FINANCIAL PLANNERS EXPOSED

I have been an insurance agent for close to forty years, and it angers me to no end to see a group of individuals so afraid of their chosen field that they need resort to misleading titular labeling and branding of their profession. The term "financial planner", "wealth accumulation specialist", "financial adviser" all connote e genre of folks who do NOTHING except ADVISE; yet I find it interesting that many individuals w/ this self-proclaimed field of expertise are nothing more than insurance agents and equity brokers selling by commission! This is misleading, deceptive and pure subterfuge!

What I see are that many offer fee-based services w/ the ultimate intent of offering product for sale, at commissions that often far outweigh fees. The undisclosed motive, also, is to give off a sense of objectivity sans professional bias. While I won't speak for other states I will speak for Massachusetts. A person can't allude to themselves as a fee-based consultant/adviser absent holding a specific license from the state to do so, MGL Ch 175 Sec 177 a-d. In addition a contract outlining terms and conditions of services and fees, approved by the Division of Insurance is also a necessity. Stipulation need also be made to disclose that no commissions can be paid where fees have changed hands. The designation so often alluded to, a Registered Investment Adviser, does not meet those standards.

True insurance agents are also indeed professionals and subscribe to the same standards as other professionally licensed disciplines.