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3 Reasons To Use A Fee Only Financial Planner
There are three types of financial advisors: the commission broker who sells a product for a commission, the fee based advisor who offers investment management for a percentage of the money invested, and the fee only financial planner who provides a comprehensive financial plan for an hourly fee.
In this article, we'll discuss 5 reasons why you may select a fee-only financial planner over the other types of financial advisors:
1. Fee only means no bias. Among the main reasons people select fee only financial planners over other consultants is the truth that they are not compensated based on the investments they recommend. Fee only financial planners are just compensated by their customers, therefore there's no bias while making investment recommendations. They get paid the same whether they recommend an index fund or an annuity or a number of bonds and stocks.
2. Help with retirement planning, cost management, taxes and even more. The majority of commission brokers and investment managers only provide investment advice, leaving you to struggle through planning for retirement on your own. Fee only financial planners could help you with each of your financial questions including are you saving enough for retirement, do you still require life insurance coverage, how can you minimize your taxes, and even more.
3. Only the advice you need, 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 only pay for suggestions when you require it. While most people like to check in with their financial planners once a year to make sure they are still on the right track to meet their goals, it is completely up to you how much time you wish to spend with your financial planner. You may meet with your financial planner three times a year or once every three months, the choice is yours.
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