Gain insights on choosing a financial advisor who genuinely works for you. This video explains fee-only structures, fiduciary responsibilities, and the importance of independent advice for your financial well-being.
Topics Discussed:
- What is a fee-only financial advisor?
- Understanding fiduciary responsibilities in financial advice
- Benefits of choosing an independent financial advisor
- Transparency in fees and compensation
SUMMARY KEYWORDS
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So you’re looking for a financial advisor you can trust—someone who will help you build a financial plan to reach your goals, not sell you investments that earn them a commission; someone who works only for you and will put into writing how they charge, how they are compensated, and the services they provide. You are looking for a financial advisor who is a fee-only fiduciary and independent. Let’s break it down.
Fee only: fee-only advisors never get paid a commission, referral fees, or kickbacks of any kind. They charge a fair fee to create a financial plan, give financial advice, or manage assets. Their fee is put into writing upfront without confusing language or fine print. A fee-only advisor does not sell specific investments like annuities, insurance, or mutual funds. If your advisor is not fee-only, you may be working with a skilled sales professional motivated by earning a commission over creating a long-term relationship of trust.
Fiduciary: a fiduciary advisor is required by law to do what is best for you without exception. The fiduciary standard is the highest standard of care that creates a relationship of trust and transparency. However, most financial advisors are not fiduciaries and may give advice that is best for their interest over yours. So ask your advisor, “Will you put into writing that you are a fiduciary at all times?”
Independent: an independent advisor works only for you and does not represent a brokerage firm or insurance company. They take a planning-first approach and have the freedom to find the best solution to help you reach your financial goals.
We are fee-only fiduciary and independent. Contact us today to see if we may be the right fit to help you reach your financial goals.
Retirement Advice, headquartered in Mapleton, Utah, is a fee-only financial planning firm that equips individuals with the knowledge, tools, and wisdom needed to retire on their terms confidently. Their holistic approach is rooted in transparency, open collaboration, and a client-first mindset. They can be reached by phone at (801) 228-0103, via email at info@earlyretirementadvice.com, or on the web at earlyretirementadvice.com.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
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