We hold our series 66 FINRA license
Independent wealth management advice gives you more than you may think.
The vast majority of financial providers in the United States who insinuate they are independent — are not. Use of the term "independent" is restricted by the Corporations Act and means that an adviser doesn't have their own products to sell and doesn't receive any commissions or volume-based payments.
In order to give financial advice in the United States, you need to have a license from the Financial Industry Regulatory Authority (FINRA). Most advisers lack the skills or knowledge to obtain a license themselves and so they align themselves with a bank or other financial institution that already has a license. Unfortunately, in doing so, they have taken the easy option but sacrificed their independence. They give over control to the bank to decide which investments they are allowed to recommend.
- 75% of Americans wing it when it comes to their financial future (CNBC)
- 12% the success rate in the financial services industry (financial Samurai)
- 50% of advisers are over the age of 55 (Cerulli Associates 2020)
- 70% of financial advisors today are still performing transactional activities (Brandongallie.com)