Our Philosophy

Focus on the Investor

As a fee-only investment advisor, we are paid only by you, the investor. If an advisor receives compensation from any other source – commission, referral fee, finder’s fee or rebate – then the advisor will face an inherent conflict of interest when considering investments for his/her clients.

Even if a financial advisor, broker, analyst, insurance agent or attorney has your best interests at heart, he/she cannot be considered completely objective if all or part of their compensation depends on which financial products they recommend for you. Unfortunately, the vast majority of financial advisors in the United States fall into this category.

With a fee-only advisor, this inherent conflict is avoided.

NAPFA, The National Association of Personal Financial Advisors, is the largest organization of fee-only advisors in the United States. Although not a member of the organization because we limit our practice to investment management rather than financial planning, Millstein Advisors, LLC is committed to abiding by the NAPFA Fiduciary Oath:

I shall act in good faith and in my client’s best interest at all times.

I shall provide written disclosure to my client of any conflicts of interest that may compromise my impartiality or independence.

I shall not accept any referral fees or compensation that is contingent upon the purchase or sale of a financial product.

All our services are described in detail in our MA Form ADV Part II (version 2023 – PDF).