As an independent financial planner, I often find myself describing my business model and trying to articulate how it is different than many of the other financial advisers in the market. More than most industries, the business model of a financial adviser really matters to his or her customers, whether they know it or not. When a consumer goes to the grocery store, or even goes to buy a car, that individual rarely stops to think about how the person selling the groceries or cars is going to get paid. This is true even in real estate, although there are innovators in that industry that are trying to change the nature of real estate professionals' compensation. To a consumer of financial advice, however, the way the supplier of that advice gets compensated is a critical criterion for consideration.
The spectrum of business models for myles bunyard uk financial advisers is very wide, but the models can be aggregated into three broad classes that are typical of how financial professionals view themselves.