How Core Planning Fits in the Financial Services Industry
When you think about the financial services industry, what comes to mind? I think about massive skyscrapers, giant corporations, call centers, salesmen, etc. The list goes on and on. While the mega corporations have always, and will continue to control a large share of the industry, tucked away in the corner are the small businesses that are determined to be a helping hand for those around them. Today we’re going to take a dive into that tiny sector of the industry and discuss the unique position those small businesses are in. Let’s talk about it.
Growing up in a rural area, it was always assumed that all investment advice or financial services came from Edward Jones. This was natural because the Edward Jones advisor was the only option within 50 miles of us. Throughout high-school and into my first few years in college, it was my goal to work for Edward Jones and open up shop in Mid-Missouri, but then I learned about the sector of small RIA’s (Registered Investment Advisor). Small RIA’s make up a tiny percentage of the industry, roughly 10% in 2021, however, they’re in a unique position that allows added flexibility to serve the people they care about the most. Ultimately, I chose the small RIA route when I joined Core Planning. I now have the flexibility to build my own brand, write blogs, host a podcast, and serve the people I care about most. I get to do all of this without a corporation telling me who I can serve, and what I need to push onto them. I have a support system working along side me, I have some of the most powerful tools and technology at my disposal, and I’m surrounded and in constant communication with the smartest people I know. I get all of this, and the ability to serve you (regardless of your level of investable assets), without a quota hanging over my head at all times. And that my friends is the biggest difference in working with a small RIA as opposed to a large broker-dealer or firm.
As easy as it is for me to talk about the advisor side of things, let’s talk about what you’re really here for. What is it like working with an advisor like myself as opposed to someone who works for Ed Jones, Northwestern Mutual, Charles Schwab, etc? Working with a small RIA is like shopping at a small business, or maybe your local grocery store. We’re capable of doing just as much as the Walmarts of the world, except our interests come last. You are our number one priority, and your best interest is always first. We have the tools and knowledge to help you with your unique financial situation, but we aren’t pushing to sell you anything. I have no quota to meet, and I don’t get paid from any outside insurance agency or mutual fund company. I get paid to help you achieve financial success, not sell you someone else’s product.
While I’m obviously passionate about the small RIA space. I should make it clear that I mean no harm to the larger corporations in the industry. We need those corporations to keep the financial services industry up and running, and they’ll always be around. However, those of you that would rather “shop local,” I would recommend finding a small advisory practice and give them a call. Even if it’s not myself or anyone at the Core Planning team, I think you’d be surprised how this sector of the market can better serve you. A transparent, pressure free environment will always win.
Tanner Millar
Investment Advisor - Core Planning
tanner@yourcoreplan.com
(660)-998-4639