Experienced Financial Advisor in Suit

Tim: Securities Licensing in MA, RI, NH, CT, ME, FL & Nationwide Financial Planning Services

Tim has offices located in Boston and South Dartmouth, Massachusetts. He is licensed to handle securities in six states, including Massachusetts, Rhode Island, New Hampshire, Connecticut, Maine, and Florida. Moreover, he can provide investment advisory and financial planning services to clients in all 50 states.

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

Clients can pay a fee-only or hourly rate based on wealth management and financial and retirement planning needs. Smaller accounts, such as Roth IRAs, 403b accounts, or 529 college savings plans, may require commission-based payments.

The first appointment can be in person, by phone, or via Zoom. Subsequent meetings can be a mix of in-person, phone, email, or Zoom.

Financial Advisor Fees: Fee-Only vs Dual-Registered

Summary: Learn about financial advisor fees and regulations. Understand the difference between fiduciaries and financial professionals in the industry.

What Is an Appropriate Fee for a Financial Advisor?

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.

Understanding Fee Structure in the Financial Services Industry

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.

Financial Professionals vs Fiduciaries: Understanding the Regulations and Roles

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.

What Does It Mean to Be a Dually Registered Financial Advisor?

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.

Differences Between Fee-Only and Dual-Registered Advisors

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.

Tim's Securities Licenses

Passing the exam qualifies candidates as both securities agents and investment advisor representatives.

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 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 agents 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 plans, as well as fixed annuities.

Understanding Fiduciary Financial Advisor Fee and Services

Financial advisors working under the fiduciary standard usually charge the client a flat 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 vs Asset Fee: Fiduciary Advisory Services Explained

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.

The Impact of Best Interest Regulation on Commission Models

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.

Understanding Costs and Standards in Financial Advice: Asset Fee vs. Commission

Because the advice is ongoing, asset fee structure 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.

Understanding Advisor Fee: Hourly Rate vs. Asset Fee

The hourly rate differs among financial advisors. While the advisor 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.

Commissions vs Flat Fee in Financial Products

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.

Tim’s Financial Advisor Services Near Me

  • Investment Management
  • Rollover IRAs, Traditional IRAs, Roth IRAs
  • Comprehensive Financial Planning
  • Life Insurance Needs Analysis
  • Non-Qualified Deferred Compensation
  • Defined Benefit Pension Plans
  • Key Employee Insurance
  • Fixed & Variable Annuities
  • Mutual Funds & Exchange Traded Funds (ETFS)
  • Term, Whole Life, Universal Life & Variable Life
  • 401k Plans, 403b Plans, Profit-Sharing Plans


Fiduciary Advisor Near Me

A – Personal Fee Advisor Near Me
  • Abington 
  • Acton
  • Amesbury 
  • Andover
  • Arlington 
  • Ashland 
  • Attleboro 
  • Avon 

B – Personal Fee Advisor Near Me

  • Bedford 
  • Bellingham
  • Belmont 
  • Beverly – I grew up in Beverly
  • Billerica 
  • Boston – I Live in the South End
  • Boxford 
  • Braintree
  • Brookline

C – Personal Fee Advisor Near Me

  • Cambridge
  • Canton 
  • Carlisle 
  • Carver 
  • Chelmsford 
  • Cohasset
  • Concord 

D – Personal Fee Advisor Near Me

  • Danvers 
  • Dartmouth – I have a home in S Dartmouth
  • Dedham 
  • Dover
  • Duxbury

E – Personal Fee Advisor Near Me

  • Edgartown

F – Personal Fee Advisor Near Me

  • Fall River 
  • Fairhaven
  • Foxborough 
  • Framingham 
  • Franklin
  • Freetown

G – Personal Fee Advisor Near Me

  • Georgetown
  • Gloucester 
  • Groton

H – Personal Fee Advisor Near Me

  • Hamilton
  • Hanover 
  • Harvard 
  • Haverhill – I lived in Haverhill for five years
  • Hingham
  • Holliston 
  • Hopkinton 
  • Hudson 

I – Personal Fee Advisor Near Me

  • Ipswich 

L – Personal Fee Advisor Near Me Advisor Near Me

  • Lexington 
  • Lincoln 
  • Lowell 
  • Lynnfield 

M – Personal Financial Advisor Near Me

  • Malden 
  • Manchester by the Sea
  • Mansfield 
  • Marblehead – I worked at the Corinthian Yacht Club during college
  • Marion
  • Martha’s Vineyard
  • Marshfield
  • Mattapoisett
  • Maynard
  • Medfield
  • Melrose 
  • Merrimac
  • Methuen 
  • Middleborough 
  • Middleton
  • Milton 

N – Personal Financial Advisor Near Me

  • Nantucket
  • Natick 
  • Needham
  • New Bedford
  • Newburyport 
  • Newton 
  • North Andover 
  • North Attleborough 
  • Northborough
  • North Reading 
  • Norton 
  • Norwell
  • Norwood

P – Personal Financial Advisor Near Me

  • Peabody
  • Plymouth 
  • Provincetown

R – Personal Advisor Near Me

  • Randolph 
  • Reading
  • Revere 
  • Rockland
  • Rockport

S – Personal Advisor Near Me

  • Salem- I lived in Salem after college
  • Sandwich
  • Saugus 
  • Scituate 
  • Sharon
  • Sherborn
  • Somerville
  • Southborough
  • Stoneham 
  • Stoughton
  • Sudbury 
  • Swampscott

T – Personal Advisor Near Me

  • Tewksbury 
  • Topsfield
  • Tyngsboro 

W – Personal Advisor Near Me

  • Wakefield
  • Walpole
  • Waltham
  • Wareham
  • Watertown 
  • Wayland
  • Wellesley 
  • Wenham
  • Westford
  • Weston 
  • Westport 
  • Westwood
  • Weymouth 
  • Wilmington 
  • Winchester
  • Woburn

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. Content provided via links to third-party sites should not be considered an endorsement of content that we cannot verify completeness or accuracy of.

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Financial Advisor Tim Hayes Advisor Fees

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.

Hourly Fee Only

$ 150 /Hour
  • Fee-only 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

Book a Free Virtual or In-Person Consultation with Tim!

The Advantage of an Advisor: Real Stories from Real People

Barbara Davis


"I have been served for over 20 years and plan to continue working with Tim. Tim is an intelligent, well-educated, and kind man. Tim has always been available by visit or by phone. He explains what is going on financially and makes every effort to Explain and discuss our relationship. It is my pleasure to rate Tim as A+ in all our interactions. I am very pleased with the man, Tim Hayes, and how he serves his clients as to financial advising."

"I have been very satisfied with Tim as a Financial Advisor. He is personable and pleasure to work with, is knowledgeable about investments, and his recommendations seem to be very much in my best interest. He's always made himself available if I have questions. He also expedites any requests I have for withdrawal from my account."

Cindy Primett


Wanda Carrasquillo


"Having worked with Tim Hayes for 28 years, I can attest that he is an outstanding Financial Advisor who has provided me with great financial guidance and support throughout the years. He is always available to answer questions and concerns and has built a relationship based on trust and honesty. Tim is a reliable, committed and trustworthy financial advisor with vast knowledge and experience."

These testimonials are based upon an individual client experience and may not represent the experience of other customers, and should not be considered a guarantee or indication of future performance of success.

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