You can also obtain copies of Form ADV for individual advisers and firms from the investment adviser, your state securities regulator, or the SEC, depending on the size of the adviser. You can view an adviser's most recent Form ADV online by visiting the Investment Adviser Public Disclosure (IAPD) website. The ADV will contain information about whether the RIA has had problems with regulators or clients, is properly registered, and describes their business practices, fees, any conflicts of interest, and disciplinary information. Please note that an RIA is not affiliated with, endorsed by, sponsored by, or a provider, agent, or representative of TIAA, Fidelity Investments, or the University of Michigan. There is no requirement that you work with an RIA.īefore you hire an investment adviser, you may want to carefully read the Form ADV, which is the registration form of the RIA. An RIA can give investment advice and/or manage your U-M retirement account, including selecting and changing your investment funds on your behalf. Registered Investment AdvisorsĪ Registered Investment Advisor (RIA) is a person or firm registered with the Securities and Exchange Commission (SEC) and/or a state licensing authority to provide professional financial management services for a fee. To meet with a retirement specialist or attend a workshop, visit Retirement Savings Counseling. TIAA and Fidelity Investments offer extensive financial planning services free of charge that can help identify your retirement savings goals and stay on target to meet them. This includes free face-to-face consultations to review and update your beneficiaries and advice and guidance on selecting investment funds appropriate for your risk tolerance, savings goals, and time horizon to retirement. Both TIAA and Fidelity have services that can rebalance your portfolio holdings and have an additional fee-based service that provides active account management. When an adviser recommends a product that generates a commission for her or him, he or she may not be able to avoid a conflict of interest. Keep in mind that any money you save in fees with a commission-only planner may cost you objectivity in investment advice. Commission-only planners generally charge nothing for advice and receive commissions on the products they sell.They supplement the fees with commissions from investment or insurance products they sell. Fee and commission planners, sometimes called fee-based planners, charge lower fees than fee-only planners.They also may charge a fee of 1-3 percent of the assets they manage. Fee-only planners charge either a flat or hourly rate to create a plan. ![]() ![]() Before you select a planner, you should understand the three different types, classified according to their compensation method. Planners’ fees vary depending on the scope of the plan and the amount of assets they manage. There is a cost to working with a financial planner. Anyone can solicit business as a financial planner, with or without a professional designation. The two most important criteria you should consider in your selection are solid credentials and trustworthiness.
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