Financial Literacy

Call-out to The Financial Industry: Teach advisors how to advise

"There needs to be a huge shift in the financial industry, it really starts at the top, when we’re getting into the business all we are taught are sales processes. It shouldn’t be a sales process, they should teach us how to build plans then to know what best products will fit their situation” Cook told “Advisors Magazine” during a recent interview. “Advisors need to be trained on how to be true advisors by teaching how to build plans. A lot of people that we see come through the door have just been sold products that really have no purpose towards their goals.”
Investors need to take a careful look at how their advisor gets paid.

cookhead120x80“You always ask how someone gets paid in any situation in life, not just advisors. How they get paid tells a lot how someone will sway you towards certain products or ideas without the consideration of other possible solutions” said Ronald B. Cook Jr., founder of RC Wealth Advisors. He also cautioned that low fees and commissions do not always equal a more honest advisor.

“People don’t mind paying for anything as long as there’s value being provided.”

RC Wealth Advisors, based in Plainville, Massachusetts, provides investors approaching retirement with financial planning, sustainable income development, and tax and risk management services.

Prospective clients need to follow the money when looking at advisor options. Often, advisors line up and sell products with more concern for their bottom-line than the investors’ retirement.

RC Wealth Advisors acts as a fiduciary for its clients, meaning investors’ best-interests come before the firm’s bottom-line. Cook said he treats clients as if investors’ funds were his own or a family members. That attitude runs in the family, with Cook’s grandfather facing a brutal Medicaid ordeal that spurred Ronald Cook Sr. to enter the financial services profession on a mission to protect others from being abused or forgotten by the system. Cook Jr. followed his father into financial advising several years later.

walkinfcook400x200Teaching clients how their money works and how to achieve their financial dreams is front and center for Cook, who works hard to dissolve industry jargon into something understandable to people who are not finance experts. Cook also focuses on introducing clients to the wide variety of financial products out there – the sheer volume of which can intimidate even highly educated investors – and working with them to choose the right tools to make it to retirement.

“Getting organized and educated is everything in our process. The biggest thing is just keeping it simple. They’re trying to make financial decisions after a few hours of listening and studying,” Cook said. “Boiling it down into a risk-adverse and tax efficient Retirement Plan, if possible.”

For more information on RC Wealth Advisors, visit: rcwealthadvisors.com

Investment Advisory Services offered through Retirement Wealth Advisors, (RWA) a Registered Investment Advisor. RC Wealth Advisors and RWA are not affiliated. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision

 

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