Why I Became a Fee-Only Investment Advisor

A fee-only investment advisor is not quite like other advisors in the investment community.  Something I think clients should know is the story of why I became a fee-only investment advisor here in New Jersey.  Personally, I think it’s a cool story and something I truly enjoy sharing with others.

I’ve lived in New Jersey for quite some time now, and I was a retail stockbroker for 16 years, going back to the 1980’s, before I started Mullooly Asset Management as a pure fee-only investment advisory firm back in 2002.

Back when I was a stockbroker, I worked alongside an older broker who said to me, “You know Tom, clients deserve a chance to make money,” and I thought that was a pretty unusual thing for him to say.  I never forgot that line.  My old friend (the broker), went on to explain that, while we had many products to offer clients, many of these products cost a great deal for the clients.  He would often say the best investments are often the types of products that don’t make a lot of money for the firm.  That’s interesting, isn’t it?

I began focusing my efforts on things which may not have made a lot of money for the firm, but were the right things for my clients. Investments that gave people a chance to make money.

I became a fee-only investment advisor when I started Mullooly Asset Management back in 2002.  I did this because it puts me on the same side as my clients. It focuses our efforts on growing the assets and avoiding big risks. When your advisor works on the same side of the table as clients, your interests are aligned together. When our clients make money, the business is going to eventually grow as well.

I’ll let you watch the video I put together to hear more about why I became a fee-only investment advisor for yourself!