What is a fee-only financial advisor?
The world of financial advice can be very confusing, especially when trying to figure out how your financial advisor is getting compensated. Only an average of two percent of financial advisors in the United States are under the fee-only model. A firm’s operating model is probably the most important thing to consider when finding a financial advisor. Are they a fee-only or fee-based financial advisory firm? Many people get confused between fee-based and fee-only. In the fee-based model, the advisor is getting paid directly by you and by commissions. However, in the fee-only model, the product never pays the advice giver, and that’s a key element to having a conflict-free relationship with your financial advisor. So, if you truly want unbiased advice from your financial advisor, you need to make sure they are fee-only.
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Casey Smith
President, Wiser Wealth Management
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