LPL Financial shut down its registered investment advisor which targeted middle class America because the company did not meet expectations for growth. I guess LPL realized that it is more profitable to push commissioned based products rather then provide objective fiduciary advice. :-(
Parting word's from it's CEO, Esther Sterns, sums up my sentiment as well;
"My belief is that our industry can and needs to and should be doing a doing a better job at serving the middle class."
NestWise offered non-commissioned fiduciary planning services at low cost.. This was different from the Commission based planning (e.g. Loaded Mutual Funds, Whole Life policies, etc.) which has historically been the solution for middle America. The problem is the conflict of interest associated with selling these products. See my previous article on Fee-Only Financial Planning and the Fiduciary Standard. Or watch my favorite video explaining the same concepts.
I assure you that Phillip James will continue the fight to bring Fee-Only Financial Planning Model to everyone. Where many Fee-Only companies have high minimums, we have built efficiency into our model and our able to offer our services to people without having a million dollars in assets.