Like David and His Five Stones Clarity Wealth Management a New Advisory Firm Competes against Large Brokerage Firms.
Clarity Wealth Management LLC a small registered advisory firm actually provides more safety, technology, advice, customer service, and reporting than large banks or brokerage firms who spend millions of dollars on advertising and, in-turn, may not be putting their clients interests first.
PR9.NET June 05, 2006 - USA - After eleven years of working as a financial advisor for banks and brokerage firms, I now find myself in a position not unlike David once was. I founded Clarity Wealth Management LLC to provide a safer and more effective financial advisory service for my clients.
Clarity Wealth Management provides true and comprehensive financial planning services, services which brokerage firms are prohibited from and do not provide. The problem is that modern day Goliath's are armed with multibillion dollar advertising budgets, budgets which are employed to create a false impression that these Goliaths provide comprehensive financial planning services.
While these modern-day Goliath's spend their time and resources creating a false perception, smaller financial advisory firms – such as Clarity Wealth Management – focus their efforts on providing higher quality individualized advisory services. We are financial advisors, not merely professional salesmen.
Just like larger brokerage firms, Clarity Wealth Management employs third party custodians to hold and account for our client's assets. For example, Bank of America and JP Morgan Chase Bank do not hold their clients assets directly. Both Bank of America and Chase employ National Financial to hold and account for their clients' assets. Clarity Wealth Management also uses National Financial to custody client assets; however, we are not tied to an exclusive contract. We also have access to other options that might be better suited for particular clients, such as TD Water House or Pershing where access to specialty funds and lower costs are important, as well as in-house reports (report cards) to supplement your regular statements.
Because Clarity Wealth Management employs these third party custodians, clients are not permanently tied to any one financial planner or financial planning firm. Instead, the clients' assets remain with the custodian and clients have the option of simply selecting the financial advisor or firm they want to work with. The large banks and brokerage firms do not offer their clients this option or want them to know that this is a viable option, because the ability to easily switch from an unresponsive and uncaring financial advisor would result in a mass migration of their clients. It was important to me in creating Clarity Wealth Management, that my clients know of and have access to this option.
As a registered investment advisory (RIA) firm, Clarity Wealth Management is held to a higher legal standard than a mere unregistered bank or brokerage firm. Specifically, Clarity Wealth Management has a legal obligation to put its clients' interests first. The large unregistered bank and brokerage firms are not subject to this legal obligation. In fact, the government now requires that these large banks and brokerage firms disclose this fact. Have you noticed these disclosures in your bank or brokerage companies' sales literature? One would need a magnifying glass, a couple of hours, and a legal education to read the fine print. Essentially the fine print states that the large bank and brokerage firms will not give advice and they have the option to put their interests ahead of theirs. Ultimately this means that the larger banks and brokerage firms can only provide sales recommendations and cookie cutter financial plans.
Unlike the large bank and brokerage firms, Clarity Wealth Management is dedicated to taking full advantage of technology. As huge bureaucratic conglomerates, banks and brokerage firms simply cannot be early adopters of technology and, consequently, their clients suffer. With Clarity Wealth Management, someone who has actual experience in providing financial advisor service reviews and selects which technologies to adapt. As a result, Clarity Wealth Management uses one of the finest financial platforms available today.
Contrary to what Goliath wants their clients to believe, they do not provide financial planning services, their clients assets are not safer in their custody, they are not able to work in clients best interest, and they do not allow their clients to benefit from newly emerging technology. Worst of all, they have not been forthcoming in explaining these issues to their clients or to the public. This is why I decided to part company with the bank and brokerage firms.
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About Clarity Wealth Management, LLC
Clarity Wealth Management, LLC is an investment advisory firm, registered with the State of Texas. It operates under the Investment Advisory Act of 1940 and the Laws and Regulations of the State of Texas. The firm primarily provides customized investment strategies, portfolio construction, and financial-estate planning for a limited number of individuals, families, and business owners.
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