Sandi Martin wants someone giving financial advice to be paid by the person who’s receiving financial advice. And the someone giving financial advice should be paid a fee for the financial services they provide.
Sandi worked at a bank for years and her job was to sell the bank’s products.
When people came to her office to ask for financial advice, they didn’t have to pay her anything. The bank paid her. She worked for the bank and not for the people asking for advice. The bank would be happy if the people who came into Sandi’s office purchased one of the bank’s products before they left, and Sandi would be considered a success if she sold as many bank products as she could.
A lot of the time, the products at the bank were not the best products for the people who walked into her office. They weren’t terrible products, but they weren’t the right fit for some of the people. But she couldn’t recommend anything else because she would have lost her job at the bank.
The more she found out about the variety of financial products that existed, she realized that a lot of the best ones for the people who walked into her office at the bank existed outside of the bank.
So she left and created her own financial planning company, which is now called Spring Financial Planning.
She decided she wasn’t going to sell financial products at all.
She would talk to people and find out what they need to achieve their financial goals.
They would pay her a fee to help them make a financial plan that wasn’t tied to any financial products.
When the plan was done and they asked her how they should invest their money in a way that aligned with the goals in their plan, she could point them to a variety of suitable products that they could get from a variety of places. And they would be suitable for her clients because they would help them achieve their financial goals, not because she was getting paid to sell them.
Sandi Martin joined me from somewhere in the middle of the province of Ontario to tell her personal finance story.
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