3 Key Reasons To Use A Fee Only Financial Experts

There are 3 different kinds of financial advisors: the commission broker who sells an item for a commission, the fee based consultant who provides investment management for a percentage of the assets invested, and the fee only financial planner who offers a comprehensive financial plan for an hourly charge.

Here, we will talk about 5 main reasons why you might choose a fee only financial planner over the other types of financial consultants:

1. Fee-only means no bias. One of the major reasons people select fee-only financial planners over other advisors is the fact that they aren't compensated based on the investments they suggest. Fee-only financial planners are only paid out by their customers, hence there is no bias when making investment suggestions. They get paid the same whether they suggest an index fund or an annuity or various stocks and bonds.

2. Help with pension planning, cost management, taxation and much more. Most commission brokers and investment managers just provide investment suggestions, leaving you to struggle through planning for retirement on your own. Fee-only financial planners may assist you with each of your financial questions including are you saving sufficient for retirement, do you still need life insurance, how can you reduce your taxes, and even more.

3. Only the suggestions you require, when you need it. With fee-based consultants, you pay a yearly fee for them to manage your portfolio. With fee only financial planners, you just pay for advice when you need it. While most of the people like to check in with their financial planners once a year to ensure they're still on track to meet their objectives, it is entirely up to you how much time you want to spend with your financial planner. You can meet with your financial planner 3 times a year or once every 3 months, it's your choice.

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