3 Reasons To Use A Fee Only Financial Planner

3 Reasons To Use A Fee Only Financial Planner

There are three different 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 money invested, and the fee only financial planner who provides a comprehensive financial plan for an hourly fee.

In this article, we will discuss five main reasons why you might select a fee-only financial planner over the other types of financial advisors:

1. Fee only means no bias. One of the main reasons people choose fee-only financial planners over other advisors is the truth that they are not compensated based on the investments they recommend. Fee only financial planners are only compensated by their clients, hence there is no bias while making investment recommendations. They get paid the same whether they recommend an index fund or an annuity or a number of stocks and bonds.

2. Help with retirement planning, budgeting, taxation and much 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 may help you with all of your financial questions including are you saving sufficient for retirement, do you still need life insurance coverage, how can you minimize your taxes, and much more.

3. Only the advice you need, when you need it. With fee-based advisors, you pay an annual fee for them to manage your portfolio. With fee only financial planners, you just pay for advice 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's entirely up to you how much time you want 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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