Tony Robbins’s book “MONEY: Master the Game” has met with mixed reviews. Some critics believe it is contradictory and confuses readers, while others believe Robbins’s book moves the ball in the right direction. One thing is for certain, it is increasing inquiries to fiduciary financial advisors.
Robbins lists on his website 12 questions to ask when looking for a fiduciary financial advisor. His advice is as follows: “Ask if they make money if they sell you a specific product? (If so, run!)”
In a recent interview with Good Morning America’s Robin Roberts, Robbins emphasizes the importance of the fiduciary standard. “Most people who are giving advice are brokers. They are good people but they are selling for the house and the house always wins. If you get a fiduciary, an RIA, they are legally required to put your needs first.”
“Brokers are good people, but they are selling for the house and the house always wins.”
What is the best way to ensure your financial advisor is operating as a fiduciary? By working with a financial advisor who uses the fee-only model. Fee-only advisors do not accept any fees or compensation based on product sales, thus lessening inherent conflicts of interest.
Sparrow Wealth Management has always operated as a fee-only firm. We provide our clients with an integrated plan that goes beyond investments. Working with our clients, we create a holistic financial plan that will help you achieve the goals you have set for yourself.
About Christopher M. Jones, CFP®
Christopher M. Jones is the Founder and President of Sparrow Wealth Management, a fee-only financial planning and investment management firm based in Hermosa Beach, CA. Before entering the investment field, Chris was a management consultant for Deloitte Monitor. He graduated summa cum laude from Brigham Young University with a B.S. in Economics and a minor in Business Management. Chris is a CERTIFIED FINANCIAL PLANNERTM practitioner.