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Three Reasons To Use A Fee Only Financial Experts
There're three types of financial advisors: the commission broker who sells an item for a commission, the fee based consultant who provides investment management for a percentage of the assets invested, and the fee only financial planner who provides an extensive financial plan for an hourly fee.
In this article, we'll talk about 5 main reasons why you might choose a fee-only financial planner over the other forms of financial advisors:
1. Fee only means no bias. Among the major reasons people select fee-only financial planners over other advisors is the fact that they are not paid out based on the investments they recommend. Fee only financial planners are just paid out by their customers, thus there is no bias when making investment recommendations. They get paid exactly the same whether they recommend an index fund or an annuity or a variety of bonds and stocks.
2. Help with pension planning, cost management, taxation and much more. Most commission brokers and investment managers only offer investment advice, leaving you to struggle through planning for retirement on your own. Fee only financial planners could assist you with each of your financial questions including are you saving sufficient for retirement, do you still need life insurance, how can you minimize your taxes, and many more.
3. Only the advice you need, when you require it. With fee-based consultants, you pay a yearly fee for them to manage your portfolio. With fee only financial planners, you just pay for advice when you need it. While most people like to check in with their financial planners annually to make sure they are still on course to meet their objectives, it is totally up to you how much time you want to spend with your financial planner. You can meet with your financial planner three times annually or once every three months, the choice is yours.
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