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3 Great Reasons To Use A Fee-Only Financial Advisors
There are three different kinds of financial advisors: the commission broker who sells a product for a commission, the fee based advisor who provides 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.
Here, we will discuss 5 reasons why you might 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 advisors is the fact that they are not compensated based on the investments they recommend. Fee-only financial planners are only compensated by their customers, therefore there is no bias when making investment recommendations. They get paid the same whether they recommend an index fund or an annuity or various stocks and bonds.
2. Help with retirement planning, cost management, taxes and much 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 enough for retirement, do you still need life insurance, how can you minimize your taxes, and much more.
3. Only the advice you require, 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 only pay for advice when you need it. While most people like to check in with their financial planners once a year to make sure they're still on the right track to meet their goals, it is completely up to you how much time you want to spend with your financial planner. You can meet with your financial planner three times a year or once every three months, it's your choice.
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