If you’ve been in the market for a new employee benefits provider or partner, chances are you’ve seen benefits professionals go by the title of both advisor and adviser. To make the best decision for yourself and your business, its imperative you understand what these two terms mean and how they differ. In this article, we’ll break down what an advisor/adviser is and what the difference is between the two.
Advisor vs. Adviser
So, what’s the difference between an advisor vs adviser? Well, the only real difference is one vowel. Both spellings of the word are correct, with the only real difference being the suffix. Adviser is simply the older version of the word. It stems from the Investment Advisers Act of 1940, which regulates the provision of investment advice.
An investment adviser is any person who runs a business advising others about purchasing/selling securities or analyzes or prepares reports about securities as part of their regular business. Advisers have historically been held to a fiduciary standard while advisors have not.
So, using advisor typically eliminates compliance concerns for those who are giving advice on budgeting, debt management, and insurance coverage that fall outside the realm of investments. It’s worth noting, the Securities and Exchange Commission doesn’t care which term you use. If you provide investment advice, you’ll be regulated like an investment adviser.
What’s The Olson Group?
At The Olson Group, we prefer to call ourselves benefits consultants. But why do we choose the word consultant, and what does it mean? We prefer to label ourselves consultants because we believe in a holistic approach to employee benefits and business in general. To us, being a consultant means we don’t just give you one option and leave you to it.
Our holistic consulting approach leads us to present you with all your best options and determine how these various options would affect your business. Plus, we don’t just sell you health insurance, we help you with every piece of your benefits plan. Whether its health insurance, voluntary benefits, retirement, compliance, or wellness, The Olson Group can help you out.
Now you know the difference between advisor vs adviser. So, if you’re ready to free yourself from the shackles of a traditional advisor or adviser, and meet with a true benefits consultant, partner with The Olson Group, today!