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Three Reasons To Use A Fee Only Financial Planner

There're three types of financial advisors: the commission broker who sells an item for a commission, the fee based advisor who provides investment management for a percentage of the money invested, and the fee only financial planner who offers an extensive financial plan for an hourly fee.

In this article, we'll talk about 5 reasons why you might select a fee only financial planner over the other forms of financial advisors:

1. Fee only means no bias. Among the major reasons people select fee only financial planners over other advisors is the truth that they aren't paid out based on the investments they recommend. Fee only financial planners are just paid out by their customers, thus there is no bias while making investment suggestions. They get paid exactly the same whether they recommend an index fund or an annuity or a variety of bonds and stocks.

2. Help with pension planning, cost management, taxes and much more. The majority of commission brokers and investment managers just offer investment advice, leaving you to struggle through planning for retirement on your own. Fee only financial planners could assist you with each of your financial questions including are you saving enough for retirement, do you still need life insurance coverage, how can you reduce your taxes, and many more.

3. Only the advice you need, when you require it. With fee-based consultants, you pay a yearly fee for them to manage your portfolio. With fee only financial planners, you only pay for advice when you require it. While most of the people like to check in with their financial planners annually to make sure they are still on course to meet their objectives, it is totally up to you how much time you want to spend with your financial planner. You may meet with your financial planner 3 times annually or once every three months, the choice is yours.

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