Built On A Dream
Over 30 years ago, Drew Tignanelli was a 23-year-old, fledgling financial advisor, frustrated with the sales orientation of his occupation. He saw six fundamental problems in the industry:
- A lack of independence—Advisors worked for the companies that created financial products.
- A lack of proper incentives—Compensation models were designed to benefit advisors and their company, not the client.
- A lack of education—Advisors were not required to meet minimum levels of education to practice.
- A lack of credentials—Almost anyone in the industry could hold themselves out as an advisor.
- A lack of experience—There was no coordinated mentorship program for new advisors.
- A lack of responsibility—Advisors were not required to act in the best interest of their clients.
Beginning in 1995, he took the bold step of accepting a 50% revenue decline to reorganize his company entirely, creating an environment in which he and other like-minded advisors could build a truly professional financial advisory firm.
The Financial Consulate is built on the following pillars:
- Independence—We are completely independent, working only for its clients.
- Fee-Only—We do not accept any commissions, kickbacks or referral fees.
- Education—Advisors are required to maintain continuing education at a rate twice that even required by the Certified Financial Planner™ (CFP®) Board.
- Credentials—Advisors are required to hold at least one well-recognized credential—such as CPA, CFP® or MBA—and encouraged to pursue multiple designations.
- Experience—Advisors average over 18 years of experience per advisor. New advisors are required to work under a mentor for a minimum of two to five years and all plans are subject to peer review.
- Fiduciary—Advisors are required to sign a Fiduciary Oath, committing to working in our clients’ best interests at all times.
The Financial Consulate was founded in 1984 and maintains a staff whose primary goal is to work as a team for the success of every client.
We have over 1000 clients in over 25 states and multiple countries and are a Fee-Only financial planning firm, registered with the National Association of Personal Financial Advisors (NAPFA).
We began conducting seminars in 1981, with regular lectures at CCBC since 1989 and Johns Hopkins since 1997.
Drew Tignanelli, our President and Founder, began hosting Money, Riches & Wealth, a financial radio program, in 1993 airing on WCBM 680AM in Baltimore every Wednesday evening from 6-7pm.