Crossville, TN Financial Advisor - Fee Only Certified Financial Planner
Since 2013, Peterson Wealth Advisory has been located in Crossville, TN providing fee-only financial planning. Six years later, Peterson Wealth Advisory is still the only independently owned, fee-only Registered Investment Advisor (RIA) firm in Crossville, Cumberland and nearby counties. I am also the only Certified Financial Planner™ that is fee-only in the area. This is verified through the CFP Board Let’s Make a Plan website www.letsmakeaplan.org There are many great people in this area and I have been blessed to help many client’s formalize their retirement plans, fix problems other “advisors” created, and help clients navigate through times of transition. There are still many more people that I want to help.
When I was considering a move to Crossville, Tennessee I found the financial advice choices were similar to the small town where I grew up. High cost, no financial planning, and no one was required to work in the client’s best interest at all times. I thought this would be a great opportunity for me to provide the people of Crossville, Fairfield Glade and the surrounding area a better choice for financial advice.
So, what are the main differences between Peterson Wealth Advisory and the other financial service providers?
Registered Investment Advisor: This means we are paid directly by clients as a fee-only advisor and have a duty to put our clients interest first at all times. This fiduciary duty that we follow compares to a lower suitability standard followed by brokers and fee-based advisors. The suitability standard requires that the product being sold is only suitable but not necessarily the best for the client’s situation or needs. An example would be the fee-based advisor recommending a mutual fund from her company’s short list of “preferred” funds. There is no regard to the cost, what other options are available outside of their preferred list or what is in the client’s best interest.
Transparent: I am required to provide a plain-English disclosure document explaining the services my business provides, how I am compensated and if I have any conflicts. Brokers, dual-registered and fee-based advisors do not have to disclose that same information. They don’t have to disclose that they get 10% commissions on annuity sales, that they receive commissions and revenue sharing kickbacks for selling one product over another, or that they may own the mutual fund company they are selling shares in. Peterson Wealth Advisory is unbiased and independent of any bank, brokerage firm or insurance company. We do not receive commissions, kickbacks or revenue from mutual funds for selling their products because that can create conflicts of interests.
Certified Financial Planner™: The gold standard for advisors is earning the Certified Financial Planner designation. Most people think all financial planners are “certified,” but this isn’t true. Just about anyone can use the title “financial planner.” Only those who have fulfilled CFP Board's rigorous ethics, education, experience and exam requirements.
When I work with clients, I take the time to get to know them personally, their life experiences, and understand the quality of life they are striving towards. Until we first know the answers to these more impactful questions, we can’t possibly make recommendations about all of the traditional financial planning tools like insurance and investments.
Financial planning is a dynamic process. The people of Cumberland and its surrounding counties need to know there are better choices for financial advice. As you begin to consider how best to manage your financial future, you should feel confident knowing that if you work with Christopher Peterson, a CFP® professional, you’re working with someone committed to providing the highest standard of financial planning.