I was speaking with a prospective client recently and he said something I hear all too often,” I have had 3 previous advisors, and none of them took care of me, they all took care of themselves.”
I find this painful, and yet my pain from having colleagues who are ill-trained to do their work, is not nearly as great as those who suffer from poor financial advice. How this happens is easy to understand. You can become a “financial advisor” almost overnight. I ran into the architect who designed my house a few years ago, who told me they are now offering “financial advice.” After a few weeks of coursework and passing an exam or two, an architect is transformed into someone competent to handle financial advisory services?
I compare this to my years, testing and credentialing. First, I became a CPA (Certified Public Accountant), a designation requiring a degree, extensive testing, an experience requirement, and 3 references that is regulated by the States, with a disciplinary board, ethics requirements and continuing education. Then came my PFS (Personal Financial Specialist), a designation from the AICPA that took years of study, passing a test, and 3 sealed client testimonials to obtain, and lastly my RIA (Registered Investment Advisor) which involved more testing, annual registration and periodic reviews.
Add to this the years that the Mackey Advisors team has spent testing and perfecting our financial planning process, The Prosperity Experience®, so that it really delivers meaningful and lasting results.
Because our mission at Mackey Advisors is to be wealth advocates who empower confident action for our clients. You can’t learn to do this in a week or two. To deliver on our promise means we have to have a comprehensive understanding of financial planning, investments, other financial products, taxes, cash flow and don’t forget… people!
Mackey Advisors also is an independent investment advisor. Did you know that less than 6% (i) of those who are “financial advisors” are independent RIA’s. Did you know that less than 3% of all wealth advisors are CPA financial planners? This means Mackey Advisor is free to choose the financial vehicle that takes care of our clients, without direction of a parent company with a different agenda.
Credentials are good and oversight necessary, but at the end of the day our real success lies in our client’s success. By this measure we know we are succeeding. Our clients, who had engaged in The Prosperity Experience in 2007, have financial plans that are today as successful today as they were in 2007. As I speak with prospective clients I have come to understand how very rare this is.
The combination of the independent RIA, CPA financial planner and our client success model, make Mackey Advisors one of the few, one of the proud, well I know that is the Marines, but it is us too!
(i) Source: Cerulli Quantitative Update, 2010