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Choosing a Financial Steward: Understanding Investment Management Firms

  • Parkview Partners Capital Management
  • Jan 22
  • 3 min read

The Importance of Selecting the Right Advisory Relationship


Choosing a financial partner is a long-term decision that can influence how financial strategies are designed, implemented, and maintained over time. Investors are often faced with multiple advisory models, each offering different structures, compensation approaches, and scopes of service.


This guide provides an educational overview of how investment management firms compare to other common advisory models, helping frame thoughtful evaluation rather than promoting a specific choice.


Two business professionals shaking hands over documents with 'Fiduciary Duty' text on a banner.


What Is an Investment Management Firm?


An investment management firm is typically a registered investment advisor (RIA) that operates independently of large financial institutions. These firms commonly provide investment management and, in many cases, broader wealth management services.


Advisor firms generally operate under a fiduciary standard, which requires that advice be provided in the client’s best interest, with transparency around conflicts and compensation.


Common Advisory Models Investors Encounter


Registered Investment Advisors (RIAs)


RIAs typically offer personalized investment management and planning services. Their operational structure allows flexibility in investment selection and portfolio construction.


General Characteristics:


  • Fiduciary obligation

  • Fee-based compensation

  • Customized portfolio strategies

  • Open architecture investment access


National Brokerage Firms


Large brokerage firms often provide access to a wide range of financial products and services through extensive branch networks.


General Characteristics:


  • May operate under a suitability standard for certain services

  • Combination of advisory fees and commissions

  • Standardized investment platforms

  • Broad product offerings


Bank-Affiliated Advisors


Some advisors operate within banking institutions and may integrate lending, deposit, and investment services.


General Characteristics:


  • Integrated financial services

  • May emphasize bank-related products

  • Varying fiduciary responsibilities depending on services provided


Robo-Advisors


Digital platforms that use algorithms to manage portfolios based on client inputs.


General Characteristics:


  • Automated portfolio construction

  • Lower minimums and costs

  • Limited personalization

  • Minimal human interaction


Key Differences to Evaluate


Fiduciary Responsibility


Understanding whether an advisor is required to act as a fiduciary at all times is an important consideration. Fiduciary advisors are obligated to prioritize client interests and disclose conflicts.


Investment Flexibility


Registered Investment Advisor firms often have broader flexibility in selecting investment strategies, managers, and vehicles. Other models may be limited to proprietary products or predefined platforms.


Personalization and Service Scope


The level of customization varies significantly. Some firms offer comprehensive planning and coordination, while others focus primarily on portfolio management or transactional services.


Compensation Structure


Compensation models influence how services are delivered.


Common structures include:


  • Asset-based advisory fees

  • Flat or retainer-based planning fees

  • Commissions tied to product transactions


Understanding compensation helps clarify incentives and cost expectations.


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Questions to Consider When Evaluating Financial Partners


When comparing advisory models, individuals may consider asking:


  • What standard of care governs the advisory relationship?

  • How are recommendations developed and reviewed?

  • What services are included beyond investment management?

  • How is the advisor compensated?

  • How does the firm coordinate with tax and legal professionals?


Clear answers help support informed decision-making.


Evaluating Long-Term Fit


Financial goals progression often spans multiple life stages and monetary transitions. Compatibility in communication style, planning philosophy, and service expectations can be as important as credentials or firm size.


Taking time to evaluate alignment may help support a productive long-term relationship.


Conclusion


Investment management firms represent one of several advisory models available to investors. Understanding how these firms compare to other options—including brokerage firms, bank-affiliated advisors, and digital platforms—can help individuals select a financial steward aligned with their goals, values, and expectations.


Thoughtful evaluation emphasizes structure, transparency, and long-term planning alignment rather than short-term outcomes.



Investment advice offered through Stratos Wealth Partners, Ltd., a registered investment advisor. Stratos Wealth Partners, Ltd and Parkview Partners Capital Management are separate entities. Neither Stratos nor Parkview Partners Capital Management provides legal or tax advice. Please consult legal or tax professionals for specific information regarding your individual situation. Investing involves risk, including possible loss of principal. The information presented is for educational purposes only and should not be interpreted as individualized investment, tax, or legal advice. Past performance is not indicative of future results. For more information, please review our Form ADV, available upon request.


 
 
 

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Financial Advisor, Investment Advisor, High Net Worth, Wealth Management, Tax Planning, Risk Management, Financial Coordination, Retirement Planning, Charitable Giving, Columbus Ohio, Parkview Partners Capital Management

291 East Livingston Ave.
Columbus, OH 43215


Phone: (614) 427-2132

Fax: (614) 427-2132

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