REGION – Getting your financial picture in order may seem like a daunting task, but it doesn’t have to be. Consulting with a Registered Investment Advisor (RIA) can bring you peace of mind knowing that someone with expertise, objectivity, and accountability is there to help you every step of the way. Why else should you consider working with an RIA? Read on:
1. Tailored advice based on your goals. Many RIAs believe that their independence is key to offering advice that’s best for you.
Whether you need help with retirement planning, a tax situation, estate planning, or managing assets at multiple places, it’s fundamentally important that your advisor truly understands you, your goals, and your situation. Many RIAs are in a position to do that and pride themselves on having strong personal interaction with their clients and being dedicated to their clients’ needs. They believe that their independence is key to offering investment advice based on what’s best for their clients.
2. You know what you’re paying for. Typically, fees are based on a percentage of assets managed.
This fee structure is simple, transparent, and easy to understand, and it gives your advisor an incentive to grow your assets.
3. Advice for your complex needs. A rich diversity of specialization among RIAs means you can likely find one to provide the type of advice you need.
Many independent RIAs provide services that address a variety of complex investment needs that often arise when you accumulate significant wealth, such as assisting you with the sale of a business, complicated tax situations, trusts, and intergenerational issues. Some advisors are specialists in certain investment strategies. Others can assist you with comprehensive services, such as estate planning or borrowing. Given the amount of specialization throughout the industry, no matter how complex your individual needs, you will likely find an independent RIA who can provide advice that’s right for you.
4. A different kind of relationship. RIAs typically form close relationships with clients and have a strong sense of accountability.
The goal of an RIA is to help find solutions that are closely aligned with their clients’ needs and objectives, and many independent RIAs enjoy a deep, personal relationship with their clients. This often takes regular, ongoing interactions. And because many independent RIAs are entrepreneurial business owners, the buck stops with them, so to speak, and they frequently have a strong sense of personal accountability to their clients.
5. You know where your money is held. RIAs often use institutional custodians to safeguard clients’ assets.
These custodians also provide important infrastructure services, such as executing trades and preparing monthly brokerage statements for clients. This helps an RIA focus on understanding your needs and providing the best advice possible. Schwab is the largest custodian.
Article written by Skygate Financial Group.