For Immediate Release
Contact: Tim Quillin, CFA
FRIDAY, June 9 – LITTLE ROCK, AR -- Aptus Financial, a provider of fixed-fee financial planning services, applauds today’s initial implementation of the Department of Labor’s new rule requiring financial advisors to act in the best interests of their customers when handling their retirement money.
“The DOL fiduciary rule will shine some light on the worst abuses in the industry and start the ball rolling toward real reform,” explains Sarah Catherine Gutierrez, founder and principal of Aptus Financial.
The ongoing debate about the rule has raised public awareness around fee structure and conflicts of interest, but most people remain unaware of how fees and conflicts can impact their own retirement planning. “Historically, financial advisors have thrived on commissions generated from products that are considered suitable for people but not necessarily in their best interest,” adds Gutierrez.
It is common industry practice for financial advisors to charge clients 1% of the amount of assets the advisor manages, which is acceptable under the new rules, but can still create a clear conflict of interest in many situations. “The fiduciary rule will still not address inherent conflicts from advisors who get paid a percentage of the money they manage. The advisor in that situation has a bias toward clients depositing money for them to invest, even if the better financial decision would be for the client to invest in a company retirement plan or pay down debt,” explains Aptus Financial Partner Tim Quillin.
“I’m hopeful that as the fiduciary rule is adopted, people will become more proactive about asking the tough questions and they will seek out firms free of conflicts,” says Quillin. “Aptus charges clients a flat fee or hourly rate in order to remove conflicts of interest from its practice. This is a more stringent view of the fiduciary principle than what the current regulations recommend.”
About Aptus Financial:
Aptus Financial, based in Little Rock, Arkansas, is a is a principled financial services company, focused solely on what is best for its clients and free of any conflicts of interest. Aptus offers comprehensive financial advice, covering a broad spectrum of the Hierarchy of Financial Needs, for a flat fee or an hourly rate and sets its clients up for a lifetime of guided DIY financial budgeting, planning and investing. The Aptus team believes “you can do it yourself, but you don't have to do it alone.”
To learn more about Aptus Financial, visit www.aptusfinancial.com.