Fee only advisor Commission based salesperson
Investment manager owns same investments as clients Broker doesn't share in any of the risk
Direct access with your advisor Delegation down "food chain"
Compensation structure tied directly to growth of assets Commissions are ever-present: Sale of firms products
One management fee: What you see is what you get Hidden fees, commissions, 12 b1 fees (exit fees, wrap fees)
Newsletter quarterly by your investment manager Same old "tired lines"
Personal focus on small number portfolios Average broker has 400 accounts
Investment managers background is in risk taking Typical brokers background is in sales
Investment oriented Sales oriented
Trader/investor Sales person/money gatherer
Leadership and performance under pressure
Education of clients about markets and risk