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INVESTMENT PORTFOLIO CONCERNS?
RECEIVE A PERSONALIZED NO-COST SECOND OPINION

 

Interested in Obtaining a Personalized, No-Cost Second Opinion?:

Legend Offers a Personalized, No-Cost Second Opinion to Investors and Organizations to Enable Them to Maximize the Potential Benefits from Their Investment Portfolio.  For Full Details as well as the Specific Areas that will be Addressed, Please Read the Information Below and Call Legend at (412) 635-9210 or (888) 236-5960.

 

Who is Legend?

Legend is a Fee-OnlyxThe National Association of Personal Financial Advisors (NAPFA) Defines a Fee-Only Financial Advisor as One Who is Compensated Solely by the Client with Neither the Advisor nor any Related Party Receiving Compensation that is Contingent on the Purchase or Sale of a Financial Product.  Neither Advisors or their Firms May Receive Commissions, Rebates, Awards, Finder’s Fees, Bonuses or Other Forms of Compensation from Others as a Result of a Client’s Implementation of the Individual’s Planning Recommendations.  "Fee-Offset" Arrangements, 12b-1 Fees, Insurance Rebates or Renewals and Wrap Fee Arrangements that are Transaction Based are Examples of Compensation Arrangements that Do Not Meet the NAPFA Definition of Fee-Only Practice.

Source: NAPFA.org
1, FiduciaryxThe Department of Labor’s Definition of a Fiduciary Demands that Advisors Act in the Best Interests of their Client, and to Put their Clients’ Interests Above their Own.  It Leaves No Room for Advisors to Conceal any Potential Conflict of Interest, and States that all Fees and Commissions Must be Clearly Disclosed in Dollar Form to Clients.

Source: Investopedia
Advisory Firm.  Legend Does Not have an Affiliation with a Broker/Dealer that Pays Commissions to Legend and/or any of its Affiliates.

 

Why Obtain A Second Opinion?

A laptop with investment chart as well as a desk with other investment charts being presented by an Advisor with a pen and calculator with clients hand seen across the desk.Most Investors have Little Confidence that They Will be able to Achieve Their Financial Goals, including Not Outliving Their Savings.  Even Worse, Many Fear They Will Lose Their Monies.

 

Furthermore, Many Investors Worry They are Utilizing the Wrong Type of Advisor (Brokers/Salespeople Who Work for Brokerage/Insurance Firms or those Types of Advisors Who Work for Independent Firms and whose Primary Source of Compensation is Earning Commissions).  Some of these “Advisor Types” May Call Themselves “Fee-BasedxUnlike Fee-Only, Financial Advisors who are Paid by the Client Directly (Not Through Commissions), Fee-Based Advisors Often Earn Commissions on Products Sold as well as Charge Fees.  Obviously, this is a Conflict of Interest and Not in the Best Interest of the Client.

In short, Fee-Based Advisors are Paid by Their Clients but also Receive Payments from Other Sources, such as Commissions from Financial Product Sales.

Brokers and Dealers (or Registered Representatives) are Required to Sell Products for Commissions that are "Suitable" to Their Clients.

Selecting a Financial Advisor? Ask if they are a Registered Investment Advisor and if They and Their Firm are Fee-Only Advisors 100.0% of the Time – Meaning They Never Receive Commissions!  If they Don’t Receive Any Commissions, then Both the Advisor and the Firm are Fiduciaries.

If the Advisor is a Broker or a Dealer, They are a Registered Representative, which Means They are Generally Held to a Lower Legal Standard, which Requires Them to Sell Products that are “Suitable” to Their Clients.

