Christian Financial Perspectives
146 – The Different Types Of Financial Advisors
146 – The Different Types Of Financial Advisors
Learn about the differences between different types of financial advisors.
Bob and Shawn discuss the many types of financial advisors that exist in our world today. Not all financial advisors are the same, just like not all doctors are the same. And just like with doctors, financial advisors can be all encompassing (like a general practitioner), or they can focus on one area like a podiatrist would (for example, financial planning). It is important to know the type of financial advisor you are working with, understanding their limitations, knowing their specialties, and finding one that hits all the checkboxes for your financial and investment needs.
Along with being all encompassing or having a more generalized focus, there are also different ways that financial advisors are paid. This is an important feature to consider when choosing an individual or firm that has your financial future in their hands. Bob and Shawn discuss all of the above by breaking it down into a way that is easy to understand.
HOSTED BY: Bob Barber, CWS®, CKA®
CO-HOST: Shawn Peters
Mentioned In This Episode
Christian Financial Advisors
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Bible Verses In This Episode
PROVERBS 12:1G (MSG)
Fools are headstrong and do what they like; wise people take advice.
PROVERBS 14:24 (MSG)
The wise accumulate wisdom; fools get stupider by the day.
PROVERBS 15:12
Know-it-alls don’t like being told what to do; they avoid the company of wise men and women.
PROVERBS 15:22 (MSG)
Refuse good advice and watch your plans fail; take good counsel and watch them succeed.
ECCLESIASTES 7:11 (MSG)
Wisdom is better when it’s paired with money, Especially if you get both while you’re still living. Double protection: wisdom and wealth! Plus this bonus: Wisdom energizes its owner.
Want to ask a question about your specific situation? Schedule a complimentary 15 minute phone call.
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EPISODE TRANSCRIPT
Intro:
Welcome to Christian Financial Perspectives, where you’re invited to gain insight, wisdom, and knowledge about how Christians integrate their faith, life, and finances with a biblical worldview. Here’s your Christian Financial advisor’s host, Bob Barber and his co-host, Shawn Peters.
Shawn:
Welcome to another episode of Christian Financial Perspectives. We’re so glad that you joined us today or tonight, depending on what time it is when you’re watching this. If you enjoy videos on financial topics from a Christian perspective with scriptures, we’d love for you to smash that subscribe button, like this video, and maybe share it with your friends. Now, today we’re going to be covering the different types of financial advisors. Bob, can you give us a little overview on this? We’ve kind of covered something like this before, right?
Bob:
Four months ago, actually, nearly to the day we did a program called “21 Questions to Ask a Financial Advisor.” I believe this is goes a little bit deeper because you got the questions down, but what about the different types of financial advisors?
Shawn:
So, a little more explanation of, what are the actual different types? Not from the perspective of here’s the list to bring with you.
Bob:
That that’s right. Different advisors fit… There’s different advisors for different people.
Shawn:
Different needs and wants.
Bob:
Exactly. Now Shawn, I know that you came up with some interesting scriptures from the Message talking about seeking advice. This is my son-in-law that came up with this. These are some pretty tough scriptures, so he’s going to go over them. I think they’re fun though.
Shawn:
I think if scripture is convicting, then maybe there’s something there for it. Maybe there’s something there for it. Now I put these in here from the Message. I know everyone probably has their preferred translation for the Bible, but I personally like the NASB as well as the Message because NASB is a little more of a direct word for word kind of like King James. A little more direct from the original Greek and Hebrew. The Message, I like it because the translation is more of here’s a couple verses together. What was the original intent of the actual original Greek and Hebrew? We have one word for love, but Greek has what, four words for love? Anyway, that’s why I like the Message.
Bob:
Sounds like some of your background when you went to Liberty University, where you found out about this too.
Shawn:
That’s why I like the message. It’s a little more hard-hitting if you will, and to the point.
Bob:
Well we are Christian Financial Advisors.
