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A fee-only financial advisor is compensated exclusively through fees paid directly by their clients. They do not receive commissions, kickbacks, or referral fees from selling financial products. This compensation model is designed to minimize conflicts of interest and align the advisor's incentives with your financial success.
What is it? Fee-only advisors are paid solely by the client—never by banks, insurance companies, or investment funds. This means their advice is not influenced by sales quotas or commission payouts. Whether they charge an hourly rate, a flat annual fee, or a percentage of assets under management (AUM), the price you pay is transparent.
Minimizes conflicts of interest; Fiduciary standard is typical; Transparent pricing.
Can seem more expensive upfront compared to 'free' commission-based advice; You must pay out of pocket or from assets.
Investors seeking unbiased advice who want to be sure their advisor works for them, not a brokerage firm.
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Look for an advisor who is a fiduciary, meaning they are legally required to act in your best interest. Consider their fee structure (fee-only is often preferred), credentials (like CFP®), and experience with clients in your specific financial situation.
These terms are often used interchangeably, but 'Financial Planner' often implies a focus on comprehensive long-term planning (retirement, estate, tax), whereas 'Financial Advisor' may focus more on investment management. Look for the CFP® designation for rigorous planning expertise.
Costs vary. Fee-only advisors typically charge a percentage of assets under management (often ~1%), an hourly rate ($200-$400/hr), or a flat annual fee. Always ask for a clear explanation of all fees in writing.
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