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7 Types Of Financial Advisory Firms: Finding The Right Fit For You
- Choosing the right financial advisor can be daunting, but understanding the differences and strengths of each firm can help you find one that fosters a successful partnership and aligns with your financial goals.
- Independent broker-dealers (IBDs) offer investment services and products across the country.
- Wirehouses are generally financial firms that cater to wealthy clients. They offer a wide range of services and operate nationwide with a broad network.
- Bank brokerages are financial service centers located within bank branches, offering investment advice and products like mutual funds, annuities and other packaged investments.
- Regional broker-dealers are specialized financial firms that offer various investment services similar to large national brokers but focus on specific geographic regions.
- Insurance broker-dealers are firms primarily focused on selling proprietary insurance products, such as life insurance.
- Registered investment advisors (RIAs) are independent firms that provide tailored and personalized investment advice.
- Dually registered advisors, or hybrid RIAs, are registered as independent RIAs and broker-dealers with the Financial Industry Regulatory Authority.
- When looking for a financial advisor, think about your financial goals and how the financial advisor’s compensation model may influence their recommendations.
- Remember to ask questions and fully understand their fees and standards.
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