Doug Mottet, President of Mottet Wealth sat down with Julie Cooling, Founder & CEO, RIA Channel to talk about why he chose to work as a fee-only registered advisor and how it has impacted client relationships.
Mottet, originally a farmer from southeast Iowa, said he became interested in investing after working with a small-town registered rep who didn’t appear to be advising in an “unbiased way.” Mottet decided to take matters into his own hands and became a fiduciary family advisor back in 1989. In a commissioned based structure, advisors often work with the highest percentage commission products they can find, as long as they are “suitable for the client,” explained Mottet. He chose to work with no load products, with no commissions, in order to find the best funds out there for his clients. Currently, Mottet primarily looks for funds that outperform indexes, but is beginning to utilize ETFs due to their lower expense ratio and the added portfolio diversity.
Located in Kansas City, Mottet Wealth caters to families, small businesses and what Mottet called “the Next-Door Millionaire.” Mottet believed his passion for the business, 24/7 access to him, and emphasis on building trust is what really sets Mottet Wealth apart.