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Anyone use Finity Group Financial advisors before? Or head anything about them?

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  • Anyone use Finity Group Financial advisors before? Or head anything about them?

    [Moderator's Note: This thread has been heavily moderated due to valid concerns about libel. Forum members are reminded that comments about specific individuals and companies have real consequences, including financial damages that both posters and the forum owners can be held liable for. When discussing specific individuals and companies on this forum, it is critical to be factual and to clearly identify your opinions. It is also worthwhile remembering that many times compliance issues prevent financial firms from being able to defend themselves in the court of public opinion. As always, treating others civilly and giving people the benefit of the doubt whenever possible are good habits to get into. Feel free to discuss your opinions and experiences, both positive and negative, about Finity Group in this thread but phrase them in a way you would be comfortable with if the principals of the firm were sitting at the table with you.]

    Hello,

     

    I recently attended a finance dinner held by the Finity Group (a financial advising company based out of Portland that works pretty much solely with physicians and dentists). They offer what seems like a great deal: no fees while you are in any kind of training. I am in practice but my husband is still in Residency so we qualify for this free service still.

    I have spoken to them a few times over the phone and like them, but now they want me to sign this lengthy document that asks for my and my husbands SSN and Drivers license # and all sorts of other info. They are not asking for any $ but they still need me to sign this 'financial agreement'. I already have disability(Guardian own occupation policy) and life(AIG term life 750K policy) insurance and they looked over my coverage details and mentioned that they think they can get me better coverage for less price and suggest that we go through the medical underwriting process again to get quotes. They said if we decide not to switch we don't have to, just get some quotes for free.

    Once we are done with training they will start charging either a flat fee or %, they said it depends on what agreement I make with them and how much work they will need to do to manage things for us.

    Has anyone heard anything about the Finity Group in the past? Good or bad? Any experience or insight would help. I just want to make sure they are legit and I can trust them before giving over all my personal information like this...

    Any input is appreciated! Thank you.

    [Editor's Note: Finity Group points out that the document mentioned that requests SSNs is a Financial Planning Engagement form and the Patriot Act requires them to obtain that information just like when you open a bank account. It is fairly standard practice in the industry.]

  • #2
    I don't believe they are fee-only and it appears they sell a lot of insurance products including annuities. Personally, I believe there should be a separation between your financial planner and those who sell products, but obviously I'm biased as a fee-only planner. They want your driver's license because they have to have that on file to start the investing process. Cost is definitely a consideration but don't let it be the solo pilot of your decision.

    [Editor's Note: The identification is required for the financial planning engagement form and is required by law as noted above. Finity Group contacted me and noted that they rarely sell annuities to clients.]
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

    Comment


    • #3
      I will add that there is no reason to go through a physical exam in order to get insurance quotes. Based upon that alone, I would stay away.

      You can provide them with information regarding your medical history, family history, height/weight and any medications that you are taking and they can run illustrations of coverage based upon your answers.

      If you believe you can do better based upon those illustrations, you can then subsequently do a medical exam to see if you qualify and then proceed to replace your coverage.

      [Editor's Note: Finity Group disputes the assertion in the first sentence and argues that there is a benefit to going through the full underwriting process.]
      Lawrence B. Keller, CFP, CLU, ChFC, RHU, LUTCF
      www.physicianfinancialservices.com

      Comment


      • #4
        Johanna and Larry are just being nice.

        This is a fee-based firm. That means in some ways they function as commissioned salesmen. If you already know you want to buy what a salesman is selling, it's fine to buy from them, but if you want unbiased financial advice from a fee-only planner (like you should) you need to be very careful to understand how your advisor gets paid for advising you. Doesn't mean you can't do better with a fee-based firm than you can by yourself, but caveat emptor.

        I assure you they are not working for free while you are in training. They plan to make money both with commissions on insurance products and later from financial planning fees.

        [Editor's Note: Finity Group notes that they do investment management for AUM fees (~95%) and about 1/3 of their revenue comes from insurance commissions, and 2/3 of that is from disability insurance and most of the rest from term life insurance. More details here: https://www.thefinitygroup.com/fee-transparency.]
        Helping those who wear the white coat get a fair shake on Wall Street since 2011

        Comment


        • #5
          I thought the training referred to residency/fellowship. As a general comment, lots of firms offer "free" or discounted fees while you're in residency. They make up for it with life/disability commissions, a few mutual fund loads, and potential for you to stick with them afterward.

