Financial Advisor Tim Hayes

Financial Planner • Financial Advisor Massachusetts

Financial Advisor

Tim Hayes

Offices In Boston & S Dartmouth, Massachusetts

I am an Investment Adviser Representative at Cambridge Investment Research Advisors, Inc., a $44B 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 financial professionals nationwide.

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. 

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.

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.

I’ve held an industry securities registration for 30+ years and am subject to SEC and FINRA oversight.

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Put Your Money in the Hands That Know Best

Life isn’t all about money, but it is an important tool for building the life you want. Like any tool, the best results are achieved when skilled, experienced hands are in control. I have studied the financial markets for over 30 years. As the new financial ‘normal’ is continually redefined, I am always striving to learn more about it and adapt my knowledge to it.

The result: I can help you make smart financial planning decisions for every stage of your life, under all market conditions.

Every wise planning decision starts with me listening to you and asking you the right questions, including:

  • What are your short-term and long-term financial goals?
  • What kinds of financial assets are you working toward?

No Cookie-Cutter Solutions

As a Massachusetts personal financial advisor, I have access to many financial products, including mutual funds, ETFs, stocks, bonds, annuities, and life insurance programs. I use these and other products to build custom planning solutions for people according to their individual needs and goals.

Financial Advisors

Many financial planners are registered as both representatives of a broker-dealer and as investment-advisor representatives of an investment advisor.

Investment advisors are fiduciaries who owe the client a higher oath of loyalty. They must act in their clients’ best interest and disclose any conflicts of interest.

Registered representatives are not fiduciaries. The advice they offer the client must suit the client’s particular situation. However, they do not have to disclose any conflicts of interest.

Fee-Only Financial Advisor Fee-Based Advice

ERISA

If that is not confusing enough, there is a third standard, a fiduciary advisor who falls under ERISA, the law governing retirement and pension plans. Unlike investment advisors who can have conflicts of interest as long as these are disclosed, an ERISA fiduciary advisor must eliminate all conflicts.

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.

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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%.

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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.

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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.

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Which Registration is Right for You?

I do most of my financial planner business (90%) as an investment advisor representative (fiduciary). I charge the client a level or a fee only, usually based on their portfolio’s size and complexity.

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.

A Uniform Standard of Care

Under the 2010 Dodd-Frank Act, Congress directed the Securities and Exchange Commission (SEC) to study the need for establishing a new, uniform federal fiduciary standard of care for brokers and investment advisors.

Having a uniform standard would make it easier for investors, as many are unaware that there are two standards and that the same financial advisor could wear both hats.

New Rule from the SEC

Beginning June 30, 2020, broker-dealers will start operating under a new standard called Regulation Best Interest. This requires brokers to better align their interests with those of their clients by eliminating conflicts of interest, such as proprietary product requirements, sales quotas, or sales contests.

Registered representatives will now be called financial professionals. Any planner 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.

What’s the Difference Between a Financial Advisor and a Financial Planner?

There is no financial planner in the regulations. Instead, there are investment advisor representatives and registered representatives. ‘Financial planner’ is more of an industry term for someone who looks at your entire financial picture. Some financial planners are fiduciaries, and others are not. Some charge a fee, some are compensated through a commission, and some receive both.

A private organization offers a designation certified financial planner. Since 2018, all holders of that designation are required by the organization to be fiduciary. But the 40 Act determines if someone is acting as a fiduciary, so the organization requires that anyone who wants to hold that designation be willing to fall under the 40 Act.

There is also an organization called the National Association of Personal Financial Advisors (NAPFA), a directory where you can find a fee-only advisor in your area. Financial advisors pay annual dues of $249 to belong to NAPFA, plus a one-time, non-refundable processing fee.

Boston, Massachusetts
Boston, Massachusetts

Financial Planning

As a Massachusetts financial solutions advisor, I help individuals and businesses reach their goals. With no proprietary product requirements or quotas, you benefit from objective advice.

    • Wealth Management, Financial Planning, and Retirement Planning advice, rollover IRAs, 401k, 403bs, annuities, 529 plans, etc. I can also help with your life and disability insurance.
    • Provide mutual fund and exchange-traded-funds (ETFs) due diligence selection process screening 10,000+ funds down to a couple hundred eligible for use in your portfolio. The process screens for manager tenure, fees, performance, and style.
    • Advise companies on their 401k plans, SEPs, SIMPLE, 403b, ESOP, and Defined Benefits Plans. Help with group life and disability.
    • Help executives and partners design their deferred compensation plans and critical employee insurance,

Fee-Only Financial Planner

  • Fee-Based wealth management
  • Fee-only financial planning
  • Financial products for retirement, rollover IRAs, individual 403bs, trusts, and all non-retirement accounts
  • Life insurance products and needs analysis and product design, including term life insurance, whole life insurance, universal life insurance, variable life, and disability insurance
  • Risk tolerance review
  • Fi360 Proposal Report – Compare your current account to a generated portfolio based on your risk tolerance score.
  • Tax-reducing products and strategies such as municipal bonds, annuities, net unrealized appreciation, and selling specific shares of stock

Benefits of a Personal Financial Planner

  • 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 comprehensive 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.

Comprehensive Financial Planning Process

My financial comprehensive financial planning starts with gathering all your financial information into one place to generate thoughts, questions, and opinions about your personal financial goals and situation.

  1. Gather Financial Data – fact finder, tax forms, brokerage statements, retirement account statements, mutual fund, and annuity statements, insurance policies
  2. Establish Financial Goals – college funding, comfortable retirement, income needs, second home, travel
  3. Analyze Financial Information – mutual fund and exchange-traded-fund (ETF) due-diligence, retirement planning, asset allocation, and risk tolerance analysis, beneficiary audit, tax-reduction strategies
  4. Recommendations – product solutions, stocks, bonds, mutual funds, exchange-traded funds, annuities, life insurance plans
  5. Monitor and Update – annual reviews, twice a year email updates, monthly brokerage statements, CIR statements, online reporting of your accounts

Financial Planning Fact Finder

Fee-Only Financial Planner Boston

From my Boston or S Dartmouth office, I will provide expert, highly personalized financial planning, retirement planning, and investment solutions when you need a fee-only financial planner in Boston or Greater Boston, Salem or the North Shore, Hingham, or any other town on the South Shore, Andover, the Merrimack Valley, and the MetroWest, including Framingham or the Southcoast, Martha’s Vineyard, Nantucket, and Newport, RI.

Additional Resources and Information

  • Investor Profile Questionnaire (PDF) – Before creating your portfolio, it is essential to spend time learning about you and your unique financial situation.
  • Are You Ready to Retire (PDF) – You are not alone if you are overwhelmed with how to provide income for your retirement. Millions of Americans struggle to ensure that they have enough income to last them through their retirement years.

These are the opinions of 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.

State, FINRA, SEC 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-Based Financial Planner, Hourly Rate, or Commission

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

$ 150 /Hour
  • Ideal for clients who want financial planning, retirement planning, or wealth management advice
  • But do not want to move their accounts.

Fee-Only

Varies
  • The fee is 1% or less, depending on the size and complexity of your needs.
  • Custom money management
  • I am a fiduciary advisor.
  • Works best for clients with investable assets over $50,000

Commission

Varies
  • The commission varies by product
  • Ideal for smaller accounts (less than $50,000)
  • Roth IRAs and some 403b plans
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