Does a Fiduciary Advisor Deliver More in Value Than They Cost?

| June 16, 2017
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Even for high-income earners like CRNAs, many people don’t work with a financial advisor because they assume it will cost a lot of money for advice they can find on the Internet. Why pay for something you may be able to do on your own? Why not try to create a financial plan or put together an investment portfolio yourself?

For some people, managing their own money makes sense, especially if they enjoy it, have the time, and are knowledgeable in financial planning and investing. But for many people, including busy CRNAs, an advisor provides much more than budgeting tips or stock recommendations.

What a Fiduciary Advisor Really Does

The role of an advisor has vastly changed in the last decade. Many people are more familiar with the early silhouette of an advisor: an individual who puts together your portfolio and sends you a statement each quarter, or develops a financial plan for you to follow and sends you on your way.

But with the growth of CERTIFIED FINANCIAL PLANNER™ professionals and independent advisors serving in a fiduciary capacity, an advisor’s role extends far beyond portfolio building. Investment selection is one small area of an advisor’s role.

Comprehensive Coordination

An arguably larger and more important role than stock picking is the coordination of the accumulation, distribution, and transfer of an individual’s wealth, combined with ongoing guidance and support. Working with an advisor means you have someone you can turn to when you have questions or face a big financial decision. You can also feel confident that you’re on the right track as you pursue your long-term goals.

Tax Planning Integration

For CRNAs and other highly compensated professionals, taxes can eat away at your hard-earned assets if you aren’t familiar with tax minimization strategies. Beyond working with a CPA during tax season, it can be beneficial to work with an advisor year-round to work to legally minimize your taxes, whether you’re a W-2 employee or a self-employed freelancer or business owner.

Objective Advice

Advisors who adhere to fiduciary standards are required to put their clients first in all decision-making. They’ll give you their true, professional opinion (even if it’s not the answer you want to hear). This is extremely valuable when you’re facing a big life decision, whether it’s purchasing a second home, transitioning into freelance work, or retiring earlier than anticipated. Reviewing your entire financial picture, an advisor can show you the impact a decision may have on your future and how you can pursue certain goals.

The Value versus Costs

Yes, working with an advisor does cost money, but do the costs outweigh the value? And can you really assign a dollar amount to the value of an advisor’s role in your life? Consider the role of CRNAs in hospitals. Some may feel the costs are high for your work, but where would a patient or hospital be without your services? If you find a financial advisor with whom you feel comfortable and who has specialized knowledge in your field, the knowledge and guidance they provide is invaluable.

Working Together

As someone who specializes in solely serving CRNAs, I understand the unique circumstances you face and financial needs you have. Whether you’re preparing to retire, open your own business, or return to school, I’m here to provide advice and guidance.

From the first meeting, I listen to my clients and learn about their financial goals. By listening and learning before acting, I seek to offer services and strategies designed to help CRNAs pursue their unique financial objectives. If you’d like to learn more about the value we bring to the table, as well as the costs involved, please call our office at 855.304.3748 or email [email protected] for a complimentary review.

About Jeremy Stanley

Jeremy Stanley is the founder of CRNA Financial Planning® as well as CRNA Tax Associates®. He has been providing advice and guidance for Certified Registered Nurse Anesthetists (CRNA) for over two decades. As a CERTIFIED FINANCIAL PLANNER™, Jeremy has met rigorous certification and professional standards set by the CFP® Board. He is committed to adhering to the principles of integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence when dealing with clients.

Jeremy is also the author of The Wealthy CRNA and A CRNA’s Life After Anesthesia. The Wealthy CRNA features insights into becoming a financially successful CRNA and how to start planning for your financial future, and has been prior approved for up to 4 Class A CE credits by the AANA. A CRNA’s Life After Anesthesia serves as your financial roadmap for a smooth emergence into retirement. It reviews recent changes in the CRNA industry along with the new rules of retirement and the final steps of legacy planning. This book has been prior approved by the AANA for up to 2 Class A CE credits.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

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