In this enlightening discussion from the Investment Advisor Industry Snapchat of 2023, Austin Phillips, Andrea Brannon, and Chris Cyr delve into the complex world of financial advising. Ever wondered how many advisors are operating in the United States? The answer might surprise you. Join us as we uncover the truth behind advisor levels and what it means for your financial future.
The conversation kicks off with a simple question: "How many advisors are in the United States?" Andrea Brannon takes a guess, but Austin Phillips reveals the staggering reality-it's just above 700,000.
But what exactly distinguishes one advisor from another? Chris Cyr introduces the concept of a "level five advisor" and breaks down the layers of the advisory landscape. From level one advisors, akin to former time-share salesmen turned financial sales agents, to level two fiduciaries legally obligated to act in your best interest, the spectrum is vast.
Chris Cyr passionately advocates for the importance of understanding fiduciary responsibility. He emphasizes the critical role it plays in ensuring your financial advisor is truly working for your benefit, rather than simply seeking commissions.
Join us as we navigate the intricacies of financial advising and empower you to make informed decisions about your financial future. Don't miss out on this eye-opening discussion-it might just change the way you think about financial advice.
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