Local Fee Only Financial Advisor
Financial Advisors who provide fee-only financial services usually have no conflicts of interests, and do not receive commissions based on the products they recommend. These individuals provide comprehensive advice and planning.
Depending on the type of service, clients may expect to be charged a one-time fee. Some advisors might also charge hourly or rates based on the time taken for creating the plan and meeting with the client.
Fee-only financial advisors are registered investment advisors with a fiduciary responsibility to act in their clients’ best interest. They do not accept any fees or compensation based on product sales.
A fee-only financial advisor cannot receive compensation from a brokerage firm, a mutual fund company, an insurance company, or any source other than you.
How a Fee Only Financial Advisor is paid?
A fee-only financial advisor is paid by their clients for the advice they give. This might come in a the form of a monthly fee, an hourly rate, or a percentage of investments managed. But in all cases it is a direct relationship between the client and the planner.
Why you should consider Fee Only Financial Advisor
A fee-only, hourly rate financial advisor works with clients interested in assessing and improving their financial situation regardless of how much money you currently have.
Taking financial advice is going to cost you. But when it comes to making life-changing financial decisions, it might save you money in the long run.
Independent Fee ONLY Financial Advisor
If you’re using an adviser, always always make sure it’s an independent financial adviser.
If an adviser is ‘independent’ this means that it’s able to advise and sell products from any provider right across the market. Therefore you should get the very best advice and products tailored just for you.
How much will the fees cost me?
This will depend on whether you pay an hourly fee or a flat fee.
From then on, you’ll have to pay. You can do this in three ways, depending on which adviser you pick:
- Percentage fee: This is the most common way for advisers to charge, perhaps because it most closely resembles how they used to charge under the commission model. It’s based on a percentage of the money you want advice on or managed.You’ll usually pay an initial percentage charge for becoming a client and investing your money, then an ongoing percentage charge for each year that they continue to manage your money. This percentage can range anywhere from 0.5% to 5%, so make sure you ask.
- Fixed fee per service: These fees are charged each time you go to the adviser for different ‘projects’, such as consolidating your retirement accounts or investing. These are best for people that don’t want ongoing advice and just need help with a specific job.
- Hourly charge: Financial Advisors charge an hourly basis. If you choose to go down this route, make sure you’re given a full breakdown of the work they’ve done and how long it took. Hourly charges can be anything from between 150 to 250 an hour, so make sure you ask before you go ahead.
The right fee-only financial advisor can help you get your finances on track, and help you plan for a successful future.
Privately Owned and independent, Mintco Financial Team of Independent Advisors are free to put your interests first.