Investment Advisor Representative Tim Hayes
Wealth Management • Wealth Advisor in Boston, Massachusetts
I am an Investment Adviser Representative at Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser (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
I’ve held an industry securities registration for 30+ years and am subject to SEC and FINRA oversight.
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 with any tool, the best results are achieved when skilled, experienced hands are in control. I have studied the financial markets for over 30 years, and 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 wealth management decisions for every stage of your life under all market conditions.
Every smart investment 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 Wealth Solutions
As an independent 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 wealth management solutions for people according to their individual needs and goals.
My Professional Designations
Individuals 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.
Individuals 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.
Individuals 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.
Due Diligence Mutual Funds and Exchange-Traded-Funds (ETFs)
I provide a due diligence selection process using the Fiduciary Focus Toolkit™. It screens, 10,000+ mutual funds and EFTs down to a couple hundred eligible for use in your portfolio. The process screens for manager tenure, fees, performance, and style.
I cross-reference my results with their fi360 Fiduciary Score™. That score is an easy-to-use and easy-to-understand way to objectively compare peer investments and determine their overall appropriateness. It is a ready-made due diligence solution that can help advisors demonstrate a careful investment selection and monitoring process.
A portfolio review compares your current fees and costs with those for a hypothetical portfolio using mutual funds and exchange-traded funds (EFTs) that have passed my due diligence process. It also compares your current investments’ performance to specific benchmarks and the hypothetical portfolio.
- Holding Summary – Overview of the proposal, our firm, and the services we provide
- Style Analysis – by U.S. equity, international equity, and fixed income
- Portfolio Performance – Compare the performance of your current and proposed investments
- Fee Analysis – Current vs. proposed portfolio
- Risk Tolerance Report
- Closing Comments and helpful items for your consideration
Investment Management Bigger Accounts
The client needs a minimum of $100,000. It can include just about any account: IRAs, 403bs, joint accounts, personal brokerage accounts, etc.
- Your account size and the complexity of your wealth management will determine fees, but it is never greater than 1%.
- The accounts are primarily invested in mutual funds and exchange-traded funds (ETFs). All funds have passed my rigorous due diligence process.
- I design the portfolio to meet your goals and ensure it is consistent with how much risk you are comfortable with taking.
- After the account is set up, you receive monthly statements, and you can follow your account online with CirStatements.
- We periodically meet to check the portfolio, discuss performance and rebalancing, and confirm you are on track to achieve your goals.
- The accounts’ custodians will be Pershing, a Bank of New York Mellon.
Investment Management: If you don’t have $100,000 to invest
My fee-based accounts require a minimum of $100,000; if you have less than this amount to invest, I usually charge a commission or an hourly rate.
- However, I use the same due diligence process for building your portfolio. I use mutual funds and exchange-traded funds (ETFs) that have passed my due diligence process screening for low fees, historically competitive performance, low fund turnover, and long manager tenure.
- I work with all types of account registrations: IRAs, Roth IRAs, 403(b)s, SEPs, SIMPLES, 529 Plans, etc. After the portfolio is set up, you will receive monthly or quarterly statements. In addition, you can follow your account online at CirStatements.
- The accounts’ custodians will be Pershing, a Bank of New York Mellon company, or the fund family directly.
- Periodically, we will meet to check if the portfolio is on track, monitor performance, and discuss rebalancing.
Returns of Different Assets
|Asset Class||Results 07-31-2022||2021 Results|
|Bloomberg Global Aggregate Bond Index (USD Hedged)||-9.1%||-1.39%|
|S&P High Yield Corporate Index||-9.07||5.02%|
|Bloomberg Capital U.S. Treasury Inflation Protected Securities (TIPS)||-4.96%||10.6%|
|Bloomberg Aggregate Bond Index||-7.88||-2.90%|
|The MSCI Emerging Market Index||-16.01%||-2.54%|
|MSCI EAFE Index||-15.84||11.26%|
|S&P 500 Index||-13.34||28.71%|
Wealth Management Fees
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 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.
Dually Registered Advisors
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.
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.
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.
Wealth Management Near Me
I will provide expert and highly personalized financial planning, retirement planning, and wealth management from my Boston or Dartmouth offices when you need an independent financial advisor in Massachusetts (Boston and Greater Boston, Salem or the North Shore, Hingham or another town on the South Shore, Andover and the Merrimack Valley, the Metrowest including Southborough, or the Southcoast, Martha’s Vineyard, and Nantucket)
These are the opinions of Financial Professional 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.
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.
Advisor Financial Planning
Fee-Only Financial Planning
Financial Planning Services
Best Interest Regulation