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Anyone use Finity Group Financial advisors before? Or head anything about them?

Home Financial Advisors Anyone use Finity Group Financial advisors before? Or head anything about them?

  • jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 8114
    Joined: 01/09/2016
    Kind of a weird first post eh? For what it is worth the poster’s IP address is NOT in a state where Finity Group has an office and I’m not getting the usual “this is written by an insurance agent/financial advisor” vibe so I really don’t suspect sock puppeting. But CADR2018 sticking around for a few years so we can get to know him/her would also reassure me some more!

    Click to expand…

    Have to say I wondered about a resident hiring a financial advisor 2 years ago. Possible, but irregular.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #35089 Reply
    Avatar Kamban 
    Participant
    Status: Physician
    Posts: 2485
    Joined: 08/01/2016
    Kind of a weird first post eh? For what it is worth the poster’s IP address is NOT in a state where Finity Group has an office and I’m not getting the usual “this is written by an insurance agent/financial advisor” vibe so I really don’t suspect sock puppeting. But CADR2018 sticking around for a few years so we can get to know him/her would also reassure me some more!

    Click to expand…

    Didn’t want to be uncharitable but I was thinking the same thing but left it unsaid.

    I always take a newly joined one post wonder review with a ton of salt. Long paragraph with just glowing reviews and not a hint of negativity? Makes me wonder about its authenticity.

    #35090 Reply
    Liked by Moomoo, Zaphod
    Avatar checkers84 
    Participant
    Status: Physician
    Posts: 11
    Joined: 01/31/2017

    This thread inspired me to formally join the website and actually start asking/contributing as I’ve been an avid reader of this site for the past year (read most of the beginner/intermediate blogs, read the nearly daily emailed blogs, just started listening to the podcast – and am basically a full believer in the WCI). My wife and I have been with the Finity Group for the past three years. I’m extremely skeptical by nature and was waiting at every turn for them to try to high pressure sell me on something. I have actually had an experience very similar to CADR2018 and am very surprised to hear everyone’s concern in their integrity. My inherent skepticism tells me it’s because this group competes with groups similar to your own (Johanna & Larry). I just got disability insurance through this group which seemed very reasonable (I sought them out to obtain this insurance) and they insured my wife two years ago for a great rate. Is there any specific information you have or know as to why this group is predatory other than the fact they’re free up front during training? I’ve had multiple conversations with my advisor who has said he makes no commission from any specific insurance that he recommends and they’re paid on a flat hourly rate free once we’re all done with training (my wife has 6 months left) – and other than the disability insurance – I have yet to buy a thing from him in over three years. Your thoughts would be appreciated.

    #35200 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 8114
    Joined: 01/09/2016

    My inherent skepticism tells me it’s because this group competes with groups similar to your own (Johanna & Larry).

    Click to expand…

    Larry sells disability insurance and, to the best of my knowledge, is highly respected by the doctors who work with him. I’m a fee-only planner and don’t compete with Finity Group in any way as I don’t sell products. Perhaps you haven’t read through all of the posts in the thread? It does make sense to me that residents would join if the advice is free during training. But…surely you understand how the group makes money?

     

    [Editor’s Note: Finity Group disputes that Fox Asset Management and Fox and Company CPAs does not compete with them with regards to asset management services and tax preparation services and wishes to remind clients of the link previously posted to their fee transparency site.]

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #35202 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4531
    Joined: 05/13/2011

    This thread inspired me to formally join the website and actually start asking/contributing as I’ve been an avid reader of this site for the past year (read most of the beginner/intermediate blogs, read the nearly daily emailed blogs, just started listening to the podcast – and am basically a full believer in the WCI). My wife and I have been with the Finity Group for the past three years. I’m extremely skeptical by nature and was waiting at every turn for them to try to high pressure sell me on something. I have actually had an experience very similar to CADR2018 and am very surprised to hear everyone’s concern in their integrity. My inherent skepticism tells me it’s because this group competes with groups similar to your own (Johanna & Larry). I just got disability insurance through this group which seemed very reasonable (I sought them out to obtain this insurance) and they insured my wife two years ago for a great rate. Is there any specific information you have or know as to why this group is predatory other than the fact they’re free up front during training? I’ve had multiple conversations with my advisor who has said he makes no commission from any specific insurance that he recommends and they’re paid on a flat hourly rate free once we’re all done with training (my wife has 6 months left) – and other than the disability insurance – I have yet to buy a thing from him in over three years. Your thoughts would be appreciated.

