Win Win Win

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Written by: Andrew V. Tignanelli, CPA, CFP®

As I approach over 40 years in this business, I am finally seeing a glimpse of my life’s dream come true. That dream is that financial advisors would operate like other professionals, such as doctors, lawyers, and Certified Professional Accountants (CPAs). We define professional as not selling products for commissions, being independent, being well-educated in personal comprehensive finance and credentialled to prove their knowledge in the field, spending a few years being mentored, and always working as a fiduciary with their clients. The National Association of Personal Financial Advisors (NAPFA) is the only trade group that requires the above qualifications. NAPFA today has about 4500 members, even though the industry boasts around 300,000 advisors. This disconnect is because most advisors are not interested in becoming professionals, because it can limit income, require harder work, and increase risk. These are true concerns for a salesperson, but not for someone who is dedicated to helping the public navigate a world of personal financial complexities.

More and more, I am seeing solid professional firms arise that are dedicated to comprehensive, independent, fee-only fiduciary advice. Nonetheless, the industry is still dominated by sales forces at brokerage firms, insurance companies, and banks. Every week, when doing a Financial Physical® for a new client, we are shocked at the advice they have received and the fees they were charged. It is a combination of bad advice or no advice that makes it so devastating. This, unfortunately, is what we refer to as an invisible loss. An invisible loss is when you miss something you could have done to save money and never know you could have done it. The loss is real but completely invisible to the client.  Missing a tax move that could have been done, buying the wrong insurance, paying far more than necessary for a service, paying a commission for something that could have been commission-free, and paying for a company benefit that is of no benefit are examples of invisible losses.

“Win win win” is what happens when you refer someone to get a second opinion from the Consulate.  First, your referral gets a professional comprehensive financial advisor (win), second, the Consulate gets a new client (win) and lastly, the growth of the Consulate assures we can implement new technology to continue to enhance our services to you (win). In addition, as the Consulate continues to grow, we can bring on more Associate Financial Advisors and train them to be professional comprehensive financial advisors and assure the quality service of the firm for you and your future generations.

There are two easy ways to refer to the Consulate. First, you can ask them if they would like a copy of the Financial Physical® book, and we will send them a book with an introductory letter. We will send a book to anyone you recommend that has $500,000 invested in employer plans or personal accounts, even if they are not looking for an advisor. Let us know who we can send a book to, and we will get it out. Second, we will do a Financial Physical® at no-obligation for any referral who has $1,000,000 or more invested at brokerage accounts, IRAs, Roths or 401k/403b plans. At the end of the Financial Physical®, your referral will know whether they have invisible losses and how to maximize their wealth efficiency.  Most people who do the Financial Physical® are amazed at what they learn.

You are the key player in helping more and more people see the difference between sales advice and comprehensive professional advice.  The comprehensiveness of our tax planning is what most of your family, friends, and colleagues are looking for, but they do not realize they are paying advisors the same as or more than the fees of the Consulate. Investments are all similar, but the comprehensive nature of the service coupled with expertise is what matters.  When you tell someone they should get a second opinion by doing a Financial Physical® makes a big difference.

Your referral wins, you win, and the Consulate wins when we do a Financial Physical® for them with absolutely no obligation. Tell them that the tax planning alone is worth the time to get a second opinion.  Let us know if we can send a book to a referral or schedule an introductory call to explain the Financial Physical®.

Financial Consulate aims to help lessen the worry and burden of wealth management and enhance financial wellness so our clients can pursue relationships and true fulfillment. Choose the professionals at Financial Consulate as your Certified Financial Planners™ (CFP®) to take advantage of our educational, ethical approach to financial planning. Our services are comprehensive, including tax planning, investment planning, retirement planning, estate planning, and more. We operate completely independently and offer fee-only services to keep your vision in line with our recommendations at all times. While we have offices in Hunt Valley, Maryland, Fernandina Beach, Florida, and Gettysburg, Pennsylvania, we serve clients across the nation. To begin your partnership with a trustworthy wealth advisor, please contact Financial Consulate today.