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Brokers Vs Advisors - Why IS THERE No Movies About Investment Advisors?
ast week somebody asked me if I knew of any movies that featured investment advisors. After great deal of thought for years, I could not develop any. Sure there are plenty of movies about brokers like Wall Street, Wolf of Wall Street, Boiler Room, Pursuit of Happyness or Trading Places. But I could not think of one which depicted an investment advisor.

After having this realization, quickly I realized why this is the case. A movie about brokers is exciting and funny. I spent about 9 years working at broker dealers. While I never experienced the excesses that made those movies great, I understood the mentality of the people who worked there. Brokers make money on commissions, so there is huge incentive to market product to make money. This can cause people to do things that they might not ordinarily do.

I cannot imagine what a movie about an investment advisor would look like or how they could even get more than 10 people in the seats. Until the advisor was a secret agent or alien from Mars. Then maybe you could get 30 people in the seats.

The bottom line is that being a wealth manager isn't exciting. Sure it may be a fascinating, intellectually stimulating and fulfilling profession, it does not make for a good movie. Associated with that wealth management is about financial planning, investment management, risk management, and working with people. Before I go on I it is important to discuss the difference between being a broker and as an advisor.

What is a Broker or Registered Representative?

A Registered Representative is a person who works at a broker dealer who has passed the licensing requirements for the series 7 test. This title, registered representative, allows the person to sell investment products and earn a commission for that sale. These investment products can be stocks, mutual funds, bonds, variable annuities, managed futures hedge funds and much more.

The registered representative, or broker as they are also called, must provide "suitable" investments to his clients. Nonetheless they are not necessary to follow up with the client after the sale. Lots of the brokers provide other services with their clients as well, but it is not required by their license.

What's an Investment Advisor?

An Investment Advisor or Investment Advisor Representative is really a person who has passed the series 65 or 66 ensure that you has met certain requirements of hawaii or SEC regulators. This person may not earn commissions from investments. They could only earn a fee, paid directly from the clients. This is why they frequently are referred to as fee-only advisors.

Investment advisors do not receive compensation from anyone but the clients. While there is no incentive to market certain products, the advisory relationship with your client is commonly more holistic. Insured Retirement Plan NYC consists of investment management, financial planning, risk management or other related services. Because fee-only advisors do not get paid commissions on products they sell, frequently they charge for a financial plan.

Investment Advisors may also be considered a fiduciary. It is a high standard of care that's needed is for each client. The typical of care carries through the whole relationship with your client from buying, holding and selling the investments. That is a significant difference between brokers and advisors.

Next time you are browsing the movie selection searching for movies related to the financial field, think about the ones I have in the above list. They are well-crafted movies concerning the industry with some poetic license and top actors to make things interesting. If the movie is approximately insider trading, drug fueled penny stock swindles, or how people go from the ground upwards to greatness, select the movie for what it is rather than an insight into the world of investment advisors. If you would like that, you could be searching for some time.
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