Francesco Coccimiglio Shares Advantages of an Independent Financial Advisor over a Bank Advisor

Toronto-based portfolio manager and investment advisor Francesco Coccimiglio discusses why opting for an independent financial advisor has its advantages over using a bank advisor.

When it comes to financial products, modern-day investors are spoiled for choice, but this abundance has also become a challenge in constructing portfolios and growing them profitably. “Technology has given a massive boost to the financial services industry, enabling companies to accelerate product innovation, automate numerous functions, reduce costs, and extend their reach via online platforms. On the other hand, this technology-driven cornucopia sometimes allows oligopolistic players to entrench themselves deeper, which has been the case in Canada,” notes Toronto-based portfolio manager and investment advisor Francesco Coccimiglio. “The big institutions operate under rules which prioritize corporate interests, and while this is to be expected in a free, market-driven economy, it is not necessarily in the best interests of investors. This explains the steady growth in demand for independent financial advisory services, with an increasing number of clients severing ties with bank advisors and placing their trust in independent operators.”

Convenience has become a mantra in the 21st century, but investors have come to realize that it cannot be a guiding principle where personal finance matters are concerned. While banks may be a convenient one-stop shop for traditional financial operations, they fall short of meeting the increasingly complex needs of today’s investors. Francesco Coccimiglio notes, “In-house advisors are expected to promote proprietary products, often with little regard for how suitable these are for their clients. However, independent advisors have no such limitations, so they can provide customized guidance, tapping into a vast pool of investment options to deliver tailor-made solutions. In an institutional environment, financial advisors can be extremely hard to reach as they typically juggle a huge number of clients, but their independent peers focus on building strong personal relationships. They invest time to study and understand a client’s situation, which allows them to offer the most pertinent advice and also interact regularly with the people whose interests they serve.”

Among the criticisms often leveled at banks are their inadequate transparency and the conflicts of interests that arise when they manage client assets. Independent financial advisors are also in this business to profit, but they operate within a system underpinned by fiduciary duty, Francesco Coccimiglio points out. In addition to having a simple and transparent fee structure, they use independent custodians to hold their clients’ assets, which gives investors assurances with regard to value protection and conflict-free advice. Another advantage of going the independent route is the significantly higher level of expertise clients can typically get: financial advisors working outside the institutional system accumulate deep knowledge and build extensive skills across the entire spectrum, which makes them capable of providing a comprehensive suite of services.

Francesco Coccimiglio, a Certified Investment Manager (CIM) based in Toronto, Canada, has dedicated the past 13 years to putting his clients in control of their financial future through creative wealth-building strategies. He draws on his considerable experience in the banking industry, where he has built expertise in securities, mutual funds, risk management, and investment advisory services. Committed to integrity and transparency, Francesco Coccimiglio is a firm believer in placing clients’ interests first while also educating them on critical financial matters, which he does by stripping wealth management of the baffling jargon and persistent noise typically associated with his industry.

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Contact Info:
Name: Francesco Coccimiglio
Email: Send Email
Organization: Hampton Securities Limited
Phone: 416-872-8715

Release ID: 88948120