The Questions Every Retiree Should Ask Their Advisor. Here Are Our Answers.
There is no national standard for how a "financial advisor" is paid, what they are required to recommend, or whose interest they are required to put first. The structure varies firm to firm and account to account. Here is exactly how we are set up at New Smyrna Beach Retirement Solutions, and what it means for you.
How This Practice Is Structured
Steven operates in two capacities, which is common in retirement-focused practices. We disclose both upfront because the standard that applies to your money depends on which side of the practice we are working in.
Both sides of the practice operate under written disclosure. Our practice is structured so that before any engagement begins, you receive written disclosure of how we are paid and which standard applies to your accounts or policies.
What Fiduciary Duty Actually Means
The word "fiduciary" gets used loosely. Here is what it actually means on the advisory side of this practice:
Best interest standard. Recommendations must serve your interest, not ours.
Disclosure of material conflicts. Anywhere a conflict exists, it gets disclosed in writing.
Reasonable fees. Fees must be fair and clearly explained.
Duty of care. Recommendations must be based on a meaningful review of your situation, not a one-size-fits-all template.
Duty of loyalty. Your interest comes ahead of ours, ahead of the firm's, ahead of any product manufacturer's.
Steven L. Rich is an Investment Adviser Representative of Signal Advisors Wealth, LLC, a Registered Investment Adviser with the U.S. Securities & Exchange Commission. As an IAR, he is personally subject to a fiduciary duty of care and loyalty. This is a legal standard enforced by the SEC, not a marketing claim.
Fee-Based, Not Fee-Only
Some advisors are "fee-only," meaning they earn no compensation from product commissions, only from advisory fees. We are not fee-only. We are fee-based, meaning we earn advisory fees on the investment side and may earn commissions on the insurance side when an insurance product is the right tool.
We chose this structure intentionally. Retirees often need both investment management and insurance solutions (long-term care, life insurance, sometimes annuities). A fee-only practice cannot directly help with the insurance side and has to refer you to someone else, who may or may not be coordinated with your overall plan. A fee-based practice handles both, with clear disclosure of how compensation works on each.
You should ask any advisor:
- How are you paid on each piece of advice you give me?
- What products are you required to sell or steered to recommend?
- Where do your conflicts of interest lie, and how are they disclosed?
What That Means for Your Accounts
When we manage your portfolio through Signal Advisors Wealth:
- Fees are transparent, billed quarterly, and disclosed in writing in advance
- We do not manage a proprietary fund family. We use third-party investments, selected based on your risk profile and retirement objectives
- Our firm does not impose sales quotas on advisors. Steven's compensation is not tied to meeting product‑sales targets. See our Compensation Policy and Item 14 of our Form ADV for more information: www.go.signaladvisors.com/signalwealth
- Recommendations must meet the fiduciary best-interest standard.
When we recommend an insurance product through NSB Retirement Solutions:
- The commission structure is disclosed in writing
- Multiple carriers available through NSBRS are compared so you see your options.
- The recommendation is made under a suitability standard, not a fiduciary one
You are never required to use an insurance product. Many clients work with us only on the advisory side.
Why We Disclose All of This Upfront
Most retirees we meet have had at least one bad experience with an advisor or broker they did not fully understand. The pattern is almost always the same: nobody explained how the advisor got paid, what they were required to recommend, or what the underlying conflicts looked like.
We start every relationship the opposite way. You will know:
- How we are paid on each piece of advice
- Which standard applies to which recommendation
- What our conflicts of interest are
- What you can expect us to do, and what we will not do
That is not a marketing position. It is the floor.
Why Steven
- RICP® (Retirement Income Certified Professional®)
- NSSA® (National Social Security Advisor)
- CLTC® (Certified in Long-Term Care)
- CF2® (Certified Financial Fiduciary)
- 15 years of practice, 350+ families guided
- Advisory services through Signal Advisors Wealth, LLC, an SEC Registered Investment Adviser
- Local office on North Orange Street, downtown New Smyrna Beach
FAQ
Are you a fiduciary?