Shawn:
With that warning here we go. Here’s Proverbs 12:15, “Fools are headstrong and do what they like; wise people take advice.” I think these scriptures on advice and council kind of fit with seeking a financial advisor.
Bob:
I want to be that wise person.
Shawn:
Proverbs 14:24, “The wise accumulate wisdom; fools get stupider by the day.”
Bob:
Wow.
Shawn:
I think probably the NASB or some of the other translations might say, “The wise build wisdom and fools neglect it.” That might be a little more diplomatic way.
Bob:
Fools despise wisdom and knowledge. That’s what it is. I remembered that because I remember the scripture now.
Shawn:
Thats sounds a little more of a nice way of saying it. Proverbs 15:12, “Know-it-alls don’t like being told what to do; they avoid the company of wise men and women.” Then we have, I’ve got two more for you.
Bob:
That’s one of my favorite scriptures, but from the NIV version.
Shawn:
The Proverbs 15:22?
Bob:
Plans fail for lack of counsel, but when good advice succeed.
Shawn:
In the Message, “It’s refuse good advice and watch your plans fail; take good counsel and watch them succeed.”
Bob:
I like success.
Shawn:
The last one, Ecclesiastes 7:11, “Wisdom is better when it’s paired with money, Especially if you get both while you’re still living. Double protection: wisdom and wealth! Plus this bonus: Wisdom energizes its owner.”
Bob:
So, we’re hoping to give wisdom today.
Shawn:
We’re hoping this wisdom will not offend you, but will energize you, and make you more prepared to find the right financial advisor.
Bob:
The average person really doesn’t know there’s all these different types of financial advisors out there. They Google financial advisor, or with us, the way that everyone’s always calling us is they’re searching Christian financial advisor. That’s the name of our company.
Shawn:
Depending on where you’re located, depending on who’s paying for paid ads, people might just see, oh, there’s something I was looking for. It sounds right, but it’s not all the same. Bob, what are some of the options first on how advisors are paid?
Bob:
Well, I wanna say, first of all, Shawn, there’s not necessarily a right or wrong way here. I mean, if one advisor operates this way and another advisor operates either way, that’s just the way they choose to do business.
Shawn:
You would say there’s pros and cons really.
Bob:
There is no matter which one. The first thing I think is important to understand when you’re looking for a financial advisor, and a lot of people are looking today, especially as more and more people retire. We had the bear market last year, there’s a lot of switching that goes on after that. You have a bad year and everybody’s like, I wanna go find a new financial advisor. The first thing is how the advisors are paid. Are they commission based or fee-based only, or are they hybrid? Now, in each one of these, we’re going to point out what Christian Financial Advisors is in these three. The commission based is how they’re paid. Whatever they put you in, they’re paid a commission.
Shawn:
A one time fee, and depending on what the product is, depending on the situation, they’re paid anywhere from say a few percent, 5%, maybe up to 10%.
Bob:
It could be, it could be that high Some of them have what’s called a trail commission that they could get to. Maybe 25, what I say a quarter, or 25 basis points. Nobody else knows what that means, but we do. A quarter percent up to maybe a half or even one. Then there’s the fee-based advisor, and that’s what we are. We’re fee-based, fiduciary only based advisor, and that’s where we are actually paid by the client. We’re not paid by anyone else. Then you have what’s called your hybrid model. A lot of advisors work from the hybrid model, meaning that they handle commission based products and they charge a fee also. That’s what you want to ask when you’re looking for an advisor: Are you commission based? Are you fee-based? Are you a hybrid of the two?
Shawn:
Fee based only, I think would be the idea.
Bob:
Fee based only.
Shawn:
Are you a hybrid where you can sell commissionable products and you offer ongoing financial advice for a percentage fee?
Bob:
A fee based is usually fiduciary based. It is always what’s in the best interest of the client because the client’s the one who’s paying you. You should do what’s in the best interest of the client, not what’s in the best interest of the product that you’re selling.
