Three Main Reasons To Use A Fee Only Financial Planner
There're 3 different kinds of financial advisors: the commission broker who sells a product for a commission, the fee based consultant who offers investment management for a percentage of the money invested, and the fee only financial planner who offers an extensive financial plan for an hourly charge.
Here, we will discuss 5 main reasons why you may select a fee only financial planner over the other forms of financial consultants:
1. Fee-only means no bias. One of the main reasons people select fee-only financial planners over other consultants is the truth that they aren't paid out based on the investments they suggest. Fee-only financial planners are only compensated by their customers, hence there's no bias while making investment suggestions. They get paid exactly the same whether they suggest an index fund or an annuity or various stocks and bonds.
2. Help with retirement planning, cost management, taxation and even more. The majority of commission brokers and investment managers just offer investment suggestions, 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 sufficient for retirement, do you still require life insurance coverage, how can you reduce your taxes, and many more.
3. Only the suggestions 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 just pay for suggestions when you require it. While most of the people like to check in with their financial planners annually to ensure they're still on track to meet their goals, it is entirely up to you how much time you desire to spend with your financial planner. You may meet with your financial planner 3 times annually or once every 3 months, it's your choice.
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