As an independent registered investment advisor, and independent business owner, Prominence Capital is able to make decisions on working with our clients that are not driven by a board room decision.
Recently the Wall Street Journal published an article on Bank of America Merrill Lynch and its corporate decision to push accounts under $250,000 out to a telephone service division. This will require brokers to try and do very creative house-holding tricks with client accounts to be able to get paid on them and keep them from going to a call center. Here is the link:
This is very important to people especially those who are younger, building wealth and want to have a direct relationship with an advisor. There has been a proliferation of Robo-Advisors and Large Brokers and Banks pushing out relationships that do not meet minimums. Robo-Advisors can be a good option for some investors. For those people who want continuous conversation and an experienced person seeing and feeling the emotions behind a face to face conversation Robo-Advisors may not the best place.
As independent registered investment advisor, Prominence Capital is not beholden to corporate decision making on how we can run our business. We make the decision to work with any client on a case by case basis where account size does not disqualify a potential business arrangement. Fee based only registered investment advisors, such as Prominence Capital, are not compensated by the products they sell (commission). We are paid directly by the investor. We do not push a firms proprietary products either. We are held to a fiduciary standard which is a higher standard than the suitability standard that most brokers at large firms are held to. Transparency of all fee's, disclosure of all conflicts of interest and putting our clients interest ahead of our own is what we are obligated to deliver. As a fee based only advisor, we charge a percentage on assets we manage, Prominence Capitals success in tied to the success our clients achieve with their investments.
To learn more visit us on the web at www.prominencecapital.com or call us at 310-433-5378