What a financial adviser is — and why the -er matters

ADVISER, THE LAW'S SPELLING · SAN FRANCISCO

ImpactAdvisor LLC is a fee-only fiduciary RIA in San Francisco. This page is about the word in our trade's name — because the spelling points at a real distinction that decides who owes you what.

The -er is the statute's spelling

The Investment Advisers Act of 1940 — and the state laws modeled on it — spell the regulated role with an -er: an investment adviser is a firm registered to give investment advice for compensation, and that registration carries a fiduciary duty. Advisor with an -or is the industry's marketing spelling; anyone can print it on a card. When you search for a financial adviser, the useful version of the question is: is this firm registered to advise, and does it owe me a fiduciary duty when it does?

Adviser, broker, planner — who owes you what

A registered investment adviser owes clients a fiduciary duty — advice in your interest, conflicts disclosed. A broker is compensated to execute transactions, under a different and lighter standard. Financial planner is a description, not a registration — planners who advise on investments for compensation generally must register as advisers to do it. ImpactAdvisor LLC is a registered investment adviser and fee-only: advice and planning under the fiduciary duty, with no commissions anywhere in the arrangement.

Now ask us the hard ones

You know what to ask an adviser — so ask us. How we're paid: by you, one way. What duty we owe: fiduciary, on the planning and the investing alike. What working together looks like: fifteen minutes answers most of it. The paper trail is there when you want it — CRD #175155 at adviserinfo.sec.gov — and what the full relationship includes is the longer read.

Frequently asked questions

Is a financial adviser different from a financial advisor?

Same role, two spellings: the statute writes adviser, the industry writes advisor. The distinction that matters isn't the vowel — it is whether the firm is a registered investment adviser owing you a fiduciary duty, or a seller held to less.

What should I ask any adviser before hiring them?

Three questions do most of the work: How are you paid, exactly? Do you owe me a fiduciary duty in this engagement? And where is your Form ADV? A fee-only fiduciary RIA answers all three in one breath.

Are financial planners and advisers the same thing?

Planner describes work; adviser names a registration. A planner who advises on investments for compensation generally must register as an investment adviser. At ImpactAdvisor, planning and investment advice come from the same fiduciary relationship.

How do I start with ImpactAdvisor?

A 15-minute intro call at impactadvisor.com/consult — enough to see whether the fit is real before anything else. Minimums and both service models are published at impactadvisor.com/products.