How a Fee-Only Financial Planner in Logan, UT, Could Help You
If you’re looking for help with your finances, you might have come across the term “fee-only financial planning.” So what exactly does it mean, and how can it help you? The article describes how fee-only planning can be beneficial and how to find a fee-only financial planner in Logan, UT. Let’s dive in.
What Fee-Only Financial Planning Is
Fee-only financial planning is a way of working with a financial planner where they are compensated solely through fees paid by clients. This option is in contrast to commissioned planning, where the planner earns commissions on the financial products they recommend to you, and “fee-based” planning, where the planner may receive both fees from you and commissions from the products they recommend.
One of the biggest advantages of fee-only planning is that it helps to increase objectivity. When a planner is being paid commissions, they may be incentivized to recommend products that are not necessarily the best fit for your situation but will earn them more money. Fee-only financial planning helps reduce such conflicts of interest.
How Fee-Only Financial Planners Are Paid
Now, let’s talk about how fee-only planners are paid. There are a few different ways this can work. The most common way is through assets under management (AUM), where the planner charges a percentage of the assets they manage for you.
Another is a per-project fee, where the planner charges an hourly or flat fee for a specific project or service. And some planners may charge a one-time fee for a comprehensive financial plan.
It’s important to understand how your planner will be compensated before you start working with them so you can be clear on what you will pay for their services. Ask for a copy of their Form ADV or Form CRS to better understand their fee structure.
Finding a Fee-Only Financial Planner in Logan, Utah
So, how can you find a fee-only financial planner in Logan? One way is to ask for recommendations from friends, family, or colleagues who have worked with a financial planner they trust.
Another option is to do a Google search for fee-only financial planners in Logan, UT. Not everyone in the search results will be a fee-only advisor. You’ll need to double-check to help ensure the advisor you select is fee-only.
You can also visit FeeOnlyNetwork.com, a which lists fee-only financial planners in Logan and across the country. The National Association of Personal Financial Advisors (NAPFA) also has a Find an Advisor tool on their website, where you can search for fee-only planners in your area.
When researching potential advisors, visit their website to ensure they are fee-only. You can also explore their services, team members certifications, and other important information, such as whether they are fiduciaries.
Many fee-only financial planners offer complimentary consultations where you can discuss your financial situation and goals, and how they might help you.
Schedule a Call
In conclusion, working with a fee-only financial planner can help increase the objectivity of the financial advice you receive. There are a few different ways fee-only planners can be compensated, and it’s important to understand how your planner will be paid before you start working with them.
When looking for a fee-only financial planner in Logan, UT, there are several resources you can use to find a reputable and trustworthy advisor. Don’t be afraid to research and ask questions to ensure you’re working with the right person for you.
Our fee-only financial planning and investment management firm offers a 15-minute call to discuss your concerns and situation. Schedule a call today.
This material was generated using artificial intelligence (ChatGPT) and edited 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 with offices in Roseville and Folsom, CA, and Lehi and Logan, UT. 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.