          [Editor's Note: Finity Group notes they don't use loaded mutual funds.]
          Helping those who wear the white coat get a fair shake on Wall Street since 2011

          Comment


          • #6




            I thought the training referred to residency/fellowship. Lots of firms offer “free” or discounted fees while you’re in residency. They make up for it with life/disability commissions, a few mutual fund loads, and potential for you to stick with them afterward.
            Click to expand...


            Same here, but I had to re-read it to understand.
            Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

            Comment


            • #7
              Thanks for all your responses!

              I am glad I have not started to do business with them.

              I will keep searching for a good financial advisor...as hard as it seems to be...

               

               

               

              Comment


              • #8
                Stay away from them. They are the reason that I began my financial health quest 5-6 years ago. I took part in 2-3 telephone meetings with them over the phone for "free," after they hosted some "free" lunch at our residency program. They planned to make some money off of me once I became an attending which I thought was reasonable. However, it was during my telephone meetings with them that I decided I wanted to take charge of my own path. I informed them vial email of my decision and they sent me a very unprofessional email that boiled down to me wasting their time and making a mistake. Clearly, they lost out on making money from me.

                I am thankful that they came into my life when they did and their telephone meetings lit a fire for me.

                I really think that the residency programs around the country need to better filter who has access to their program  [Editor: remainder of comment removed due to libel concerns.]

                Comment


                • #9



                   
                  Click to expand...


                  Whenever someone says they were invited to a lunch or dinner meeting, I think, "uh huh, know what that's about." There is a reason these businesses [potentially libelous term removed] have so much money to spend on "marketing". Think about it.

                   
                  Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

                  Comment


                  • #10




                    Stay away from them. They are the reason that I began my financial health quest 5-6 years ago. I took part in 2-3 telephone meetings with them over the phone for “free,” after they hosted some “free” lunch at our residency program. They planned to make some money off of me once I became an attending which I thought was reasonable. However, it was during my telephone meetings with them that I decided I wanted to take charge of my own path. I informed them vial email of my decision and they sent me a very unprofessional email that boiled down to me wasting their time and making a mistake. Clearly, they lost out on making money from me.

                    I am thankful that they came into my life when they did and their telephone meetings lit a fire for me.

                    I really think that the residency programs around the country need to better filter who has access to their program
                    Click to expand...


                    I'd forward your anecdote to one of the residents at your old program and ask him to forward it to the rest of residents. Make sure to cc this [person] who sent you back that unprofessional email as well as the principal of that company.

                    Comment


                    • #11
                      It's important for financial firms to realize that their reputation matters and reputation is everything for them. I don't know that anyone at this firm is a bad guy or gives bad advice, but fee-based structures can make it difficult to do the right thing at all times, and that has consequences. [Editor's Note: Finity Group again notes that they do their investment management on a fee-only basis and primarily only take commissions for insurance products and emphasizes that they always put their clients first.] 

                      Bear in mind when commenting on specific firms and people that libel laws apply. None of us are anonymous on the internet. So stick to facts and when you are giving your opinion, be sure to clearly state it is such.

                      For example, it is okay to say:
                      They recommended I buy whole life insurance while I still owed $400,000 in student loans at 8%. My opinion is that they are unprofessional trolls preying on unsuspecting residents.

                      It is not okay to say:
                      They are crooks and swindlers.

                      Nor is it okay to state things as facts that did not in fact happen such as:
                      They never really told me how whole life insurance works.

                      When in fact, they probably did, you just didn't understand. Most likely, you signed a piece of paper indicating you understood.

                      [Editor's Note: Finity Group states they do not know of a single whole life policy sold by the company, ever.]
                      Helping those who wear the white coat get a fair shake on Wall Street since 2011

                      Comment


                      • #12
                        I dunno...

                        I used them for disability and life insurance.  The agent spent a lot of time with myself and my wife through online meetings, explained the variety of insurance products out there pretty well - very patient.  They are independent agents and ran our stuff through the "big 5 (or 6)" companies to find our rates.  Never tried to sell me whole life or an annuity (in fact explained why he would never sell me whole life).  My life insurance rate (obtained term, level premium) was comparable to rates I found on term4life.  My disability seems reasonable and has the appropriate riders.  He did not try to sell me any investment products in the beginning (encouraged us to pay off some of our student debt before investing) and in fact did not bring up investment products until I specifically requested it after a year of working with him.  At that time I decided to really educate myself.  It turned out the fund he wanted to put us in had a high load and other fees so ultimately I decided to go it on my own in that regard since honestly it's not that hard.  He was not rude or pushy when I declined purchasing the fund.  I don't plan on using them for financial advice after graduation or for investments (because I don't feel like paying someone what I can do myself), but I don't think they are unreasonable to use for disability and life insurance.  I'm pretty sure I never signed a "financial agreement" document like the OP mentioned...what was the agreement on that document anyway???

