Important Information About Financial Planners

There are several different varieties of financial planners. Not only are financial advisors paid differently, but also the services they offer vary quite a bit as well. Here's a quick summary of the different kinds of financial advisors and how they could help you.

Commission Based Brokers: These financial advisors deal with investments and generally sell a product for a commission. Standard brokers are Edward Jones and Ameriprise. When you work with a commissioned broker you can expect to get information on asset allocation and investing your portfolio. Your broker might call you constantly to recommend brand-new investments for your portfolio. In exchange, the advisor would invest your funds and monitor your portfolio on a periodic basis (usually quarterly, but may be more frequent).

Investment Managers: Investment managers or investment advisors handle your investments for you, generally for a portion of the assets managed. The typical price can range from 0.5% up to 2.5% of the assets under management. Although a number of investment managers may also provide financial planning, the main focus is really on investments.

Fee Only Financial Planners: With a particular fee only financial planner, you'll pay off an hourly fee for the advice you receive. Fee only financial planners offer far more than just investment recommendation. With a fee only financial planner you would normally get a complete financial plan, including budgeting, investment advice, retirement planning, insurance policy evaluations, tax planning and estate planning.

Everybody has completely different requirements, so the kind of advisor that is right for you will rely on your financial needs and goals. Do you just want somebody to propose a suitable mutual fund, or do you want hands on investment management, or do you want a comprehensive financial plan to help be sure you're on track to retire?

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