At Parkshore Wealth Management, we have been providing a personalized approach to achieving dreams since our founding in 2008.
With offices in Granite Bay and Folsom, CA, and Lehi and Logan, UT, we are a family-owned advisory firm serving residents seeking one-time advice, ongoing investment management, or comprehensive wealth management.
Regardless of the service you seek, we believe that you are best served when your financial advice is objective and your fees are transparent. That is why we embrace our role as independent, fee-only financial advisors.
As an independent, fee-only Registered Investment Advisor in the Greater Sacramento, Logan Metropolitan, and Provo-Orem Metropolitan areas, we hold our financial advisors to a fiduciary standard and always put our clients’ interests ahead of our own. In this way, you know that the financial blueprint we design for you has been truly created to simplify your financial life and help reach your goals.
WHAT IS THE DIFFERENCE BETWEEN A
FEE-ONLY AND A FEE-BASED FINANCIAL PLANNER?
In the financial services industry, you will come across three general types of fee structures:
Commission-based
Fee-based
Fee-only
The commission-based fee structure seems obvious: The professional recommending financial products to you will receive a commission if you buy the products.
But what about fee-based and fee-only? They don’t seem very different, but they could affect how much you pay and the service you receive.
A fee-only financial advisor—like our firm—serves you, the client. You receive a service, and you pay for the service. The process is straightforward and transparent.
With a fee-based advisor, you also pay the advisor, but they can earn commissions for products you end up purchasing.
Commission- and fee-based models increase conflicts of interest. And it is your money and your goals that can suffer in that conflict. That is why we are fee-only: It minimizes potential conflicts of interest and keeps our focus on you and your goals.
When the fee-only service is combined with a fiduciary responsibility to your best interests, you can be even more confident that your financial advisor’s recommendations serve you and not anyone else.
HOW DO FEE-ONLY FINANCIAL PLANNERS GET PAID?
You should have a good understanding of the services you need when you begin the process of looking for a financial advisor. Ask yourself:
Am I looking for help with my investment portfolio?
Do I need specific or limited guidance in one area of my finances?
Do I seek ongoing management of all areas of my wealth?
Knowing what you want will help you locate the financial advisor whose services match your needs. The services the advisor offers generally dictate the fees they charge. You might end up paying:
Flat annual fee
Hourly rate
Per project
On retainer
For assets under management
Make sure you understand how you are charged when selecting an advisor. Ask for their Form ADV or Form CRS, which breaks down the fees they charge. As a fee-only advisor, we strive to make our fees clear. We want you to understand how we get paid because your trust is essential to a successful relationship.
OUR COMPREHENSIVE SERVICES
We offer three service tiers to meet you where you are in life. When you are ready for our Wealth Management service, you receive the collective efforts of our team building and implementing a complete financial blueprint for your life.
Our services include:
✔ Personal, fee-only financial planning
✔ Tax planning and preparation*
✔ Cash flow planning and management
✔ Retirement, tax and estate planning strategies
✔ Resources on many other financial subjects to promote financial wellness
✔ Disciplined portfolio management
✔ Asset allocation model construction
✔ Retirement plan rollover guidance
✔ Advice about stock options
✔ Second opinion on your current investment portfolio or financial plan
*Additional fees may apply
We complement our comprehensive services with a fee-only model that eschews commissions. We think serving as a fee-only advisory firm aligns our interests with yours even more.
WANT TO LEARN MORE ABOUT FEE-ONLY ADVISORS?
Some professional organizations require their financial planners to be fee-only, and those organizations make a great resource to learn more about the fee-only fee structure.
You can visit the websites for:
National Association of Personal Financial Advisors (NAPFA): You can look for a NAPFA member using their Find an Advisor tool. Check out the “Consumers” tab for helpful financial resources.
FeeOnlyNetwork.com: Another resource for finding NAPFA members, this website also answers such questions as “Why Should I Hire a ‘Fee-Only’ Advisor?” and “What Makes a Financial Advisor a Fiduciary?”
We also welcome the opportunity to answer any questions you may have about our fee-only services.
LET’S CHAT
Let’s see how we can help you achieve your financial goals.
Schedule a 15-minute discovery call.