Choosing the Right Financial Professional: Which One Fits Your Needs?

Understanding the credentials and roles of financial professionals is crucial for making informed decisions and ensuring your financial needs are met effectively. At Kramer Wealth Managers, we believe in empowering you with the knowledge to choose the right professionals for your financial team. Here’s a comprehensive guide to the different types of financial professionals and how to select the best fit for you.

Why Are Credentials Important?

Financial advisors are held to fiduciary standards, meaning they’re legally obligated to act in your best interest when providing financial advice. This is why credentials matter. Individuals with licenses like the Series 6 or 7 can sell investment products and provide advice related to those products but are limited in the scope of advice they can offer. They cannot charge a fee for providing investment-related advice unless they hold additional credentials.

If you encounter someone calling themselves a financial consultant, financial expert, or financial professional without these credentials, be cautious. These individuals may be offering products for profit, rather than advice tailored to your specific financial needs.

Financial Advisors and Planners

When it comes to financial advice, the titles can be confusing. The Securities and Exchange Commission (SEC) requires that anyone calling themselves a “Financial Advisor” or “Financial Planner” must have certain credentials such as the FINRA Series 65 or Series 66 licenses or professional designations like CFA (Chartered Financial Analyst) or CFP (Certified Financial Planner). These professionals must adhere to a fiduciary standard, meaning they are legally required to act in your best interest. Some professionals with these titles may only be licensed to sell products for commission rather than offer investment advice.


Financial Coaches

 

Financial coaches can be a valuable resource for those looking to improve their financial habits. They focus on helping with budgeting, debt management, spending behavior, and the psychology of money. However, they cannot advise on securities or investments without proper licensure, as previously mentioned. While their role is crucial for financial wellness, it’s important to be mindful of their limitations regarding investment advice.

 

Insurance Agents and Brokers

Insurance agents and brokers help you secure the right policies. Agents represent a single company, while brokers offer products from multiple companies. Note that insurance agents and brokers need specific licenses to sell insurance but might not be able to offer investment products unless they hold additional licenses.

Since the SEC’s Best Interest rule in 2020, insurance agents and brokers can no longer call themselves Financial Advisors or Financial Planners unless they meet fiduciary standards.  However, their knowledge remains invaluable for purchasing various insurance products. Be aware that some insurance products, like Indexed Annuities and Indexed Universal Life insurance policies, can sometimes be misrepresented as investments, which can mislead consumers. It’s essential to understand the difference between true investment products and insurance-based offerings to make informed decisions.

Estate Planning and Elder Law Attorneys

Attorneys specializing in estate planning or elder law can help with wills, trusts, Medicaid planning, and other legal matters related to aging. While any attorney can handle these issues, seeking out those who specialize in these areas is advisable. Most attorneys list their specializations on their websites.

Tax Advisors and Preparers

Tax advisors and preparers help manage your tax obligations. Surprisingly, there is no specific license required to be a tax preparer. Anyone can offer tax preparation services, but they must register with the IRS and obtain a Preparer Tax Identification Number (PTIN) if they are paid for their services. Ensure that your tax preparer signs your tax return and includes their PTIN.

For more complex tax situations, consider working with a CPA (Certified Public Accountant) or an EA (Enrolled Agent). These credentials allow professionals to represent you before the IRS, offering additional knowledge in tax matters. Some states, including California and New York, have their own regulations and requirements for tax preparers, so be aware of local standards.

Finding the Right Fit

At Kramer Wealth Managers, we believe in working with professionals who not only have the right credentials but also align with your specific needs. Don’t hesitate to ask potential financial advisors, insurance agents, attorneys, or tax preparers about their qualifications, licensure, and experience.

For our clients, we’ve curated a list of professionals who are either fluent in ASL or have experience working with Deaf clients through interpreters. We believe that working with professionals who understand your unique communication needs is essential to achieving your financial goals.

If you have any questions or need assistance in finding the right professionals for your financial team, feel free to contact us at Kramer Wealth Managers.

Adrianna Rocha

Client Relations Specialist

240-379-6929 V
240-439-6889 VP
512-379-6909 FAX
info@kramerwealth.com

Since joining Kramer Wealth Managers in 2021, Adrianna Rocha has been a client service dynamo, ensuring every client interaction is seamless and delightful. She’s the go-to guru for all things client experience, handling everything from videophone chats to scheduling meetings and processing forms with a smile. Her goal? To make sure every client feels valued and well-cared-for.

Adrianna graduated with a Bachelor of Arts in Communication Studies from Gallaudet University in 2017 and brings nearly a decade of customer service experience to our team. She thrives on personal connections, celebrating both her achievements and those of our clients. When she’s not busy at work, you might find her indulging in her passions—dogs, houseplants, essential oils, and the tantalizing flavors of Mexican cuisine. Proud fur-mama to her adorable Aussie mix, Ziva. Adrianna brings a touch of warmth and enthusiasm to everything she does.

Q: What’s your favorite part of working with clients?

A:  I enjoy client service because it allows me to help people and make a positive impact. Using my listening skills to understand client needs and solve problems is satisfying. I love turning negative experiences positive and the daily variety of challenges.

Adrianna is not registered with Osaic Wealth.

Adrianna Rocha

Client Relations Specialist

240-379-6929 V
240-439-6889 VP
512-379-6909 FAX
info@kramerwealth.com

Adrianna Rocha joined Kramer Wealth Managers in 2021.

Adrianna is responsible for client experiences and service. As part of the customer service team, she strives to help and provide top-notch service to our clients. As part of her role, she communicates with clients through videophone, schedules client meetings, prepares and processes forms, and gathers information for our advisors.

Adrianna Rocha graduated with a Bachelor of Arts in Communication Studies from Gallaudet University in 2017. Before she joined our team, she worked in the customer service industry for nearly a decade. She excels in human-to-human relations and takes pride in not only her own accomplishments, but her clients’ as well. Adrianna enjoys chatting about her slight obsession with dogs, houseplants, essential oils, and food: especially Mexican food! She is also a proud fur-mama to her beautiful Aussie-mixed pup, Ziva.

Adrianna is not registered with Osaic Wealth.

Jack Morley

Client Relations Specialist

240-379-6929 V
240-439-6889 VP
240-379-6909 FAX
info@kramerwealth.com

Jack Morley has been a vital part of the Kramer Wealth Managers team since 2010, starting with various projects and officially joining full-time in 2013. As our go-to Account Service Specialist, Jack is the friendly face and reliable voice who ensures a smooth client experience. He’s the linchpin in client communications, handling account maintenance and bridging connections between clients and our advisory team.

A 1998 graduate of Gallaudet University with a BA in Psychology, Jack brings a wealth of customer service experience from retail and human services. His handyman skills are a bonus, making him the resident problem-solver and DIY enthusiast. Outside the office, Jack enjoys long walks with his dog Bailey.

Married for 25 years to his wonderful wife, Monica, Jack is also the devoted dad to two dynamic daughters who keep him on his toes. When he’s not walking Bailey—he’s likely tinkering on a new project or spending quality time with his family.

Q: What’s your favorite part of working with clients?

A:  I enjoy assisting clients in maintaining their accounts and ensuring there is a smooth transition in between changes being made within their accounts.

Jack is not registered with Osaic Wealth.