WHAT SHOULD THE PRIORITIES BE FOR A 21ST CENTURY ADVISOR?
1) The client comes first. A 21st Century advisor should ALWAYS put the client’s interest first. This sounds like an obvious thing to say, but far too often advisors are putting their own needs ahead of the client.
Far too often advisors are blindly taking the recommendation of IMOs (Insurance Marketing Organizations) which typically results in higher commissions and/or sub-standard products sold at the expense of the client.
Far too often advisors are following the overly restrictive and narrow recommendations put forth by their B/D (Broker/Dealer). The next B/D I find that puts the client’s interests first will be the first B/D I find that does so.