Your Retirement Deserves a Second Opinion!

So Choose Your Financial Advisor Wisely

Dick Van Dyke
Registered Investment Advisor
Independent, Fee Based, Fiduciary

1028 South Walnut
Springfield, IL 62704

Financial Advisor Terms, Definitions and Descriptions:

Insurance Agent – Is an individual who sells insurance products for a commission which is licensed by the state or states they sell in.

Solicitor – Is an individual who connects clients or prospects with a third party firm that provides specialized financial services for a fee or commission.

Stock Broker – Is an individual or a firm that is licensed to transact securities business based on earning a commission from what is commonly known as a load or transaction fees.

Registered Representative – Is an individual who is technically employed by a Broker-Dealer as an affiliated representative sharing loads, commissions and other fees. Registered Representatives are directly influenced by the directives of their Broker/ Dealer when it comes to investment choices and strategies that can be offered to clients.

Investment Advisor Representative – Is an individual who is supervised by a Registered Investment Advisor as an affiliated advisor sharing planning, management and investment fees. Investment Advisor Representative are directly influenced by the directives of their Broker/ Dealer when it comes to investment choices and strategies that can be offered to clients.

Registered Investment Advisor – Is an individual licensed by the SEC or the State Department of Securities to give investment advice or manage investments on a fee basis with full disclosure. They are licensed to function as a fiduciary, requiring them by law to act on the highest good for the benefit of the client with full disclosure.

Fee Based – Is an individual who derives income from fees that are fully disclosed to the client. This individual must hold a series 65 securities license to charge financial planning or investment management fees in the State of Illinois. This person may in addition offer certain securities and insurance products on a commission basis, however; disclosure between the client and the fee based advisor is required.

Fee Only – Is an individual who offers no insurance or investment products that pay any form of commission. After designing a plan, they typically give the client a plan that is then implemented by someone earning additional fees or a commission.

Fiduciary – Is an individual licensed with the highest legal level of responsibility for the benefit of the client. This is also known as the Prudent Man rule; assisting clients in the same manner as the advisor would assist a close friend, family member or as the advisor would choose for their own benefit.

Captive Agent/ Investment Advisor Representative/ Registered Representative – is an individual who is technically employed by an insurance company or a broker/dealer as an affiliated representative sharing loads, commissions and other fees. Registered Representatives are directly influenced by the directives of their Broker/ Dealer when it comes to investment choices and strategies that can be offered to clients.

Independent Agent/Registered Investment Advisor – Is an individual who is insurance licensed and independent to represent any company that may be of benefit to their client. By state law, insurance compensation is regulated as a commission paid to the agent. An Independent Registered Investment Advisor is an individual licensed by the SEC or the State Department of Securities, to give investment advice or manage investments on a fee basis with full disclosure. When Registered Investment Advisors are independent, they may have a full range of investment services to offer their clients. They are licensed to function as a fiduciary, requiring them by law to act on the highest good for the benefit of the client with complete disclosure.