''In Aesop's fable, the mice unanimously agreed that a warning bell should be tied around the neck of the cat who preyed on them. The problem was figuring out how it was to be done--and by whom.''
--Nick Murray, co-founder of the Financial Planning Association
Our advisory services--
How are these services different from those of other advisors? You can find financial professionals everywhere who are happy to provide you with investment and other financial advice. But where do you turn to receive advice that is free of conflict?
"A conflict of interest is a situation in which a person has a private or personal interest sufficient to appear to influence the objective exercise of his or her official duties as, say, a public official, an employee, or a professional."*
Having advice from a professional that is free from conflict of interest is an important consideration today. Although America's standard of living is the highest in the world, and our financial services system is the most evolved, the average American is ill prepared for the financial challenges of funding a retirement or protecting family finances from an untimely death or disability.
We strongly feel this is in large part due to receiving conflicted advice. What is this conflict? Conflict arises when a financial planner, insurance agent or other professional makes recommendations about where you should spend your money and stands to benefit financially from the implementation of that advice.
For example, if your advisor is an insurance agent and the agent is recommending the purchase of a product, conflict exists if the advisor's commission income from the transaction is tied to the amount of the premium you purchase. This does not negate the need for insurance. But the advice on the amount and the specific types of insurance should be provided by someone who will not benefit from the purchase. In other words, an advisor who places your financial well being first and isn’t out to make a commission from any product you may need.
Advisors who make recommendations about financial products you purchase and stand to benefit from the purchase are, in effect, selling you something. Instead of honest advice in your best interest, you may be receiving what amounts to a sales pitch. You may be purchasing something you don’t need, or perhaps more than you need.
At ORRGROUP, we stand by this statement: As fee-only financial planners, our compensation is not tied to any financial product transaction. Our advice is honest, unbiased and free of conflict.
Whether you need financial planning advice to chart a path to your life satisfaction and financial security, or investment management advice to prudently manage your important investments, our advice can be relied upon because it is free from conflict.
When choosing an advisor, keep in mind that being free from conflict of interest is just as important as being competent.
Listed below are our “conflict-free” advisory services. We look forward to working with you.
-
Financial Life Planning
-
Investment Management
-
Estate and Intergenerational Wealth Transfer Planning
-
Insurance Needs Analysis and Procurement
-
Pre-retirement and Post-retirement counseling
-
Expert Witness Testimony
-
Business Owner Advocacy
-
Asset Protection Planning
-
As needed advice on an hourly basis
*Source: Chris MacDonald, Michael McDonald, and Wayen Norman, “Charitable Conflicts of Interest”, Journal of Business Ethics 39:1-2, 67-74, August 2002. (p.68)