Shawn:
Fee based only would also typically be associated with the investment management? Because typically it’s related in some form or fashion to the assets that are being managed.
Bob:
The next area, there’s three of these areas too. Some advisors are very product oriented. That’s going to be mostly your commission based advisors. That’s the ones that are going to sell like annuities, life insurance, alternative investments, like a real estate investment trust or maybe an oil and gas investment. They’re going to be financial planning oriented, or investment manage oriented, or they can be both.
Shawn:
Financial planning and investment oriented?
Bob:
That’s what we are Christian Financial Advisors. We’re both financial planning oriented and investment oriented, because we believe the two need to go together.
Shawn:
Our focus here is, investment management is our bread and butter, if you will. That’s our main focus. We do biblically responsible investing, and as part of that, depending on assets under management, we offer different levels of financial planning as a value added services. As an additional, by the hour, you can work with us for financial planning.
Bob:
Just to say this, so everyone will know. If you have under $300,000 of management with our firm, financial planning is by the hour. If you have over 300,000, it’s included. All that is on our website how our feeds are structured. Which by the way, we have a blended fee structure that the more you have with us, the lower the fee goes.
Shawn:
Next we’re going to cover some portfolio styles. This is of course assuming someone is doing investment management. What are our first options, Bob?
Bob:
Well, the first is the buy and hold portfolio style. That’s where most of your advisors fit. They’re going to put you in an asset allocation model. It’s going to be either a growth model, a balance model, or a conservative model. They’re going to put you in that, it’s going to be a buy and hold through thick and thin. Down markets, up markets, et.
Shawn:
Do they usually have some sort of automatic rebalancing where say like, every quarter it will rebalance and the positions don’t change, but it just rebalances regardless of what’s going on?
Bob:
That’s right. We just did the program about a month and a half, two months ago on how to diversify. The next style of a financial
Shawn:
“Diversification 101” for those who wanted to check that out.
Bob:
Oh, is that what it was? It was a three-part series. The next style is what we refer to as a tactical portfolio style. That’s what we use here.
Shawn:
How is that different than the buy and hold?
Bob:
The tactical is going to attempt to sell at highs and buy at low’s.
Shawn:
So we don’t, we wouldn’t automatically rebalance every quarter in a style like that. It would be when needed.
Bob:
Now, as an example of that, in October of 2021, when the market’s were at an all time high, they continued to go higher for a couple months. I got out a little early. I have to admit, but we took our stock exposure overall and nearly cut it in half. You remember when we did that. Then last year when the markets were way, way down.
Shawn:
That was in our moderate balance accounts, we didn’t necessarily go that low in like our aggressive.
Bob:
No. We went down to I think about 75% from 95%. We’ve entered back in and we entered back in when the markets went down. That’s a tactical style of investing.
Shawn:
If I may interject Bob here, I believe I’ve heard you say many times that when you’re deciding whether or not to hold on to the market continuing to grow, when it seems like the momentum is slowing down, the pigs get fat and the hogs get slaughtered.
Bob:
It is. That’s the old style.
Shawn:
I apologize to our vegetarian visitors or our viewers. It’s just an analogy.
Bob:
I’m very Texan, very country boy, and that’s an old saying I’ve always heard. I have kind of a Warren Buffet style when the markets are at all time highs, the emotions chart. We need to show that emotions chart right now, and you’ll see that. When everybody’s wanting to buy, buy, buy, that’s when I’m saying it’s time to sell. When everybody’s wanting to sell, sell, sell, that’s when I wanna buy more.
Shawn:
You never really hit that top full, like the top, top top. You’re never really buying at the absolute bottom, but it’s using that kind of an idea that, contrarian theory helps to try to get near the top and try to get near the bottom is the goal with that.
