On July 4th, the United States celebrates its Independence Day. And if you remember anything from history class, you know that the United States did not complete the process of becoming independent all in a day. It took time but July 4th was chosen to mark the occasion after there was a vote for independence on July 2.
While the founding of NAPFA (The National Association of Personal Financial Advisors) may not have had the same impact on the world stage as July 4th, things weren’t the same after a discussion about how to change things for the better in the field of financial advising began at a meeting of the Society of Independent Financial Advisors in 1982.
According to the NAPFA website:
“These independent-minded advisors did not yet have a name for what they were doing, but they knew that accepting commissions for the sales of financial products was putting them in direct conflict with the best interests of their clients. How could they serve the client first, yet have their compensation vary by what they sold to the client?
These planners began to exchange ideas about how to provide high-quality, long-term financial planning and access to a full range of investment and insurance products—but without the influence of commissions.”
What started with 125+ professionals is now an organization of over 3000 financial advisors dedicated to providing their clients with service that meets needs without having to work within the constraints of commissions.
This Independence Day, we want you to think about what it means to get advice from an independent financial planning professional. Financial advisors that work for brokerage firms are beholden to the firm and get commissions for getting you to buy certain financial projects.
As a Fee-Only financial planner, Claire Emory of Clarity Financial Planning proudly honors the National Association of Personal Financial Advisors’ (NAPFA) Fiduciary Oath.Clarity Financial Planning is here to offer financial advice that best fits you, your situation, and your goals so you can achieve your own financial independence.