Description

I hope you all enjoyed the 4th of July weekend!  Happy Birthday, America!

Fees are a big topic of conversation amongst financial advisors, but also from consumers.  It can be a spicy topic with lots of complexities, but I’ll try to simplify HOW and WHAT you are paying your financial advisor.

I’ll be the first to admit, I am extremely biased being a fee-only financial advisor, which I’ll admit throughout the show.  I will say that there is no right or wrong fee model!  However, I do believe there is a right fee model based on the client’s circumstances.  This is why we designed our fee structure the way we do, because we serve retirees with $1mm - $5mm of investible assets.  

In this episode, I’ll talk about “free financial planning,” the different fee models, what those fees are from a $ perspective, and 5 recommendations if you are considering hiring a financial advisor.  

Takeaways:

• If you're hiring a financial advisor, make sure they serve retirees/pre-retirees like YOU.
• Many advisors focus solely on investment management, neglecting comprehensive planning.
• DIY investors often have blind spots that a good advisor can help identify.
• Be cautious of 'free' financial planning services; they often come with hidden costs.
• The fiduciary standard is crucial; only fee-only advisors are true fiduciaries.
• Different financial advisor models have varying incentives and conflicts of interest.
• Advice-only models can be beneficial for DIY investors seeking validation.
• Calculate fees based on dollar amounts, not just percentages.
• Consider the long-term value of the services provided by your advisor.

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Other Links Mentioned:

• Where do I find a retirement-focused financial advisor? (article)

This is for general education purposes only and should not be considered as tax, legal or investment advice.