What Is a Fee-Only Financial Advisor and Where Can I Find One in Folsom, CA?
You aren’t just entrusting your money when you work with a financial professional. You’re entrusting everything that money represents—the hard work, commitment, and sacrifice it took to build it and the goals and dreams it can help you achieve.
So choosing just any financial professional isn’t going to work. You should feel confident that the advice you receive is meant for you. It isn’t meant to make the financial provider or company they work for rich at your expense.
How do you help ensure this? We believe one of the best ways is to work with a fee-only financial advisor. We feel so strongly about this fee structure that our Registered Investment Advisory (RIA) firm in Roseville and Folsom, California, has been fee-only from the start.
Read on to find out how fee-only advice can help you and where to find a fee-only financial planner in Folsom.
Why Fee-Only Financial Planning?
Fee-only financial planning can help you feel confident that you’re getting advice designed for you. You pay the advisor for their service, just like you do with other professionals.
But not all financial professionals work this way. Some may recommend you buy a particular product because it earns them a commission. There may be a better product for you—one that would fit your goals better or cost you less in fees—but you don’t hear about it because there’s no financial incentive for them to recommend it.
The conflict of interest is pretty obvious. It gets murkier when you move away from the purely commissioned model described above. Some professionals may wear both hats—getting paid by you for certain financial services and by their company for others. We think the best way to deal with the conflict of interest is to remove it and be fee-only.
When you work with a fee-only financial advisor, you can rest assured that no commissions are attached. You may pay the advisor in a variety of ways:
Assets under management (AUM): Your fee is based on the assets the advisor manages for you. This is common for ongoing, comprehensive planning that may include investment management, retirement plans, tax planning, and other services.
Per project, per hour, or by retainer: These are less common than the AUM model, but you’ll likely find them when you need limited or one-time advisory services.
How Can You Find a Fee-Only Financial Advisor in Folsom?
You can start with the people closest to you and ask for referrals. Your existing professionals, such as your estate planning attorney or Certified Public Accountant, are good resources for recommendations too.
You can also turn to Google or another favorite search engine and enter terms like “Folsom CA fee only financial advisor.” Finally, there are websites specifically for finding fee-only financial planners:
Fee-Only Network: You can enter a city or zip code and find fee-only financial planners in your area.
Find an Advisor: You can search for members of the National Association of Personal Financial Advisors. This professional organization requires members to be fee-only professionals.
When you have the names of potential advisors, research their websites. Check to see whether their services match your needs. Then look for keywords like:
Fiduciary (meaning they must put your best interest first)
Independent (they don’t answer to a larger company)
Registered Investment Advisor (RIAs are required to serve as fiduciaries)
The CERTIFIED FINANCIAL PLANNER™ (CFP®) designation after an advisor’s name also means they must act as your fiduciary.
After you research, you can schedule a complimentary call. These calls are generally brief and allow you to share your financial concerns. The advisor will discuss how they may be able to help. You’ll then decide whether you want to move forward to a full-length meeting.
You can use this initial call to ask any questions, like whether the firm is fee-only. Don’t be shy! You deserve the assurance that you will get advice that puts you first, always.
Final Thoughts
Our advisory firm is an independent, fiduciary, fee-only firm because we believe it creates trust and transparency. We want our clients to live their dreams, and our fee-only, fiduciary independence helps safeguard the relationship.
We wish you every success in your financial planning journey.
Schedule a complimentary, 15-minute call with a fee-only, fiduciary financial advisor in Folsom today to discuss your personal situation.
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.