Bigger Isn't Always Better When It Comes to Financial Advice
Here's why a smaller, independent adviser could be a better fit for your retirement-planning needs than the big-name institutions.


For an individual investor, finding the right financial professional can be a challenge.
To start with, there’s the bewildering array of titles, including broker, adviser, planner, manager and even coach.
And then there’s all those letters (RIA, CFP, CFA and so on) and numbers (Series 6, 7, 65 and 66) that represent certifications and licenses.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
By the time they get to the method of compensation (fee-only, fee-based or commission) and the fiduciary vs. suitability discussion, the majority of the people I meet have no idea what it all means. It’s no wonder so many simply opt for the brand-name brokerage they see on TV instead of the small independent adviser who might be the better choice.
But when you go with Wall Street instead of Main Street, you lose a few things:
Unfortunately, we’re kind of stuck in this David vs. Goliath mode in the financial industry, where the average person on the street doesn’t even know there are different levels of advice and attention.
A lot of that is marketing. All those radio and TV commercials, the golf tournament sponsorships and stadium-naming rights build a brand and get the word out in a way that an independent adviser can’t afford.
But when it comes to minding your portfolio and your plan, bigger isn’t always better.
Do your homework. Research online. Ask friends and colleagues if they have an adviser they like. Attend seminars. Don’t hesitate to quiz people about compensation. And interview multiple advisers until you find one that’s a good fit for you.
Kim Franke-Folstad contributed to this article.
Securities offered only by duly registered individuals through Madison Avenue Securities, LLC (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered individuals through Brighter Financial Capital Management, LLC, a SEC Investment Advisor. Insurance products and services are offered through Clark & Associates, Inc. Financial Solutions, an affiliated company. Brighter Financial Capital Management, LLC and MAS are separate entities, independently owned.
The appearances in Kiplinger were obtained through a PR program. The columnist received assistance from a public relations firm in preparing this piece for submission to Kiplinger.com. Kiplinger was not compensated in any way.
Megan Clark is not affiliated with, or endorsed by Kiplinger.com.
Related Content
- This Is What Good Financial Planners Do
- A Financial Professional Can Help You Avoid Retirement Blind Spots
- Take Biases and Backgrounds into Account When Seeking a Financial Adviser
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Megan Clark is CEO an Executive Wealth Manager at Clark & Associates Inc. Financial Solutions and is an Investment Adviser Representative and Insurance Professional. As a financial adviser, she is passionate about helping families create a holistic financial plan and she often holds "For Women By Women" informational seminars to reach out and help assist women in pursuing their goals. Clark is a graduate of the University of Virginia. (Securities offered only by duly registered individuals through Madison Avenue Securities, LLC (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered individuals through Brighter Financial Capital Management, LLC, a SEC Investment Advisor. Insurance products and services are offered through Clark & Associates, Inc. Financial Solutions, an affiliated company. Brighter Financial Capital Management, LLC and MAS are separate entities, independently owned.)
-
Take It From a Tax Attorney: This Is a Magic Multimillion-Dollar Tax-Saving Strategy
The qualified small business 1202 stock exemption is a $10 million exclusion that seems too good to be true and is often overlooked.
-
What Would You Like to Leave Behind? A Financial Planner's Guide to Family Wealth Discussions
Communicating about your assets and plans for passing them on increases clarity while preventing surprises and family disputes.
-
Seven Financial Considerations When Downsizing for Retirement
With prices going up on everything, you may be looking for a cheaper place to live. To truly evaluate costs, take a hard look at taxes and intangibles.
-
I Have Plenty of Money: Why Do I Need a Long-Term Care Plan?
Long-term care planning, whether through insurance or self-funding, is crucial not only for financial protection but also to preserve family relationships and reduce the emotional and logistical burdens on loved ones.
-
Three Steps for Evaluating a Downsize in Retirement: A Financial Planner's Guide
Unless you think things through, you could end up with major (and costly) regrets. To make the right choice, base it on the three keys to retirement happiness.
-
Worried About Your Retirement Income? Four Questions to Ask Yourself, From a Financial Planner
If you're nearing or in retirement and stressing about your retirement income (so many of us are), consider taking some time to think about these four issues.
-
Do You Need Flood Insurance? I'm an Insurance Expert, and Here's Where You Can Get It
Standard homeowners insurance does not cover flood damage, so you might need separate flood insurance, which you can get either through FEMA or private companies. Here are the details.
-
I'm an Investment Professional: These Are the Three Money Tips I'm Giving My College Grad
College grads can help set themselves up for financial independence by focusing on emergency savings, opting into a 401(k) at work (if it's offered) and disciplined, long-term investing.