How are Fee Only Financial Advisors Different?
Fee-only financial planners have a fiduciary responsibility to act in your best interest. We do not accept fees or commissions based on the product sales. With fewer potential conflicts of interest, we can provide more comprehensive financial advice.
Commission-based brokers and agents prefer we didn’t make this distinction. In hopes of blurring some of the differences, commission-based brokers created the “fee-based” category. It sounds much like “fee only,” but it means they charge fees as well as collecting a commission which can be even worse for you. Investors wanting to work with a strictly fee only financial advisor still find the two terms confusing.
The fees for commission-based brokers and agents are based on their sales figures for particular products and types of transactions. This model can serve some clients in some ways, but commissions can undermine genuinely comprehensive wealth management services.
We primarily work with a percentage of assets under management to offer comprehensive wealth management services.
Fee Only Financial Advisors Offer Comprehensive Advice
Managing your financial future may seem frightening. You may find confusion, information overload and on top of that, sales reps trying to sell you their products. They are generally looking out for themselves and their own commissions, not you.
Comprehensive fee only financial advisors focus on the entirety of your financial situation to help you outline a path toward your financial goals. A fiduciary planner enables you to develop a holistic plan based on your objectives, needs, and your future.
Fiduciary advisors differentiate themselves through the adherence to rigorous ongoing continuous training. That means you have a partner to help you navigate complicated financial issues, no matter your objectives and circumstances.
When you work with a fee only financial advisor, your goals, needs, and financial objectives are the number one priority. A fiduciary works to reduce conflicts of interest inherent in payment methods and recommendations. A fiduciary financial advisor looks out for you and what is best for your financial growth.
By structuring the primary fees around the management of a specific value of assets, many services depend on that integrated plan, often going beyond simple investment strategies. Addressing a single financial issue in isolation often does not do it justice. So, fee only financial advisors strive to offer more holistic advice.