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Celebrating 35 Years as an Independent 
Investment Advisor

By Michael Bischoff

Fairly often clients will ask me; “How is Jerry Webb?”  I was recently able to enjoy lunch and good conversation with Jerry. To answer, he’s now 87, in very good health and enjoys spending the winter months in Florida with many close friends.  It was back in 1964 when Jerry Webb entered the investment business helping investors choose and purchase mutual funds. I was able to confirm, 1964, with a couple WFG clients that have been with Jerry and WFG for more than 50 years. In conversation with my peer group of advisors, this is unheard of. 1981 is when Jerry Webb made one of his biggest and best decision to leave First Investors to go independent and form Webb Financial Group. This changed the focus and scope of how Jerry was able to assist his clients with their financial goals.

This smart decision back in 1981 is still making headlines today in our industry due to the current changing fiduciary standards.  Proudly, WFG is upholding todays fiduciary standards as a Registered Investment Advisor (RIA).  An RIA is required to implement certain practices and procedures to ensure conformance to the law.  Financial advisors must disclose all material information a client needs in order to make informed decisions about the advisory relationship or a specific transaction.  The information and disclosers required include:

  • All Material facts of any instance with which a conflict of interest may exist; past, present or future.

  • Any type of arrangement or relationship the advisor has that could present a conflict of interest, including participation or an interest in any client transaction.

  • All material risks involved with methods of analysis used in determining suitability.

  • All unusual risks involved in a specific investment strategy or security.
     

A fiduciary duty is the highest standard of care.  Not all investment firms are RIA’s and uphold a fiduciary standard.  What does this mean for a client today?  WFG is using less expensive modern investment products including many portfolios with Exchange Traded Funds (ETF’s).  ETF’s are typically less than half the price of other traditional mutual fund investments.  This is only one example of WFG’s ongoing fiduciary duty.