Best Miami- Tampa Fee Only Financial Advisor
A financial advisor who is only compensated by fees is known as a fee-only advisor. Fee only advisors can charge a flat retainer, an hourly rate, or a percentage of assets that are managed by the advisor.
Fee-only advisors are held to the highest standards and almost always operate as a fiduciary.
A fiduciary has a legal obligation to give advice that in the client’s best interest.
When choosing a fee-only financial advisor one of the benefits is that you will not worry about a conflict of interest.
What is a Fee-Only Financial advisor?
- The advisor works directly and exclusively for the client
- Advisor is a Fiduciary required by law to act in your best interest
- Registers as an Investment Advisor; is not a securities broker employed by a broker/dealer firm
- Advisor compensation is fully disclosed and paid directly by the client
- There is no additional compensation when a product is purchased
- Any conflicts that may arise are fully disclosed (i.e.- Should you pay off a mortgage early versus investing when there is an AUM fee)
- Advisor is completely independent from any financial product providers
- Advisor is not beholden to an “approved” list of products/strategies dictated by a broker/dealer firm
- Product recommendations are based on what is best for the client, not advisor commission
Why Choose a fiduciary Financial Advisor
- Whatever payment model your advisor uses, make sure she’s a fiduciary — that means she must act in your best interests. A nonfiduciary only has to help you in a way that’s considered “suitable” for your needs.
- Think of it this way “You wouldn’t expect to go to a Ford dealership and the salesman to say, ‘Now that I’ve gotten to know you, I think a Honda might be a better fit for you.’”
- A fiduciary would be required to tell you about the Honda. A nonfiduciary? Not so much.
Mintco Financial Independent Advisors
We have been named one of the best fee-only financial planners in the Tampa Bay Area, Florida , and Western New York.
We have a local office in Tampa, Florida and Buffalo,NY.
We have been serving clients all over the country.
We serve people from the public and private sectors, from early career to post-retirement.
If you like our approach to fee-only financial planning, please feel free to get in touch and let us know how you would like to move forward or give us a call at 813-964-7100 or 716-565-1300.