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.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access