What is Fee-Only Financial Planning?

A fee-only financial planner is paid a set rate for the services they provide their clients or a percentage of the assets they manage. Their only compensation comes from fees paid directly from their clients instead of receiving commissions on the sale of a financial product.

Benefits of Fee Only Financial Planners

  • Transparency – we have no conflicts of interest since we do not receive any other form of compensation other than the fee received from the clients we work with.
  • Client focused advice – since the goal is no longer to sell financial products to clients, a fee-only financial planner can now spend more time offering advice to their clients based on their current financial situation.
  • Flexible payment arrangements – many fee-only financial planners charge a percentage of the assets they manage while also implementing a minimum a client must be able to invest for them to manage. Other fee-only financial planners choose to charge by the hour, have a flat fee for a service provided or require a retainer fee. Some even use all of the payment arrangements based on the best payment approach for the potential client.

See the benefits of working with a fee-only financial planner

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    Why Choose a Fee-Only Financial Advisor

    • Comprehensive Approach – Fee-only financial advisors can provide a more comprehensive look at their client’s financial situation.
    • “Fiduciary Duty” – Many fee-only financial advisors conduct their business as a fiduciary; meaning they must always act in the client’s best interest.
    • Not driven by product choice, but by the needs of the client. Essentially a fee-only advisor can be product agnostic and offer a wide range of products and services to meet their client’s needs.
    Fee-only Financial planner

    Why should I choose a Fiduciary?

    A fiduciary is someone who always acts in the best interest of the client. Fiduciary financial advisors are held to the highest standard when it comes to working with clients. The fiduciary standard is much more than a suitability standard that many hybrid advisors or brokers are held to.   A fiduciary is also able to make investments on the clients behalf if authorized to do so.  By choosing to work with an advisor who acts in a fiduciary capacity, clients can be confident that their advisor is transparent about any potential conflicts and that they will act in their best interest.

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