7-13-2023 4:26am

45-YR LOCAL ADVISOR

A 45-year veteran planner's call for change in the industry

A financial advisor who started his career more than 40 years ago wrote a book about how the planning profession changed over that time and the need for further shifts in the future.

Drew Tignanelli, founder of Hunt Valley, Maryland-based Financial Consulate, published the book, "The Financial Physical: Why the Medical Profession Model is Perfect for Financial Advisors," as a primer for young people who have "a great career ahead of them" in the industry and clients stuck with "paying Ruth's Chris prices for McDonald's hamburgers," he said in an interview last week. The book, published last year, traces the beginning of his career in 1979, when brokerages were the norm, up to the present, when registered investment advisory firms are reaching record numbers every year.

Tignanelli's career path — from starting at a forerunner of Ameriprise and later with Raymond James to launching a fee-only RIA in the '90s and joining the National Association of Personal Financial Advisors — matches that of many planners who built the independent movement over past decades and will eventually be passing the torch to the next generation. The profession's next stage of development, according to Tignanelli and some other advisors concerned about investment salespeople using the same title for their job as comprehensive planners, revolves around aligning the role with the standards used by accountants and doctors.

If you don’t want a sales-oriented medical doctor—why would you want a financial advisor who is? Stop paying so much for financial services that deliver so little and learn the importance of having a financial advisor who acts as a fiduciary.

You might think that a lot has changed in the financial industry since author and radio host Drew Tignanelli entered the industry in 1979, but in his new book, The Financial Physical®, Tignanelli explains that while personal finances have become more difficult in recent decades, the industry’s overall focus on sales remains the same.

In this book, Tignanelli reflects on lessons he learned as he grew from salesperson to professional financial advisor.
He offers invaluable insights on how to ensure your financial advice comes from experienced, independent fiduciary advisors who are highly educated in comprehensive personal finance.

Throughout, he discusses the importance of finding advisors who are unwilling to take commissions or incentives and reveals how the financial services industry is geared primarily toward the goal of making money for themselves by giving you as little as necessary. He also dispenses priceless pointers that can enhance your overall financial and retirement planning approach.

It’s time you found a financial advisor who worked in your best interests rather than their own. Read The Financial Physical® and learn how to identify one and pick up some planning guidance from the radio host of Money, Riches
and Wealth 680 am Baltimore/Washington and the creator of The Financial Physical®.