What is a Financial Advisor and how should I choose one?

Financial Advisors Say The Darndest Things

In this episode, A.B. Ridgeway breaks down the often-confusing term "financial advisor," explaining how it serves as an umbrella for various financial professionals. He explores the differences between financial planners, brokers, and Registered Investment Advisors (RIAs). Listeners will learn about the significance of professional credentials and the importance of selecting the right advisor for their unique financial needs.

3 Key Takeaways

1. "Financial Advisor" is a Broad Term:
   • The title can refer to various professionals, such as stockbrokers, financial planners, and RIAs, each serving different purposes.
2. Credentials Matter—but Research is Key:
   • Not all designations hold equal value. Certifications like CFP (Certified Financial Planner) and CPWA (Certified Private Wealth Advisor) indicate higher standards, but it’s crucial to understand what each credential represents.
3. Holistic Financial Planning Provides Greater Value:
   • Unlike brokers who focus solely on investments, financial planners and RIAs take a comprehensive approach, covering everything from wealth transfer to retirement planning and tax strategies.

3 Memorable Quotes

1. “A financial advisor is like an umbrella term. A lot of people like to call themselves financial advisors, and that just may not be true.”
   • A.B. Ridgeway highlights the importance of discernment when choosing a financial professional.
2. “Just because someone has letters behind their name doesn’t mean that credential really means anything.”
   • A reminder to look beyond titles and dig deeper into what those credentials actually entail.
3. “The more money you have, the more strategies you need to implement—and you need someone to help you implement them.”
   • Ridgeway emphasizes the value of strategic financial planning, especially for high-net-worth individuals.

This episode offers valuable insights into understanding financial advisors' roles and helps listeners make informed decisions when seeking professional guidance. Whether you're managing debt, planning for retirement, or building wealth, knowing the right type of advisor to work with is essential.

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Video/Audio Credit: Charles Schwab