3 Reasons To Use A Fee-Only Financial Advisors

There are three types of financial advisors: the commission broker who sells an item 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 offers a comprehensive financial plan for an hourly fee.

Here, we'll talk about five 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 key reasons people choose fee only financial planners over other consultants is the truth that they aren't compensated based on the investments they recommend. Fee-only financial planners are just paid out by their clients, therefore there's no bias while making investment suggestions. They get paid the same whether they recommend an index fund or an annuity or various bonds and stocks.

2. Help with pension planning, budgeting, taxes and even more. The majority of commission brokers and investment managers just provide investment advice, leaving you to struggle through planning for retirement on your own. Fee-only financial planners could aid you with all of your financial questions including are you saving enough for retirement, do you still require life insurance coverage, how can you reduce your taxes, and even more.

3. Only the advice you require, when you require it. With fee-based consultants, you pay an annual fee for them to manage your portfolio. With fee only financial planners, you only pay for suggestions when you require it. While most of the people like to check in with their financial planners once a year to make sure they're still on the right track to meet their targets, it's completely up to you how much time you desire to spend with your financial planner. You may meet with your financial planner 3 times a year or once every three months, it's your choice.

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