Financial Advisor Tim Hayes

Independent Financial Advisor in Massachusetts

Tim Hayes

Tim Hayes

Offices In Boston & S Dartmouth, Massachusetts

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Independent financial advisor Tim Hayes offers savvy investment advice from an objective perspective.

As an independent financial advisor, I have helped people, couples, and families with their retirement and financial planning for over 30 years. Financial markets are more complicated and volatile than ever. That’s why I remain committed to learning and adapting my knowledge and skills to the new financial “normal” as it’s continually redefined—for better or worse.

If you wish to invest successfully in this day and age, this is what it takes.

Investment Financial Planner

Your financial future is too important to rely on amateur hunches. And let’s face it, you don’t have the time or interest to become an investing expert. You shouldn’t have to. And the good news is, as one of my clients, you’ll never have to!

  • I emphasize education – I’ll make sure you’re aware of all of your investment options and the potential risks and upsides of each. I’ll give you the objective perspective along with my honest opinions based on years of investing experience.
  • I stick around – My clients know that I am there for them, and I am extremely proactive about providing ongoing counsel and advice as changes in your life affect your financial situation and goals.
  • Objective advice – No cookie-cutter solutions or corporate financial overlords here! Being independent means I have the freedom to choose from all the options available to you and recommend the ones I feel are best suited to your needs, regardless of who’s offering it. Unlike some advisors, the sky is the limit in terms of the ideas, products, and strategies I may bring to your attention.

Investing is a risky business. Give yourself a fighting chance for success.

An ongoing relationship with a financial consultant may help you avoid impulsive decisions that could have a negative impact on your investments.

My Professional Designations

Financial advisors who hold the AIF® designation have:

  • Completed the AIF® Designation Training;
  • Passed the AIF® designation exam;
  • Met the designation’s prerequisites and qualification and conduct standards;
  • Accrued a minimum of six hours of continuing professional education, with at least four hours coming from fi360-produced sources;
  • Attested to a code of ethics.

Financial professionals who hold the CRPS® designation have:

  • Completed a course of study encompassing design, installation, maintenance and administration of retirement plans;
  • Passed an end-of-course examination that tests their ability to synthesize complex concepts and to apply theoretical principles to life situations;
  • Pledged adherence to the CRPS® Standards of Professional Conduct, and are subject to a disciplinary process in that regard.

CRPS® designees renew their designation every two years by completing 16 hours of continuing education, reaffirming adherence to the Standards of Professional Conduct, and complying with self-disclosure requirements.

Financial Advisor who hold the AWMA® designation have:

  • Completed a course of study encompassing wealth strategies, equity-based compensation plans, tax-reduction alternatives, and asset-protection alternatives;
  • Passed an end-of-course examination that tests their ability to synthesize complex concepts and apply theoretical concepts to real-life situations;
  • Agreed to adhere to the AWMA® Standards of Professional Conduct, and are subject to a disciplinary process in that regard.

AWMA® designees renew their designation every two years by completing 16 hours of continuing education, reaffirming adherence to the Standards of Professional Conduct, and complying with self-disclosure requirements.

CFS designation is awarded upon passing an examination on mutual funds, ETS, REIT’s, closed-end funds, and similar investments. Advanced studies on topics include:

·       Fund analysis and selection;

·       Asset allocation;

·       Portfolio construction;

·       Sophisticated investment strategies for risk management, taxes, and estate planning.

San Diego, CA, November 13, 2020 – The Institute of Business & Finance (IBF) recently awarded Tim Hayes with the only nationally recognized tax designation, CTS (Certified Tax Specialist). This graduate-level designation is conferred upon candidates who complete an 135+ hour educational program focusing on personal income taxes and methods to reduce tax liability. The combined top state and federal bracket can easily exceed 40%.

San Diego, CA, September 1, 2020 – The Institute of Business & Finance (IBF) recently awarded Tim Hayes with the estate planning designation, CES™ (Certified Estate and Trust Specialist™).

This graduate-level designation is conferred upon candidates who complete a 135+ hour educational program focusing on trusts, wills, probate, retirement benefits, caring for children, and what should be done after the death of a loved one. Over $50 trillion is expected to pass from one generation to another during the next half-century.

The Accredited Portfolio Management AdvisorSM, or APMA® program, is a designation program for financial professionals. The program educates advisors on the finer points of portfolio creation, augmentation, and maintenance. Students will gain hands-on practice in analyzing investment policy statements, building portfolios, and making asset allocation decisions.

San Diego, CA, May 12, 2020 – The Institute of Business & Finance (IBF) recently awarded Timothy Hayes with the only nationally recognized annuity designation, CAS® (Certified Annuity Specialist®).

This graduate-level designation is conferred upon candidates who complete a 135+ hour educational program focusing on fixed-rate and variable annuities. Several trillion dollars are invested in annuities; it is estimated that at least one-third of all annuity contracts are not titled correctly.

New Rule from the SEC

Beginning June 30, 2020, broker-dealers (B/Ds) began operating under a new Regulation Best Interest standard. This requires them to better align their product recommendations and services with their clients’ best interests by eliminating conflicts of interest, such as proprietary product requirements, sales quotas, or sales contests.

Registered representatives will now be called financial professionals. Any advisors who are fiduciaries can continue calling themselves financial advisors. Some critics complain that the new standard does not meet the uniform standard’s original intent.

New Fiduciary Rule

Finally, however, to many people’s surprise, President Trump’s Department of Labor, run by Eugene Scalia, Supreme Court Justice Antonin Scalia’s son, implemented the Fiduciary Rule.

