Michael J. Schussele, C.P.A. The Pursuit of Financial Happiness ®

M.A., Registered Investment Advisor, Fiduciary, Fee-Only

My professional publications and blogs at The Pursuit of Financial Happiness ™ have been recognized, linked, and republished by Economist's View, naked capitalism,
Credit Writedowns, and Advisor Perspectives, among others, as well as academically cited.
I do my own macroeconomic and financial research and I do not portray third party information as my own.

Under Illinois Law ((215 ILCS 5/500-15)) it is a Class 4 Felony to give insurance advice/analysis without an insurance license whether one sells or not. An Investment Advisor Representative, whether fee-only or not, has a direct fiduciary duty to provide such an analysis and/or advice in retirement, financial, and estate planning and such advice is not incidental. Beware if any fiduciary and/or fee-only advisor tells you otherwise. You should report them to the Illinois Department of Insurance, the appropriate State's Attorney, and the Illinois Attorney General.

Starting an IRA?

Financial salespeople would have the public believe that a fee-only fiduciary advisor is not accessible to ordinary working people. The initial hour in which we get to know each other and decide if we want to work together is free for all potential clients. If a person, who wants to start an initial IRA, returns the paperwork and information I request and does not insist on further face-to-face time with me, I would normally provide in writing an investment recommendation (which would be no-load with no 12(b)1 annual fees) which could be implemented at the low fee on-line brokerage of their choice (preferably one which does not charge an application fee) where they would establish the IRA on-line.

This would normally cost one-half hour of my time a the lowest per hour fee amounting to $50 and the client would not have to seek my services again until they had at least $5000 in the IRA.

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