Bob:
We’re active, that’s a tactical style portfolio that’s very actively managing. It’s not a buy and hold. Then some advisors also, what they’ll do is they’ll hire third party managers to manage.
Shawn:
We got the two different styles. We got buy and hold, we have tactical, and then we have two different ways of how those styles are managed, right? Either a third party. Which would mean someone else is monitoring that either buy and hold or tactical on your behalf, or like what we do here at Christian Financial Advisors, we actually manage that in-house. Bob of course is in charge of our investment management. He’s been doing this for three decades or so for a little bit of experience.
Bob:
Too long nearly, but I hope that I’ll be doing it in another 20 years. That’d pick me up to 50 years wouldn’t it?
Shawn:
Yeah. Keep you active.
Bob:
It sure would. That’s how we do it here. Next the type of advisors are, there’s the independent advisors which is what we are.
Shawn:
We don’t have a big parent company that tells us specific investment strategies or portfolios or types of holdings that we have to use. Then you have your larger captured advisory firm. What do you mean by captured?
Bob:
Well, that’s going to be your well-known names. I’m just going to name some of them. It’s okay I think. Like Wells Fargo advisors, or Merrill Lynch.
Shawn:
Maybe they’re associated with the bank or Edward Jones.
Bob:
Those are what we refer to as captured advisory firms. I’m not saying there’s a right or wrong on either way, but they’re a lot larger and they have to stick by that style.
Shawn:
It’s kind of the difference between an independent local restaurant versus some sort franchise. Which again, nothing wrong, like they both serve food, but just depends on what you’re looking for.
Bob:
That’s correct That’s right.
Shawn:
Then the next one we have what we would say values versus profit only approach.
Bob:
That has to do with investing. We’ve spoke a lot about this. I mean, you can go back into our archives and find a lot of information about Biblically Responsible Investing. That’s our approach here. We strive to stay away from companies that are involved in immoral agendas according to biblical guidelines, and we strive to look for the companies that are doing good.
Shawn:
Even if they’re not Christian, just that they’re making a positive impact on society. Really those are the two options. You have investing in a company regardless of what they may support and being involved in just do the financials look good. Then what we do is we look at, are the financials good? But we also take the approach of what you were saying, both the positive and negative screens to look for companies that are making a positive impact on our world.
Bob:
The majority advisors are not biblically responsible. I mean that would probably, you’d probably say 90 to 95% advisors.
Shawn:
As believers, as Christians, we feel that it’s very important that what you own, what you invest in, how you make money, is just as important as making money in the first in the first place.
Bob:
That’s because of scriptural guidelines from Proverb 24:1. It says, “The Earth is the Lord’s and everything in it.” We feel like that what we’ve taught here is it belongs to God and we’re managers.
Shawn:
Therefore we should be good stewards of what God has entrusted to us. The next thing we have, is the advisor you might wanna hire or work with, are they team-oriented in their approach for clients? Or is it more individually oriented where each advisor is kind of doing their own thing.
Bob:
Anytime that client thinks I need help, they’re going to go to that individual.
Shawn:
Or do they contact the team and the team is set up in a way where maybe you prefer to talk to your advisor, but maybe if they’re not available, one of the other advisors or service team is available.
Bob:
We’re the team approach side of it. Shawn, as you know, I don’t know how to do a form. I haven’t done a form, filled out a form in 30 years.
Shawn:
You probably know how to do it. You’re just a little rusty.
Bob:
I take the team approach and hire experts in things that I don’t like to do and I’m not good at.
Shawn:
It’s called delegation.
Bob:
Plans fail for lack of counsel but with many advisors they succeed. We all have different spiritual gifts, and I like to use those gifts here in the firm. That’s why we have a team approach here at Christian Financial Advisors.
Shawn:
We work off of each other’s strengths and use those strengths to balance each other’s weaknesses.
Bob:
We just have a couple more.
Shawn:
We got the new way or the old way.
