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Flat-fee advisors charge a set price (e.g., $2,500/year or $200/month) for their services, regardless of your portfolio size. This modern model decouples the cost of advice from your wealth accumulation.
What is it? Instead of taking a percentage of your portfolio, the advisor charges a fixed subscription or retainer. This covers comprehensive planning, investment management, and ongoing support.
Costs don't rise just because your portfolio grows; Transparent; Eliminates conflict to 'gather assets'.
Can be costlier for small accounts than a low-AUM fee.
High-income earners with lower assets (like young doctors) or high-net-worth individuals who want to cap their advisory fees.
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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.
Finding the right financial advisor is crucial for achieving your financial goals. Browse 2 qualified advisors and find the perfect match for your financial planning needs.