3 Reasons To Use A Fee Only Financial Experts

3 Reasons To Use A Fee Only Financial Experts

There're 3 types of financial advisors: the commission broker who sells a product 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 offers an extensive financial plan for an hourly charge.

Here, we'll discuss 5 main reasons why you might choose a fee only financial planner over the other forms of financial consultants:

1. Fee-only means no bias. Among the main reasons people select fee-only financial planners over other advisors is the fact that they aren't paid out based on the investments they suggest. Fee-only financial planners are just compensated by their customers, hence there is no bias when making investment suggestions. They get paid exactly the same whether they suggest an index fund or an annuity or various bonds and stocks.

2. Help with retirement planning, cost management, taxation and much more. Most commission brokers and investment managers just offer investment suggestions, leaving you to struggle through planning for retirement on your own. Fee-only financial planners might help you with each of your financial questions including are you saving sufficient for retirement, do you still need life insurance, how can you reduce your taxes, and more.

3. Only the suggestions you require, when you require 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 advice when you need it. While most of the people like to check in with their financial planners annually to ensure they're still on course to meet their goals, it is entirely up to you how much time you want to spend with your financial planner. You can meet with your financial planner 3 times annually or once every 3 months, it's your choice.

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