What is a Hybrid RIA?

What exactly is a hybrid RIA and why should an advisor want to become one?

Hybrid RIAHybrids seem to be all the rage these days. And I’m not talking about the fleet of hybrid Toyota Priuses[1] outside your local Whole Foods or the pluots (plum crossed with apricot) or rabbage (cabbage crossed with radish) inside the trendy produce section. One of the most buzzed about hybrids actually comes from the advisory sector of the financial industry: the hybrid RIA (registered investment advisor). Continue reading What is a Hybrid RIA?

Be Your Own Boss: Independent Financial Advisors are Entrepreneurs

Why Independent Financial Advisors are Making the Entrepreneurial Transition

Independent Financial Advisors are EntrepreneursAs discussed in the previously published Summit Brokerage blog, “Wirehouse vs. Independent Broker Dealer Firms: What’s the Difference?”, many financial planners and advisors have been turned off from the big-name wirehouse firms; and as such, have been consistently making the entrepreneurial transition to working as independent financial advisors. Continue reading Be Your Own Boss: Independent Financial Advisors are Entrepreneurs

The Importance of Giving Back to Your Community

Philanthropy and Financial Advisors: The Importance of Giving Back to Your Community

Philanthropy and Financial AdvisorsWhile it’s a myth that financial advisors are only for the wealthy[1], it is true that hiring a financial advisor to assist with one’s financial planning needs is a luxury that many people cannot afford. That’s why all financial advisors should strongly consider giving back to their community. Keep in mind that not only is volunteering your time a noble endeavor but also it could ultimately lead to referrals and community recognition that may help you expand your practice. Continue reading The Importance of Giving Back to Your Community

New Fiduciary Rule Most Significant Change to Retirement Planning in Decades

New Fiduciary Rule Just Announced: How the Fiduciary Rule Works and How It Will Affect Independent Financial Advisors

Fiduciary RuleExtra! Extra! Hot off the press: six years in the making, after seemingly endless criticisms, concessions, and then ultimately a series of compromises, on Wednesday, April 6, 2016, the U.S. Department of Labor announced a new rule that will change the way the financial industry can give out retirement advice. This long-awaited rule is known as the “fiduciary rule”, or as it called in some circles: “the conflict of interest rule”[1]. This new fiduciary rule is monumental, with many calling it the most significant change to retirement planning in decades; after all, the Obama Administration is trying to set up the strongest consumer protections in American history, not only with the introduction of this new fiduciary rule but also with stronger, more pro-consumer rules regarding credit cards, student loans, and mortgages. Continue reading New Fiduciary Rule Most Significant Change to Retirement Planning in Decades

How to Create Your Firm’s Introductory Packet – Tips for Financial Advisors

Tips for Independent Financial Advisors: Creating Your Firm’s Introductory Packet

Tips for Financial AdvisorsIn the hyper-competitive, often supersaturated world of financial advisors, complacency is unacceptable. If your goal as an independent financial advisor affiliated with an independent broker dealer firm is to establish and grow your financial advisory business, you must be committed to both maintaining your current client base as well as always trying to recruit new clients. To grow your client base, you should always be networking (there’s even an acronym for the concept—“ABN”). And when it comes to networking and meeting with potential clients and centers of influence (COIs), first impressions are everything. What do you think will make you stand out from other financial advisors and appear more professional in the minds of a potential new client or COI: a basic business card or your firm’s introductory packet for prospective clients? Continue reading How to Create Your Firm’s Introductory Packet – Tips for Financial Advisors

Wirehouse vs. Independent Broker Dealer Firms: What’s the Difference?

Is there that big of a difference between wirehouse and independent broker dealer firms?

Independent Broker Dealer FirmsAs discussed in a previously published Summit Brokerage blog, “In the consumer services sector of the financial planning industry, consumers are presented with not only a confusing array of specialized terminology and options but also a broad spectrum of different types of financial professionals.” This previously published Summit blog discusses the difference between financial advisors and financial planners. The instant blog covers another common point of confusion within the industry: the difference between wirehouse firms and independent broker dealer firms. Continue reading Wirehouse vs. Independent Broker Dealer Firms: What’s the Difference?

Summit Brokerage Services Voted as the Highest Advisor-Rated Independent Broker Dealer

Advisors Vote Summit as the Top Rated Independent Broker-Dealer in its Category for the Second Time.

Independent Broker DealerBoca Raton, Florida, March 9, 2016 –  Summit Brokerage Services Inc., a top ranked broker-dealer, is proud to announce that it has been voted as the overall highest-rated independent broker dealer among firms with less than 1,000 financial advisors by WealthManagement.com’s 2016 Independent Broker-Dealer Report Card. Continue reading Summit Brokerage Services Voted as the Highest Advisor-Rated Independent Broker Dealer

Financial Advisors and Financial Planners: Is there a difference?

Financial Advisors vs. Financial Planners: What’s the Difference?

Financial Advisors vs. Financial PlannersIn the consumer services sector of the financial planning industry, consumers are presented with not only a confusing array of specialized terminology and options but also a broad spectrum of different types of financial professionals. One of the most common questions we hear is, “What is the difference between financial advisors and financial planners?” Continue reading Financial Advisors and Financial Planners: Is there a difference?

5 Common Myths about Financial Advisors Debunked

Some of the Most Popular (and False) Myths About Financial Advisors

5 Common Myths about Financial Advisors DebunkedUnfortunately, there is a lot of uncertainty about the financial advisory industry. People are confused: Can a financial advisor really help me? Can I trust him or her? Do I really even need one? One major reason this industry is shrouded with potential clients’ hesitation and haziness is the prevalence of popular myths about financial advisors. Many of these widely-held (but incorrect) beliefs place a negative light on financial advisors and hold people back from reaping the innumerable benefits of working with one. The following are some of the most popular myths about financial advisors—debunked: Continue reading 5 Common Myths about Financial Advisors Debunked

Gain Trust and Avoid Conflict: Fee Transparency for Financial Advisors

financial advisors fee transparencyFor Financial Advisors, Fee Transparency is Key to Building Client Trust and Avoiding Conflict

In an ideal world, the following statement should be obvious and the widespread standard: all professionals, including but not limited to those in the financial planning industry, should at all times be open and transparent in their financial dealings with clients. This includes their fee structure and all fees they may charge the client for professional services rendered. However, complete fee transparency, where clients believe they completely understand their financial advisors’ fees, is unfortunately not the norm in the financial planning industry. Continue reading Gain Trust and Avoid Conflict: Fee Transparency for Financial Advisors

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