The odds are that you and 96% of the people reading this for the first time have their investments and retirement money being directed by someone with this obvious conflict of interest. Now you know to search for a fiduciary who is independent, and does not have salespeople acting as financial advisors.
Now you too can be smart enough to make the switch, and only hire a fiduciary to handle your life’s savings and retirement money! Fortress Estate Solutions, pllc is a fiduciary and a Registered Investment Advisor only, and hence it does not collect commissions on the sale of investments.