Money Managers

MMI helped pioneer the independent firm movement and is dedicated to the principle of putting Clients first! Investors today have many options as to who they work with to guide them in their financial decisions. Understanding the different kinds of financial firms and professionals can help an investor choose an advisor that best matches their need... s. Let's first talk about the firms. All financial firms are not the same. The industry was de-regulated in the 1980's. Legal barriers that separated banks, investment and insurance companies were eliminated, allowing those businesses the opportunity to cross market their customer base. Mergers and Acquisitions fueled the growth of institutions that offered all types of financial products and services under one corporate umbrella. Those products and services were focused on marketing to a broad and diverse customer base, in a quest for sales volume. To increase profit margins, many institutions replaced maturing specialists with less experienced "customer service representatives". Product and service offerings were condensed into a limited "menu", which often pushed "proprietary" products to facilitate quick explanation and service. Advertisements claimed that a single institution could meet all of a client's needs. Customers were matched with the firm's offerings after minimal information was collected. A by-product of that strategy was the loss of individually tailored, client centered solutions. Institutions became "brands"; departments became "profit centers"; customers became "accounts" and investor's real financial security suffered. The financial debacle of 2007-2008 demonstrated just how serious this problem has become. In reality, all institutions do some things really well and some things not so well. Like all businesses, they focus their money and talent into particular areas to develop specialized expertise. While offering products and services akin to their competitors, many of those offerings will be average at best. It is just not possible for one ...Read More