Financial Advisor

Tim Hayes

Securities licensed in MA, RI, NH, ME, CT, NY, FL

I am an Investment Adviser Representative at Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor (RIA) based in Fairfield, IA. I am also registered with Cambridge Investment Research, Inc., an independent broker-dealer with over 3,000 registered representatives nationwide.

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

Some clients pay a commission, mainly those with smaller accounts, i.e., Roth IRAs, some public-school teachers with 403b retirement accounts, or parents or grandparents who set up a 529 college savings plan.

The first introductory and fact-finding appointment can be in-person or by phone. The next meeting where I provide my recommendations should be in-person. (For the time being, telephone, Zoom, and email are replacing some in-person meetings.)

Subsequent meetings during which we monitor your progress and investments can be done in-person or by phone, email, Zoom, or Skype – or, more likely, a combination of these meeting types.

Contact Tim

Financial Advisor Costs


Webster defines a fee as a sum paid or charged for a service. For example, in the financial services industry, that service could be developing a financial plan, reviewing your investment portfolio, or perhaps a fee to manage that investment portfolio.

Charging a fee instead of a commission has become synonymous with fiduciary advice provided under the 1940 Investment Advisers Act. The expectation is that the advice is ongoing, which, if so, requires the advisor to be a fiduciary.

Advisor or Financial Professional

Many financial professionals in the financial services industry are not fiduciaries. Instead, the 1934 Securities Exchange Act regulates them. In addition, they get paid a commission for selling financial products; the advice is incidental to the product sale. Therefore, an ongoing advice relationship between the client and the advisor is not expected.

Regulation Best Interest, a new rule from the Securities and Exchange Commission (SEC), requires that advisors working under the 34 Act no longer call themselves financial advisors; instead, they must identify themselves as financial professionals.

Financial Advisor or Financial Professional

Investment adviser representatives can continue to call themselves financial advisors, and advisors such as myself who are registered under the 1934 Securities Exchange Act and the 1940 Investment Advisers Act can also do so.

I am dually registered, which is both good and bad. I can work under either of the two laws depending on the client. So I do not have to turn clients away. However, it could add a layer of confusion for a client.

What Costs More?

Because the advice is ongoing, asset fee advice will most likely cost more than the commission (hourly rate fee advice may be the exception). So when a customer contemplates hiring an advisor, one of the first questions is whether they need continuing advice.

Another is whether the initial advice is better if provided under a fiduciary standard. However, one thing to remember is that Regulation Best Interest now requires that broker-dealers minimize conflicts of interest for their financial professionals.

Financial Advisor Cost

The hourly rate differs among financial advisors. The fee hovers around 1% but has been trending down because of robo-advisors and other internet-type advice.

Remember that the asset fee is ongoing and sometimes covers any additional advice you require. In contrast, the hourly rate works more like how attorneys are paid. The advisor gets paid when advice or services are rendered.

Additional Costs

Whether you pay a commission or fee, the products recommended will have additional costs. For example, a fund most likely will have a management fee. Moreover, some products have fees if you surrender them before a certain period.

The commission is synonymous with actively managed funds. Simultaneously, fee advisors tend to recommend index funds partly because they are cheaper, helping offset their fees.

Read More: Can Financial Advisors be Independent?

Fee-Only Financial Advisor

Unlike a dual-registered advisor, a fee-only financial advisor works exclusively under the Investment Advisers Act of 1940. Their only compensation is the fee paid, whether hourly or a percentage of assets.

If the client has a smaller account, such as a Roth IRA or a 529 Plan, or is a teacher saving in a 403(b) plan, I opt to receive commissions as a registered representative. Most of these clients end up paying less with a commission-based product. Moreover, maybe they do not need as much time as those who pay an annual fee.

About Tim

Consider me for your financial advisor when switching from growing your retirement accounts to distributing them.

This transition usually means moving some money from stocks to bonds, and I am well-schooled in the economy, inflation, markets, interest rates, and the bond market.

Before coming to Cambridge Investment Research Advisors in 2010, I spent 20 years with MetLife, so I am also well-versed in guaranteed retirement products such as variable and fixed annuities.

Retiring Checklist

  • Review the fees in your 401k plan or 403b
  • Review the fund lineup in your 401k plan or 403b
  • Check if there are enough choices to provide retirement income security
  • Calculate your retirement risk-tolerance score
  • Compare your retirement risk score with your current 401k or 403b allocation
  • Recommend whether you should leave your 401k or 403b in your plan or roll it to an IRA
  • Design your retirement portfolio in your 401k, 403b, or IRA using your retirement risk tolerance and income goals

Hourly Fee

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


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


  • Financial Professional
  • Best Interest Regulation
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