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3 Great Reasons To Use A Fee Only Financial Planner
There're 3 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 an extensive financial plan for an hourly charge.
Here, we'll discuss five main reasons why you might select a fee-only financial planner over the other forms of financial consultants:
1. Fee-only means no bias. Among the main reasons people choose fee-only financial planners over other advisors is the truth that they are not paid out based on the investments they suggest. Fee-only financial planners are just compensated by their clients, hence there is no bias while making investment recommendations. They get paid exactly the same whether they suggest an index fund or an annuity or various bonds and stocks.
2. Help with retirement planning, budgeting, taxation and much more. The majority of commission brokers and investment managers only offer investment suggestions, leaving you to struggle through planning for retirement on your own. Fee-only financial planners might 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 more.
3. Only the suggestions you require, when you require 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 annually to ensure they're still on course to meet their goals, it's entirely up to you how much time you wish to spend with your financial planner. You may meet with your financial planner three times annually or once every 3 months, it's your choice.
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