- May 26, 2021
- Posted by: Nelisha Firestone
- Categories: Financial Goals, Investment, New Investors
I hate telling people what I do for a living. I know, that’s a strange statement. It seems putting a spin on tired titles is the thing to do these days to reinvent the wheel. We have industry disrupters, online influencer’s, couples consciously uncoupling… I have failed to find a sexy way to say what it is I do. To be blunt- I am a Financial Planner and Advisor. I’m sure you already have a preconceived idea of what that means, which is why I hate telling people my profession. But your idea about what I do… it’s probably wrong.
This was reinforced for me when I was asked to speak to a business owner advisory board. After asking attendees what they wanted to hear, I was a bit surprised by the response.
They wanted to discuss the following issues:
- Brokers who want commissions vs looking out for their clients’ best interest
- The lack of attention or analysis of individual goals
- Not enough touch points for review throughout the year
- Confusing shop talk and industry jargon
- Lack of trust
That led me to a question of my own: who are you all working with? These questions seem to stem from a working relationship straight out of the Wolf of Wall Street movie. Unfortunately, for too many investors this is their experience.
In 2015 my industry was put on notice that the landscape was changing by way of the Fiduciary Rule proposed by the Obama administration. The rule was born out of the simple principal: You want to give financial advice, you’ve got to put your client’s interests first. Makes sense, right? Seems like a no-brainer? But through many appeals, hearings, and delays, the fiduciary rule has yet to become law.
Even though not required, we choose to practice a fiduciary standard in our office which means we are morally obligated to put our clients’ best interest first. The investment advice you receive must be made using accurate and complete information. We must disclose any conflicts of interest and use a “best execution” standard when trading your money. This high standard also requires meeting with our clients at least once per year to review their portfolio and plan.
It is a high standard, but essential for anyone handling your money. If your advisor is acting in a fiduciary capacity none of the concerns listed above should be on your mind. If they are – call me and we’ll talk.
Nelisha Firestone is a Wealth Advisor with Fusion Financial Group, an independent financial planning firm and fiduciary based in Denver, CO. With over 16 years of experience, Nelisha is passionate about guiding women to live their best lives by crafting their road map to financial independence. Her drive to help women comes from watching her grandmother, who was widowed at the age of 49, struggle financially after her husband died. Nelisha recognizes that if her grandmother had someone in her life to offer her sound financial advice, she would have lived a much better life. That’s why Nelisha specializes in serving business owners interested in exiting their business and single women with comprehensive financial planning and wealth management services. She recognizes that women have unique challenges, and she partners with her clients by educating and empowering them to make the best financial decisions possible. Nelisha has a bachelor’s degree from Kansas State University and is married to a Colorado native. Nelisha and her husband have two beautiful daughters, Addison and Eden, and love to spend time in the great outdoors hiking, skiing, and camping—to name a few! To learn more about Nelisha, connect with her on LinkedIn.