One of the biggest changes is that any apparent conflicts of interest will be removed. In traditional financial institutions such as Merrill Lynch, the custody of client assets, the manufacturing and/or access to products and the delivery of advice are all housed in one institution. Now that The Smith Group Multi Family Office is an independent registered investment adviser, there will be delineation between the advice that we provide our clients, the location of where their assets will be held (custody) and the providers for products and services. This mirrors how family offices have provided services for ultra-affluent families for decades.
Second, as a registered investment adviser, we will be held to the fiduciary standard of care for our clients. Previously, we operated as brokers of a large bank under a suitability standard. The combination of the segregation of advice, product development and custody, along with the fiduciary standard, means that we will now be able to evaluate decisions from a more advantageous and objective perspective and seek out optimal solutions regardless of whether those solutions reside at Bank of America Merrill Lynch or another financial institution altogether.
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Securities offered through M.S. Howells & Co. Member FINRA/SIPC.
Advisory services offered through Emerald Advisors, LLC. M.S. Howells & Co. is not affiliated with Emerald Advisors, LLC.
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