I began by taking the board exams to qualify as a Certified Financial Planner because I wanted to have the best possible credentials. The CFP is by far the most significant credential for financial planners, and the hardest to achieve.
Next, I needed to survey the industry and decide what business model was best for my clients. Investors can’t help being confused, with everyone from stockbrokers to insurance agents selling a vast array of products. In fact, most firms in financial services are sales organizations. Also confusing are the various credentials in the industry, a “virtual alphabet soup” which continues to grow. There are surprisingly few barriers to entry and most anyone can hold themselves out to be a “financial expert” or “trusted advisor”. Then there are the industry business practices. Volumes have been written on this subject and countless hours of congressional and regulatory time have been expended in attempting to address these issues. Recent business news reinforces the fact that the industry continues to fight change. At best, these practices may create a lack of independence and objectivity for clients. At worst, they can cause serious conflicts of interest, and basic consumer rights may be violated.
After having joined the Global View team, I’m very pleased to tell my clients that we don’t sell financial products. Global View is an independent, fee-only, registered investment advisory firm, providing wealth management, financial advisory services and retirement planning services. This means we are paid ONLY by our clients, never from commissions or referral fees. It also means we must follow the Fiduciary Standard, which requires that we put the client’s best interest first, ahead of our own, selecting only those investments that are best for our clients.
In short, we make money ONLY by making money for our clients; our revenues rise and fall with the client’s portfolio, and our financial interests are completely aligned. We are not limited to, or encouraged to push any particular investment. Through truly independent research we are free to seek out the best investment opportunities available worldwide. And it is not by accident that we are named “Global View”. We have the in-house expertise to intelligently invest internationally, allowing us to pursue the best growth opportunities in the most favorable business climates, which are increasingly outside the US. At times when domestic markets may be overvalued, we have an excellent ability to diversify worldwide.
These are just some of the reasons I feel privileged to join the Global View team. This year the firm celebrates ten years, and continues to grow. I can only hope that my impact on the firm will be as positive as the firm’s impact on me.