If an Individual is a Registered Representative of a Broker/Dealer or is a Fee-Based Advisor, Search for their Firm’s Form ADV Filing at the U.S. Securities and Exchange Commission Website: www.sec.gov.  The ADV Document Includes Information that Spells Out How Brokers at the Company are Compensated.  Check Form ADV Before Retaining any Financial Advisor.  Form ADV Explains an Advisor and Advisory Firm’s Fee Structure, but also Lists Any Past Misconduct.
” (They Charge Fees for Some Services but Primarily Earn Commissions).  Perceptions are Generally Negative Towards Those Type of So-Called “Advisors” Who are Obviously Conflicted.

 

Lack of Competency:

The Above Previously Mentioned Brokers/Salespeople and “Advisor Types” as well as Some “Fee-Only” Advisors May Not be Competent and/or Lack Sophistication Regarding the Investment Process.  Therefore, The Investor’s Investment Needs Are Oftentimes Not Being Appropriately Addressed.

 

Too Often, these So-Called “Advisors” Lack Knowledge of How The Investment Markets Work, Investment Taxation, Economic Understanding, Investment Product Costs, Trading Inefficiencies and Many Other Complex Areas.

 

What Is The Biggest Problem Most Investors Have With Their So-Called “Advisor” Or Broker?:

 

For Investors That Utilize Advisors Or Sales Representatives/Brokers – Conflicted Advice:

Many investors are Dissatisfied With and/or Distrust Their Current Broker/Advisor.  As Evidence of this, Listed Below are the Results of Several Investor Surveys:

 

  1. In an Article Originally Published on ThinkAdvisor.com on March 2, 2015, Amazingly Even Investment Professionals’ Personal Views of Their Profession were Poor.  To quote “Lack of an Ethical Culture is the Main Reason for Public Lack of Trust, Agreed Nearly Two Thirds (63%) of Portfolio Managers, Analysts, Advisors, Market Consultants and C-Level Executives Hold in the CFA Institute’s Global Market Sentiment Survey”.  Tellingly, Only 28% of these Professionals had a Positive Opinion Themselves of Market Integrity.
  2. Investors Have for Years Questioned the Lack of Integrity of Brokers and or Advisors.  Even as Far Back, as Evidenced in an Article from Forbes.com in April, 2010 “A Stunning 85% of Affluent Investors Told Consulting Firm, Oechsli Institute That Year (2009) That They Were so Dissatisfied That They Would Consider Changing”.  “The Same Survey Revealed that Only One in Five Financial Professionals had Increased the Time They’d Spent with Clients During the Financial Crisis”.

    The Same Article Also Stated “They (Brokers or Advisors) Failed to Listen, or Listen Poorly and Without Conviction”.  The Article Went on to Say “That’s the Main Reason 85% of Clients Feel Like Finding a New Advisor”.
  3. The American Association of Individual Investors (AAII) Released Results of Their Survey in June of 2016 of 1,904 Respondents.  They Were Asked the Question “How Much Do You Trust the Financial Services Industry To Do What is in the Best Interests of its Clients?”.

    Mistrust A Lot: 37%
    Mistrust A Little: 28%
    Neither Trust or Distrust: 19%
    Trust A Little: 15%
    Trust A Lot: 2%
  4. In Their 2018 Survey Released by the CFA Institute (Chartered Financial Analysts Institute) the Primary Result was that “Investors Still Believe That Their Advisors Failed to Fully Disclose Conflicts of Interests and the Fees They Charge”.

    The Article Also Stated; “Moreover, Only 35% of the Retail Investors Polled, said That They Believe That Their Advisor Always Puts Their Clients’ Interest Ahead of Their Own.  Among Institutional Investors Who Participated in the Survey, That Figure Dipped to 25%”.

    The Survey Also Said “84% of Respondents Said that Full Disclosures of Fees and Other Costs is a Determining Factor in Building a Trusted Relationship with an Advisor.  Only 48% Said That They Believe that Advisors are Making Those Disclosures”.

