Looking for advice as a freshly licensed Associate…
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Looking for advice as a freshly licensed Associate Financial Advisor
I just passed my FINRA & NASAA exams (SIE, Series 7, and Series 66)
A bit of background: I currently work alongside two other advisors.
\- One has been in the industry for almost 50 years and operates strictly as a broker. He primarily sells RILAs and American Funds mutual funds.
\- The other has about 10 years of experience, is dual-registered (broker and fiduciary investment advisor rep.) and offers very similar, but a broader range of services.
Here’s my main question / concern:
I really like American Funds as a company—their long track record, disciplined investment approach, and quality of their products. But as a new advisor, I’m struggling with the idea of recommending their funds to prospects because of the relatively high fees (loads on many share classes, plus expense ratios that are higher than index funds or other low-cost alternatives).
At the same time, I’m aware of the commission income that comes with selling American Funds, which creates some internal conflict.
Any advise/thoughts are appreciated. Especially from people who’ve navigated this tension between product preference, client best interest, and personal/business incentives as a newer advisor.
#business
source
I just passed my FINRA & NASAA exams (SIE, Series 7, and Series 66)
A bit of background: I currently work alongside two other advisors.
\- One has been in the industry for almost 50 years and operates strictly as a broker. He primarily sells RILAs and American Funds mutual funds.
\- The other has about 10 years of experience, is dual-registered (broker and fiduciary investment advisor rep.) and offers very similar, but a broader range of services.
Here’s my main question / concern:
I really like American Funds as a company—their long track record, disciplined investment approach, and quality of their products. But as a new advisor, I’m struggling with the idea of recommending their funds to prospects because of the relatively high fees (loads on many share classes, plus expense ratios that are higher than index funds or other low-cost alternatives).
At the same time, I’m aware of the commission income that comes with selling American Funds, which creates some internal conflict.
Any advise/thoughts are appreciated. Especially from people who’ve navigated this tension between product preference, client best interest, and personal/business incentives as a newer advisor.
#business
source
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