What Is a Fee-Only Financial Advisor, and Where Can I Find One in Logan, UT?
When it comes to financial services, you can find vast differences from one professional to the next. These differences range from the title the professional goes by to the services you receive. They can also include the financial advisor’s fee structure—a distinction crucial to the advice you get.
Our wealth management firm is fee-only, and this article covers why we believe fee-only financial planning is essential. We also cover how you can find a fee-only financial advisor in Logan, Utah.
Why Fee-Only Financial Planning?
Financial professionals can be paid in a variety of ways. For example, brokers tend to be paid commissions for products like mutual funds they sell to you. Others, like our firm, get paid by clients, much like an attorney does. Still others are a hybrid, often called fee-based. This just means they may get paid by you or receive a commission depending on the service.
So, why is this important? Because you are entrusting your hard-earned wealth to a financial “expert.” And you probably assume you’re getting the best advice or products available.
But that’s not necessarily so with commissioned or fee-based professionals. The incentive for a bigger payday can influence the products they recommend. For example, there may have been a mutual fund that was better for your financial goals and had lower fees, but they never told you about it.
We think that’s a conflict of interest, which should have no place in something as important as people’s financial security.
A fee-only financial planner doesn’t receive commissions, which greatly reduces conflicts of interest. If they are a fiduciary, such as a Registered Investment Advisor (RIA), they are obligated to put your best interest first. We believe the combination of being fee-only and fiduciary helps ensure we sit on the same side of the table as our clients.
Fee-only wealth advisors may charge clients in several ways. The most common would be based on the assets they manage on your behalf. But they may also charge a flat fee or a per-project fee.
How to Find Fee-Only Financial Advisors in Logan, UT
You can start by asking your friends, colleagues, and family members for referrals. Or you use Google for a local search, such as “fee only financial advisor Logan UT.” Finally, consider using a search site like FeeOnlyNetwork.com. You can enter your city and get results for advisors who are fee-only.
Once you have some potential advisors, check out their websites to determine if they offer the services you want—for example, investment management, retirement planning, and estate planning. Look for the keywords of “fee-only” and “fiduciary.” In addition, memberships in organizations like the National Association of Personal Financial Advisors (NAPFA) indicate they don’t receive commissions.
You can also download their Form CRS or ADV to find important information, such as how they get paid and whether they have conflicts of interest.
Finally, schedule a talk with them to see whether they are a good fit for you. If you are still unsure about critical issues such as how they are paid or whether they are a full-time fiduciary, now is an excellent time to ask.
At Parkshore Wealth Management, we provide fiduciary, fee-only financial planning to help clients enjoy today and stop worrying about tomorrow. We have offices in Logan and Lehi, UT, and Roseville and Folsom, CA. We invite you to schedule a complimentary, 15-minute call with us to today to discuss whatever’s on your mind.
This material was prepared by Kaleido Inc. from information derived from sources believed to be accurate. This information should not be construed as investment, tax or legal advice.
Parkshore Wealth Management is a family-owned, independent, fee-only Registered Investment Advisor serving the greater Sacramento area with an office in Roseville, CA. We partner with financially responsible individuals and families who are eager to take positive steps that will allow them to use their money to build the life they desire. The firm is led by Harold Anderson, CFP®, and Daniel Andersen, CFP®, both members of NAPFA, the country’s leading professional association of fee-only financial advisors.