Bob:
Well, I think you could go into this first one the new way, because you’re the one behind technology here.
Shawn:
Technology driven approach, or a little more old fashioned paper print style and in-person meetings, filing cabinets. We take the technology driven approach. Whether that includes a lot of things, zoom/video meetings, depending on your preference. Things like DocuSign, electronic signatures, online accounts and portals, texting, email, having an online portal for being able to share files securely. We use a service called eMoney that allows us to do not only that, but also financial planning. Having a smartphone app, etc. I always say that technology shouldn’t replace people. What technology should do is make it more efficient for people to communicate with one another. If there’s something that a human isn’t really adding any value to, but it needs to get done, a computer should do that. Then we have more time one-on-one with people That’s what the point is.
Bob:
Because of technology, it allows us as a Christian firm to serve Christians nationwide. Even in our own hometown now, it’s funny how many people have chosen to go with the Zoom online meeting. I prefer them to come in. I like meeting with people. I’m a people person, but I can see why, especially as busy as San Antonio and Austin are. If they live in San Antonio, they like to do Zoom because they don’t wanna get on 35, and it takes 45 minutes to an hour to get here and to get back. They can just do a zoom meeting in 45 minutes total.
Shawn:
Even if Bob, it only takes 10, 15 minute drive, well round trip, you’re now talking 20, 30 minutes. If someone has an hour for lunch, so they have time, they could jump on the computer, have their meeting maybe while they’re eating lunch, and then they’re right back to it. They didn’t have to spend any time driving. That has definitely happened where people realize it’s not just because you can’t go in person, it’s just more convenient to meet digitally.
Bob:
I never realized how much we use DocuSign. It is amazing. It makes it so much easier.
Shawn:
We got our last one, right?
Bob:
Our last one.
Shawn:
Is it Christian or secular? Which we covered a little bit, but this goes in a little bit more of the advice. Is the advice simply how much money can you make and what are you saving for retirement? Or is it advice based on biblical principles?
Bob:
I got two ways. Advice based on a secular worldview or advice based on a biblical worldview. Here we want our advice, at Christian Financial Advisors to be based on a biblical worldview.
Shawn:
Otherwise known as kingdom building. We want to be focused on how are you building the kingdom? Not just saving for retirement and preparing for that, but how is what you’re doing going to impact after you’re gone, and impact the kingdom of God?
Bob:
Well, there you go. That’s a lot of information to go with. You might wanna watch this a couple of times. Remember I pointed out at the beginning, you might wanna go back to episode 130, which we did three or four months ago. That was on “21 Questions to Ask a Financial Advisor”. Hopefully we’ve helped you to understand all the different types of financial advisors. Then you can go back and look at that and the questions to ask once you choose that financial advisor. Well, that’s going to do it for today.
Shawn:
Thanks again for joining us and as always, you can visit our website, christianfinancialadvisors.com, or you can call or text us at during business hours. (830) 609-6986. God bless you, and again, thanks for joining us.
[CONCLUSION]
We invite you to listen to all of our past episodes covering many financial topics from a Christian Perspective. To make sure you don’t miss any of Bob’s upcoming episodes you can subscribe to Christian Financial Perspectives on iTunes, Google Play Music, Spotify, or Stitcher. To learn more about integrating your faith with your finances, visit ciswealth.com or call 830-609-6986.
[DISCLOSURES]
Investment advisory services offered through Christian Investment Advisors Inc dba Christian Financial Advisors, also known as Christian Financial Advisors, a registered investment advisor. Comments from today’s show are for informational purposes only and not to be considered investment advice or recommendations to buy or sell any company that may have been mentioned or discussed. The opinions expressed are solely those of the host, Bob Barber and his guests. Bob does not provide tax advice and encourages you to seek guidance from a tax professional. While Christian Investment Advisors believes the information to be accurate and reliable, we do not claim or have responsibility for its completeness, accuracy, or reliability.
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