A common misconception held by broker-dealers about fee-only financial advisers is they don’t take care of their client’s insurance needs because they don’t sell insurance.

Many of these BD-based advisers are gearing up for the fiduciary standard by becoming fee-based — charging fees on the brokerage side and still selling insurance products. To me, this is a mistake. The advisers who will fare the best in the fiduciary landscape are those who give up sales of any kind, including all types of insurance. By becoming truly fee-only, you can actually do a better job of meeting your client’s insurance needs.

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