                        [Editor's Note: Finity Group states that loads are waived when investing in a managed account at Finity Group. See details above about the financial engagement agreement.]

                        Comment


                        • #13
                          I thought I would chime in here with my experience.

                          I have been working with Finity group for two years now and honestly can't say anything bad about them. They were very helpful in giving me guidance around my financial situation and when it came to the various types of insurance, they made sure to walk me through which ones I should look into and which I shouldn't (whole life among them). When I agreed to look into disability insurance, I went through the process and after my results came back, the prices for the respective carriers were a bit out of my price range. With that, I decided to hold off for the time being. They were not pushy at all when I said I wanted to hold off which was a surprise to me, given I had also looked into disability insurance with another physician specific company at that time and when I said I wanted to hold off was pushed hard to reconsider.  As my financial situation started to become more manageable that following year after they helped me figure out my debt situation, I decided to revisit disability insurance. After they revisited disability insurance with me, I decided to pick the company that best fit within my budget and was appropriate for me. I really did appreciate how they made sure to show me main 5 or so companies rather than just one product which was my past experience.

                           

                          I will definitely be recommending Finity Group to my colleagues.

                          [Editor's Note: Finity Group assures me this is not written by one of their staff members and that they are not allowed to solicit clients to write reviews like this.]

                          Comment


                          • #14




                            I thought I would chime in here with my experience.

                            I have been working with Finity group for two years now and honestly can’t say anything bad about them. They were very helpful in giving me guidance around my financial situation and when it came to the various types of insurance, they made sure to walk me through which ones I should look into and which I shouldn’t (whole life among them). When I agreed to look into disability insurance, I went through the process and after my results came back, the prices for the respective carriers were a bit out of my price range. With that, I decided to hold off for the time being. They were not pushy at all when I said I wanted to hold off which was a surprise to me, given I had also looked into disability insurance with another physician specific company at that time and when I said I wanted to hold off was pushed hard to reconsider.  As my financial situation started to become more manageable that following year after they helped me figure out my debt situation, I decided to revisit disability insurance. After they revisited disability insurance with me, I decided to pick the company that best fit within my budget and was appropriate for me. I really did appreciate how they made sure to show me main 5 or so companies rather than just one product which was my past experience.

                             

                            I will definitely be recommending Finity Group to my colleagues.
                            Click to expand...


                            Wow. That is a glowing recommendation for this group.

                            Comment


                            • #15







                              I thought I would chime in here with my experience.

                              I have been working with Finity group for two years now and honestly can’t say anything bad about them. They were very helpful in giving me guidance around my financial situation and when it came to the various types of insurance, they made sure to walk me through which ones I should look into and which I shouldn’t (whole life among them). When I agreed to look into disability insurance, I went through the process and after my results came back, the prices for the respective carriers were a bit out of my price range. With that, I decided to hold off for the time being. They were not pushy at all when I said I wanted to hold off which was a surprise to me, given I had also looked into disability insurance with another physician specific company at that time and when I said I wanted to hold off was pushed hard to reconsider.  As my financial situation started to become more manageable that following year after they helped me figure out my debt situation, I decided to revisit disability insurance. After they revisited disability insurance with me, I decided to pick the company that best fit within my budget and was appropriate for me. I really did appreciate how they made sure to show me main 5 or so companies rather than just one product which was my past experience.

                               

                              I will definitely be recommending Finity Group to my colleagues.
                              Click to expand…


                              Wow. That is a glowing recommendation for this group.
                              Click to expand...


                              Kind of a weird first post eh? For what it is worth the poster's IP address is NOT in a state where Finity Group has an office and I'm not getting the usual "this is written by an insurance agent/financial advisor" vibe so I really don't suspect sock puppeting. But CADR2018 sticking around for a few years so we can get to know him/her would also reassure me some more!
                              Helping those who wear the white coat get a fair shake on Wall Street since 2011

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