What is the Difference Between a Fee-Only Financial Advisor and a Fee Based Financial Advisor?
A fee-only financial advisor can only receive compensation directly from you.
A fee-only financial advisor cannot receive compensation from a brokerage firm, a mutual fund company, an insurance company, or from any other source than you. This means they represent you and your interests when giving you advice. After all, think about where someone’s paycheck comes from, and that will tell you quite a bit about where their loyalty lies.
This fee may be charged as a percentage of the assets they manage for you, and thus debited out of your account each quarter, or it could be a flat annual fee, or hourly rate. These are three of the six ways that financial advisors charge fees.
To find a fee only financial advisor, use NAPFA or Garrett (online search engine organizations), listed as item number four and five on my financial advisor search engine list.
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