    Click to expand…

    People are just a little skeptical when someone signs up for a forum to leave a review. We’ve just seen it a lot over the years with financial professionals sock-puppeting on comments threads on the blog. That’s all. It’s just a little odd. But different strokes for different folks. It’s always interesting to learn what motivates someone to sign up for a forum and start posting!

    Personally, I don’t know anything about Finity, one way or the other. I hope you and CADR stick around for the long term for your benefit and for ours! The larger the community the better.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #35205 Reply
    Avatar conniebird 
    Participant
    Status: Physician
    Posts: 258
    Joined: 01/08/2016

    Timely topic – my friend has been approached by this group (she’s a resident).

    Now I can link to this topic and say “told ya so” 🙂

    I gifted her a copy of WCI when she graduated med school but she has yet to read it :/

    They offered her disability insurance, and of course didn’t offer true own occupation policy….

     

    [Editor’s Note: Finity Group states they do not recommend non-own occupation DI policies to doctors, although there is potential for a carrier to not approve a true own-occ policy due to a health problem.]

    “Compound interest is the eighth wonder of the world. (S)he who understands it, earns it ... (s)he who doesn't ... pays it.”

    @ missbonniemd.com

    #35209 Reply
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 6180
    Joined: 01/12/2016

    A concerted effort effort by the company to have a nice message board presence? Interesting. How many through and through WCI “believers” use a firm of this nature?

    Yes there are good groups and people, but the posters have to know how odd and funny it appears.

    #35212 Reply
    Avatar conniebird 
    Participant
    Status: Physician
    Posts: 258
    Joined: 01/08/2016

    This thread inspired me to formally join the website and actually start asking/contributing as I’ve been an avid reader of this site for the past year (read most of the beginner/intermediate blogs, read the nearly daily emailed blogs, just started listening to the podcast – and am basically a full believer in the WCI). My wife and I have been with the Finity Group for the past three years. I’m extremely skeptical by nature and was waiting at every turn for them to try to high pressure sell me on something. I have actually had an experience very similar to CADR2018 and am very surprised to hear everyone’s concern in their integrity. My inherent skepticism tells me it’s because this group competes with groups similar to your own (Johanna & Larry). I just got disability insurance through this group which seemed very reasonable (I sought them out to obtain this insurance) and they insured my wife two years ago for a great rate. Is there any specific information you have or know as to why this group is predatory other than the fact they’re free up front during training? I’ve had multiple conversations with my advisor who has said he makes no commission from any specific insurance that he recommends and they’re paid on a flat hourly rate free once we’re all done with training (my wife has 6 months left) – and other than the disability insurance – I have yet to buy a thing from him in over three years. Your thoughts would be appreciated.

    Click to expand…

    they sold my friend a policy that isn’t true own occupation, I reviewed the policy and told her. FAs should not sell products as they are incentivised to sell you stuff.

     

    [Editor’s Note: Finity Group disputes that a non-own occupation policy was sold. ]

    “Compound interest is the eighth wonder of the world. (S)he who understands it, earns it ... (s)he who doesn't ... pays it.”

    @ missbonniemd.com

    #35213 Reply
    Avatar checkers84 
    Participant
    Status: Physician
    Posts: 11
    Joined: 01/31/2017

    I hope you’re not taking my skepticism as a personal attack. I’m simply trying to better understand who I’m dealing with at Finity. My disability insurance was a great rate, was from one of the “big five companies”, did not need a medical examination (other than a simple blood draw), was not a high pressure sell, my advisor said he does flat fee for service rendered based on time NOT purchases made (and said he makes no commission on products). While their group may sell products for those interested – he says they’re not financially incentivized to sell these products and has yet to try me in three years. I’m specifically referring to your comment “But…surely you understand how the group makes money?” when I ask – how exactly does a financial advisor who tells me he’s fee based only have a conflict of interest? Again your comments would be helpful.

    #35214 Reply
    Avatar ddscook 
    Participant
    Status: Dentist
    Posts: 48
    Joined: 01/18/2016

    Boy am I glad I didn’t join Finity Group!

    I wish I would have shared their financial agreement with you all before shredding it…because it was loaded with verbiage that my non-legal brain could not understand.

    Since the original post I have spent HOURS reading WCI, Boggleheads forums, books on personal finance/investing and I have learned soooo much.

