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Three Great Reasons To Use A Fee-Only Financial Specialists
There are three different types of financial advisors: the commission broker who sells a product for a commission, the fee based consultant who offers investment management for a percentage of the assets invested, and the fee only financial planner who provides a comprehensive financial plan for an hourly fee.
In this article, we will discuss 5 main reasons why you may choose a fee-only financial planner over the other types of financial advisors:
1. Fee only means no bias. One of the main reasons people select fee-only financial planners over other consultants is the fact that they are not compensated based on the investments they recommend. Fee only financial planners are only compensated by their customers, hence there's no bias when making investment recommendations. They get paid the same whether they recommend an index fund or an annuity or a variety of stocks and bonds.
2. Help with retirement planning, cost management, taxation and even more. Most commission brokers and investment managers only provide investment advice, leaving you to struggle through planning for retirement on your own. Fee only financial planners may help you with each of your financial questions including are you saving sufficient for retirement, do you still require life insurance, how can you minimize your taxes, and even more.
3. Only the advice you need, when you need it. With fee-based advisors, you pay a yearly fee for them to manage your portfolio. With fee only financial planners, you just pay for suggestions when you need it. While most people like to check in with their financial planners once a year to make sure they are still on track to meet their goals, it is entirely up to you how much time you wish to spend with your financial planner. You can meet with your financial planner three times a year or once every three months, the choice is yours.
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