On advisory accounts through Signal Advisors Wealth, LLC, yes. Investment advisory services are offered by Signal Advisors Wealth, LLC (“Signal Wealth”), a Registered Investment Adviser with the U.S. Securities & Exchange Commission. Registration with the SEC does not imply a certain level of skill or training. Insurance products are offered through NSBRS under a suitability standard. We provide written disclosure of this distinction when insurance solutions are part of your plan.
Why not just be fee-only?
Fee-only practices cannot directly help with the insurance side of retirement planning, and retirees often legitimately need long-term care insurance, life insurance, or in some cases annuity solutions. We chose a fee-based structure so we can coordinate both sides under one roof, with full disclosure of how compensation works on each.
How much do you charge?
Advisory fees are calculated as a percentage of assets under management and disclosed in writing before any engagement. Insurance commissions, when they apply, are paid by the carrier and disclosed before any insurance recommendation is implemented.
Do you have proprietary products?
No. There is no Signal Advisors fund family we are pushed to use, and no carrier we are loyal to on the insurance side.
Will you push me into an annuity?
No. Annuities are a tool that fits some retirement plans and not others. Many of our clients do not own an annuity through us. When an annuity is appropriate, we model it against alternatives, disclose the commission structure, and explain the tradeoffs in writing before anything gets implemented.
Do you work with people who live outside New Smyrna Beach?
Yes. We regularly serve households in Edgewater, Port Orange, South Daytona, Daytona Beach, Ormond Beach, DeLand, Deltona, Orange City, Palm Coast, Sanford, Titusville, Holly Hill, Lake Helen, Glencoe, and the rest of Volusia County.
Ask any advisor how they are paid. We will tell you in writing before you sign anything.
Schedule a complimentary conversation or call our New Smyrna Beach office.
Office: 112 N. Orange Street, New Smyrna Beach, FL 32168 Hours: Monday to Friday, 9:00 to 5:00
Compliance Disclaimer
Investment advisory services are offered by Signal Advisors Wealth, LLC ("Signal Wealth"), a Registered Investment Adviser with the U.S. Securities & Exchange Commission. Registration with the SEC does not imply a certain level of skill or training. Steven L. Rich is an Investment Adviser Representative of Signal Wealth. Insurance products and services are offered through New Smyrna Beach Retirement Solutions ("NSBRS"). Signal Wealth does not offer insurance products. NSBRS is not affiliated with Signal Wealth. Additionally, when NSBRS and/or its agents are recommending and/or selling insurance products they are not acting on behalf of Signal Wealth or in a fiduciary capacity, and instead are governed by the applicable insurance rules and regulations. For more information about Signal Wealth, or to receive a copy of our Form ADV or Form CRS, please click here. NSBRS is not affiliated with or endorsed by the U.S. Government or any governmental agency. NSBRS and its agents do not provide tax, legal, or Social Security advice. Clients are advised to consult their tax advisor or attorney regarding tax and legal matters and to contact the Social Security Administration at their local office or online at www.ssa.gov. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss. Past performance is not indicative of future results. The information provided herein is for informational purposes only and should not be construed as a recommendation or as investment, tax, or legal advice. None of the information contained herein shall constitute an offer to sell or solicit any offer to buy any security, investment advisory, or insurance product. Investment advisory services are provided in accordance with a fiduciary duty of care and loyalty that includes putting client interests first and disclosing conflicts. Insurance services are subject to a best interest standard, which requires recommendations to be in the client's best interest. Advisors may receive commissions and other compensation for the sale of insurance and annuity products. Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Any tax savings figures, projections, examples, or multi-year tax projections referenced are hypothetical and provided for illustrative purposes only. They are based on assumptions that may not reflect your individual circumstances, do not represent actual results, and are not a guarantee of future performance or outcomes. Individual results will vary. Strategies such as Roth conversions, capital gains harvesting, required minimum distribution planning, and charitable giving are not suitable for all individuals, involve trade-offs, and depend on your specific circumstances and current tax law, which is subject to change. There is no assurance that any strategy will reduce your overall tax liability. Neither Signal Wealth nor NSBRS provides tax or legal advice; consult your qualified tax professional or attorney regarding your situation.