They removed some of the more demanding requirements and possible legal challenges provided to clients. Still, they kept the core tenant that financial advisors advising retirement plans and participants are fiduciaries. Most advisors, when recommending a client roll over their retirement account to an IRA, are also fiduciaries.

What Are the Benefits of an Independent Financial Advisor?

  • You will understand investment concepts. I talk in a familiar language, not financial jargon.
  • You can make educated investment decisions with the help of my objective, independent research.
  • I am free to collaborate with you and advise you objectively as we design a financial plan to address your concerns and establish a path to your goals and dreams.
  • You will be able to trust and confide in me, as I will understand and prioritize your financial priorities and goals. I will serve you in a relationship.
  • You will not have to explain your financial history again and again to a series of new faces; I will be here for you.

Can Financial Advisors be Independent?

A truly independent financial advisor is self-employed and has no financial or business incentives to sell a company’s financial products. Therefore, the advisor shuns all subtle attempts to influence their behavior, such as invitations from companies for free dinners or tickets to ball games.

To remain independent, the advisor must do much of their research, including finding objective tools and sources, staying up-to-date on new rules and regulations, and recognizing it is human nature to feel an obligation to reciprocate such gifts.

The financial advisor must decide if they will create their own registered investment advisory firm or partner with an established firm, recognizing the strengths and weaknesses in each path.

What Are the Disadvantages of an Independent Financial Advisor?

One disadvantage of a sole-proprietor independent advisor is succession planning. That is what happens to the advisor’s clients when an advisor retires or, God forbid, passes away.

Instead, if the client were with a big firm such as Morgan Stanley or Merrill Lynch, they would most likely be reassigned to a new advisor, making continuity easier. However, the process becomes backward in that the company, not the client, chooses the advisor.

These are the opinions of Financial Advisor Tim Hayes and not necessarily those of Cambridge Investment Research. They are for informational purposes only, and should not be construed or acted upon as individualized investment advice

Independent Financial Advisor
Boston, Massachusetts

Fee-Only Financial Planner Costs

Over the last twelve years, the government’s interest in financial advisor compensation has dominated the regulatory landscape. It began after the 2008 financial crisis with the Dodd–Frank legislation, which tasked the SEC with reviewing the two ways that financial advisors get paid: fees and commissions.

Next came the 2015 Fiduciary Rule from the Department of Labor. It would have required most financial advisors working with retirement plans, including IRAs, to charge a level fee if enacted as proposed. The belief was that the solutions provided to the client would be better because the compensation earned by the advisor was the same no matter the product recommended.

After much discussion, court battles, and changes, both are now in effect. The Fiduciary Rule no longer imposes a level fee, but it does require a fiduciary standard for most advisors interacting with retirement plans, including IRAs. On the other hand, Regulation Best Interest, another SEC rule, requires finance professionals paid by commission to work in the client’s best interest.

Fiduciary Fees

Financial advisors working under the fiduciary standard usually charge the client a fee based on the percentage of the client’s assets managed. They might also provide other financial planning services paid for by that fee.

That fee seems to hover around 1% by convention, or it started that way because it is a round number. Anything above seems excessive because clients usually have additional costs for the products, which are not paid to the advisor. Hopefully, the advisor keeps those product costs low by incorporating institutional share classes and index funds.

Hourly Fee

Instead of an asset fee, a fiduciary advisor could charge the client an hourly fee. However, again, the product recommended has no bearing on the compensation earned by the fiduciary advisor. However, I find the hourly fee arrangement less common as most people paying for fiduciary advisory services have substantial assets that the advisor charges a fee to manage.

However, the hourly fee arrangement may become more common as both the Fiduciary Rule and the Best Interest Standard place hurdles on advisors, recommending that customers roll over their 401k accounts.

That rollover is what the previous advisor charged for management or a commission earned after recommending a rollover for many people. Because of these hurdles, advisors may recommend that clients keep their money in the 401k and set an hourly fee arrangement to manage it there.

Commission

One problem with the commission model was that there were so many undisclosed conflicts of interest influencing the product recommendations. Too many times, the customer was placed into a higher-cost product. However, many of those conflicts should be gone with the new Best Interest Regulation, making a one-time commission a competitive alternative to ongoing fees for any client whose 401k plan doesn’t offer great choices for retirement income or institutional pricing.

Securities Licenses

Passing the exam qualifies candidates as both securities agent and investment advisor representative.

Individuals who pass the Series 7 examination are eligible to trade all securities products: corporate securities, municipal fund securities, options, direct participation programs, investment company products, variable annuities contracts, etc.

The exam measures the degree to which each candidate possesses the knowledge needed to offer the products of investment and insurance companies, including the sales of mutual funds and variable annuities.

The exam qualifies candidates as securities agent within a state. Nearly all states require people to pass the Series 63 for state registration.

I am also licensed to offer life, health, accident, disability and long-term care insurance products, as well as fixed annuities.

Fee-Only Financial Planner, Hourly Rate, or Commission

Most clients pay fee-based or an hourly rate. The size and complexity of the client’s wealth management and financial and retirement planning determine that fee.

Hourly Fee

$ 150 /Hour
  • Fiduciary Advisor
  • Financial Advisor
  • Financial Planning
  • Advisor Financial Planning

Fee-Only

Varies
  • Fiduciary Advisor
  • Fee Based
  • Fee-Only Financial Planning
  • Financial Planning Services

Commission

Varies
  • Financial Professional
  • Best Interest Regulation
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