Rogues & Renegades: How Maverick Independent Financial Advisors are Taking Over the Industry

If you've ever sought out a financial advisor, you know how difficult it can be to find someone you can trust with your hard-earned wealth. Promises are made in every direction. Advice is doled out without caution. It's difficult to figure out who is in it for their own benefit and who is actually willing to help you invest in your future. 

I've met with a great number of promising professionals who are surprised to learn the advice they receive from traditional wirehouses is anything but unbiased. It often turns out that commissions, kickbacks, or quotas from specific financial brokers can drive advisors to offer advice that benefits themselves, not their clients. 

Choosing the right financial advisor is an important decision and requires careful research and consideration. It's our belief, however, that choosing an independent financial advisor might be one of the most crucial decisions you can make. 

The Independent Difference

Independent advisors are different. When I founded Lindsey & Lindsey Wealth Management in 2012, I did so with my clients in mind. I was tired of an industry that was dominated by commissions, product loyalties and traditional banking institutions, and I wanted to offer my clients freedom from that system. The beauty of independent financial advisors, like our team here at Lindsey & Lindsey, is that we value our promises to our client more than those made with large providers.

As Amy Roberts, Money Features Writer for Money Savings Expert, explains, independent financial advisors are:

“…able to advise and sell products from any provider right across the market. Therefore, you should get the very best advice and products tailored just for you.”

Choosing to partner with an independent advisor offers a number of benefits. Let's examine three:

1. Zero Limits 

When it comes to helping our clients succeed, we eliminate all barriers. Unlike restricted advisers, we are not limited by constricting contracts or product providers. In today’s market, there are thousands of different options, products and investment options to choose from. The advisers here at Lindsey & Lindsey will work tirelessly to present you a highly diversified and personalized portfolio that is unique to you. Unlike restricted agents, we are able to pull from a plethora of products and providers when creating the plan that is designed to lead you to financial success. 

2. “Client First” Clause 

This is our motto! Our clients always come first. However, while this may seem obvious to you, not all financial decisions made by many wirehouse advisors are beneficial to the client. This is precisely the reason why I left the restricted financial sector and started my own practice.

The requirement to act in the client’s best interest is known as “fiduciary duty.” But to the surprise of just about every one, this duty is sometimes optional. Mindy Diamond, President and CEO of Diamond Consultants, explains in an article for Forbes,

“For advisor models other than RIAs the advisor is held to a lower ‘suitability’ standard, meaning that all the investments made on behalf of the client must be suitable for the client when they are purchased.”

The 'suitability' standard sets a low bar. Our team at Lindsey & Lindsey adheres to a higher standard, ensuring that every investment is in the best interest of our clients both now and in the future.

3. Eliminate Incentives 

One of our greatest assets is our ability to compare and contrast investments against each other. Our team of certified professionals act in a pressure-free environment. They are free to weigh every option in their search for the best fit for a client's unique needs. Further, because we're certified by the CFP Board, you can be assured that we're well-versed in a wide range of financial topics and products.

Most people's anxiety concerning working with financial advisors is due to horror stories and media portrayals of corrupt brokers and wealth managers who are “playing the game” for their own financial gain. With independent financial advisors, you can set those fears aside! Our independence means that we are here to help you achieve your goals, not line someone else's pockets with your hard won gains.

Your Financial Freedom!

When it comes to managing your wealth and building your future, objectivity is key. Trust must be at the forefront of the relationship between financial advisor and client. As independent financial advisors, it is our goal to bring you the most objective and personalized planning options to ensure you success in your future. Making the decision to hire a financial advisor is both important and difficult. At Lindsey & Lindsey Wealth Management, we'd love to help make that decision easy for you. 

What qualities do you seek in your financial advisor? Join the conversation by tweeting @Lindsey2Wealth!