Latest / Advisor Talk with Frank LaRosa
Are You Really Independent? The Question Every Financial Advisor Should Ask
Stacey opens this episode with a hot take before Frank even gets a word in.
Frank breaks down a comment made online by Cheryl Penny, founder and CEO of Dynasty Financial Partners, who argued that a financial advisor is only truly independent if they own their own RIA. Frank explains why he disagrees, using real examples of RIAs having their custodial agreements pulled by firms like Schwab and Raymond James, proving that ownership alone does not remove risk or outside control.
Stacey pushes back on the idea of captive independence, pointing out that advisors at firms like LPL or Centera are…
The skinny
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