     

    Everything Finity group said sounded reasonable to me at the time, but now I know better. For example:

    1. They recommended that I start putting money away for retirement (sounds great) into an IRA with mutual funds that they would open for me (I wouldn’t have to lift a finger). I was eligible for a ROTH IRA but they never mentioned anything about a ROTH IRA nor did they mention anything about ETF’s – I now have my own ROTH with Vanguard at a super low rate – Thanks to WCI

    2. They wanted me to reconsider my existing disability and life insurance- I decided to get some quotes on my own (without another physical exam as Larry had recommended) – I found out I already have the best possible disability and term insurances!

    Thanks to Finity group’s many phone conversations I realized how easy it was for me and my husband to be taken advantage of. Thanks to Finity group for giving me the personal finance wake-up call I needed!

    [Editor’s Note: Finity Group states they typically discuss Backdoor Roth IRAs with their clients.]

    #35217 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 8114
    Joined: 01/09/2016

    I hope you’re not taking my skepticism as a personal attack. I’m simply trying to better understand who I’m dealing with at Finity. My disability insurance was a great rate, was from one of the “big five companies”, did not need a medical examination (other than a simple blood draw), was not a high pressure sell, my advisor said he does flat fee for service rendered based on time NOT purchases made (and said he makes no commission on products). While their group may sell products for those interested – he says they’re not financially incentivized to sell these products and has yet to try me in three years. I’m specifically referring to your comment “But…surely you understand how the group makes money?” when I ask – how exactly does a financial advisor who tells me he’s fee based only have a conflict of interest? Again your comments would be helpful.

    Click to expand…

    See if your advisor is on this page then try to pull up the ADV for Finity Group here (be sure to click on “Firm”). You won’t be able to (at least I couldn’t) because there is no registered “Finity Group”. Now click on “Individual” and enter your advisor’s name and you’ll see who he/she really works for. You can find out all about this organization (Cambridge Investment Research Advisors, Inc.) in their ADV. There is nothing fee-only about this business. The goal is to get you to buy something and, apparently, you guys are a valuable enough commodity that they will expend years of time to reel you in. That’s, obviously, jmo.

    If a financial advisor tells you he is “fee based”, btw, he is telling you he gets paid by commission.

    [Editor’s Note: The Finity Group disputes that the assertion that their only goal is to get you to buy something. More info here.]

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #35219 Reply
    Liked by Etomidate20
    Avatar checkers84 
    Participant
    Status: Physician
    Posts: 11
    Joined: 01/31/2017

    conniebird i’m looking at the offers I got (Ameritus, Guardian, Mass Mutual, Principal, Standard) and all included own occupation. The advisor at Finity specifically told me to go with the own-occupation definition – I mean – what would be their incentive to NOT offer own occupation as that’s the more expensive policy anyway? I’d love to hear of someone’s first hand negative personal experience with the company and a little more detail into how they got taken to the tool shed.

    #35220 Reply
    Scott at MD Financial Services Scott at MD Financial Services 
    Participant
    Status: Website Sponsor, Insurance Agent, Small Business Owner
    Posts: 444
    Joined: 01/14/2016
    Earnest refinancing bonus

    Checkers84, every carrier you mentioned pays a commission.  Now if your adviser gets the commission or it gets paid to their firm I can’t say but someone or some entity is getting paid the embedded commission for the sale of that policy even if your adviser is paid a salary.

    S. Scott Nelson-Archer, CLU, ChFC with M. D. Financial Services, Inc.
    Direct Phone 713-966-3932, Email [email protected]

    #35222 Reply
    Avatar checkers84 
    Participant
    Status: Physician
    Posts: 11
    Joined: 01/31/2017

    Thanks for that link – I indeed see the Cambridge Investment Research Advisors my advisor works for. He’s been upfront and honest for 3 years with us w/o any high pressure sales tactics. I like the phone chats since it forces my wife and I to confront financial issues and as a result come up with plans. Cambridge Investment is definitely for profit with an angle (like any group I’m sure) – as long as I do my homework whenever he makes a recommendation, I hope my chances at getting manipulated will be heavily reduced. In your opinion, what is the more legitimate route to find a financial advisor?

    #35223 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 8114
    Joined: 01/09/2016

    checkers84 – since you asked for my opinion, I’ll honestly say that the only way I believe you’ll get truly impartial financial advice is with a fee only (not fee based) financial planner. NAPFA, XYPN, and Garrett are all networks restricted to fee-only CFPs.

    Actually, I forgot I had blogged about this recently.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #35226 Reply

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