In Addition, Various Financial Industry Survey Results have often Indicated that Between 70% and 80% of Investors are Not Confident in their Existing Advisor’s or Broker’s Ability to Guide them Through Volatile Markets Due To Either Conflicts of Interests or Lack of Competency.  In Addition, These Same Individuals Believe that Their So-Called Advisors Do Not have Their Best Interests’ in Mind.

 

For Investors That Self-Manage Their Monies:

Different Problems Arise for Those Individuals Who Manage Their Monies Themselves.  Among the Many Complications that Such Investors Face Include the Following: Market Movement Complexity and Ever Expanding Investment Choices, the Fact that an Individual May Lack Sophisticated Investment Analysis Tools and Training, a Shortage of Time Devoted to the Investment Process (Reading, Analyzation of Securities, Financial Markets, Training, Etc.), Lack of Education When Trading Securities and the Knowledge of How to Minimize Some or All Aspects of Investment-Related Income Taxes and Expenses (Costs) as well as Fear When it Comes to Making Changes to Their Portfolio.

 

A black and white investment graph with red marker portraying an up arrow and stating text “Stop Loss”.  Eyeglasses and a Five Dollar Bill are also shown.Legend’s Personalized Second Opinion Addresses The Following Items:

  1. An Analysis of One’s Existing Investment Portfolio Structure
  2. A Detailed and Technical Evaluation of Each Investment Based on Past History and Potential Future Performance
  3. An Illustration of How One’s Portfolio Will Perform in a “Stock Market Crash”.  For More Information, Click to the Stock Market Crash Analysis Section
  4. A Discussion of One’s Personal Comfort with Risk and How Well The Existing Investment Portfolio Fits
  5. An Evaluation of the Portfolio’s Income Tax-Efficiency
  6. An Estimate of Income That Can Potentially be Withdrawn from the Portfolio, If Applicable
  7. An Identification of Potential Cost Reductions Where it Concerns Transactional Cost Analysis Including Trading Spreads, the Individual’s Investments and Their Investment Strategy, Where Possible
  8. A Product by Product Analysis of Each Investment’s Cost
  9. General Investment Recommendations will be Provided to Potentially Improve Gains, Lower Costs, Reduce Income Taxes, Preserve Wealth and Avoid Unnecessary Risk

What Is Legend’s Investment Expertise, Credibility And Reputation?:

Legend is a Fee-OnlyxThe National Association of Personal Financial Advisors (NAPFA) Defines a Fee-Only Financial Advisor as One Who is Compensated Solely by the Client with Neither the Advisor nor any Related Party Receiving Compensation that is Contingent on the Purchase or Sale of a Financial Product.  Neither Advisors or their Firms May Receive Commissions, Rebates, Awards, Finder’s Fees, Bonuses or Other Forms of Compensation from Others as a Result of a Client’s Implementation of the Individual’s Planning Recommendations.  "Fee-Offset" Arrangements, 12b-1 Fees, Insurance Rebates or Renewals and Wrap Fee Arrangements that are Transaction Based are Examples of Compensation Arrangements that Do Not Meet the NAPFA Definition of Fee-Only Practice.

Source: NAPFA.org
1, FiduciaryxThe Department of Labor’s Definition of a Fiduciary Demands that Advisors Act in the Best Interests of their Client, and to Put their Clients’ Interests Above their Own.  It Leaves No Room for Advisors to Conceal any Potential Conflict of Interest, and States that all Fees and Commissions Must be Clearly Disclosed in Dollar Form to Clients.

Source: Investopedia
Advisory Firm Whose Advisors Have Won Numerous Awards as well as Been Quoted and/or Profiled Hundreds of Times in Dozens of National and Local Publications, TV and Radio Programs.

 

For More Detailed Information,
Please Go To Legend’s Advisor Biographies Section.

 

Interested in Discussing a Personalized,
No-Cost Second Opinion?
Please Call Legend’s CEO and President, Lou Stanasolovich
at (412) 635-9210 or (888) 236-5960.

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Legend Financial Advisors, Inc
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