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About
Expertise
We are a team of expert financial advisors with years of experience in the industry. Our knowledge and expertise enable us to provide you with the best possible financial advice.
Innovation
We are constantly innovating to stay ahead of the curve and provide our clients with the latest financial solutions. Our cutting-edge approach ensures that you receive the best possible financial advice.
Transparency
We believe in transparency and honesty in all our dealings. We are committed to providing our clients with clear and concise financial advice that is easy to understand.
What is Advice Only?
Often referred to as fee-for-service financial planning, this niche represents a burgeoning sector within the expansive realm of investment advisory services. In a departure from traditional models reliant on percentage-based asset fees, fee-for-service financial planning offers a more transparent and direct approach.
This growing segment recognizes the evolving preferences of clients who seek tailored financial guidance without being tethered to asset-based charges.
Clients in this space benefit from a clear understanding of the costs associated with the advice they receive, fostering a relationship built on transparency and trust. As the demand for personalized financial solutions continues to rise, fee-for-service financial planning stands as an innovative and client-centric alternative in the dynamic landscape of investment advisory services.
3 Main Types of Advisors
Fee-Based (Commission and Fee)
Fee-based advisors are licensed to receive commission on investment and insurance products as well as collect fee for services, percent of assets, and a flat fee. It's hard to know what incentivises this group. They may be heavily weighted toward insurance products or investments, but they typically choose what to sell and sell it to all of their clients.
How do I know if my advisor is Fee-Based?
Their disclaimers at the bottom of websites or business cards will be a dead giveaway. It will say something similar to "investment advice offered through (RIA name here)" and then later "Insurance products offered through (Similar but different name here)." They will have a series 6 or 7 and insurance licenses. They may additionally have a series 65 or 66 so they can charge for advice.
Licenses they might have
Series 6, 7, 65, 66, SIE, and/ or life/ health state insurance licenses.
Commission Based (Commission Only)
Commission only advisors always need the next sale. They typically have poor customer service because they only make money when they bag a new client. After the first sale, they make nothing so it makes no difference if their client is satisfied or not. They typically use mutual funds and insurance products that have an upfront sales charge or commission.
How do I know if my advisor is Commission Based?
They won't be able to 'legally' give advice. They will be hesitant to do any financial planning unless it leads to a sale they can profit from. Most often they will be associated with an insurance company. Their disclaimers may look similar to a Fee-based advisor absent the part about advice since they are not licensed to do so. Stocks and insurance investments are their main focus.
Licenses they might have
Series 6, 7, SIE, and/ or life/ health state insurance licenses.
Fee-Only Advisors
Fee only advisors typically are exclusively compensated by collecting an assets under management (AUM) fee. The AUM is calculated as a percentage of the assets annually and assessed quarterly. They can also charge hourly, protect based, or flat fee. Advisors that market themselves as fee-only can sometimes still receive commissions on non-investment insurance products, so make sure to understand their incentives.
How do I know if my advisor is Fee-Only?
They will come across as a more ethical and educated compared to other advisors, and they probably are. They try to get away from the salesy side of the business by looking and sounding like a CPA or attorney. You are more likely to get a real financial plan from an fee-only advisor because they have fewer conflicts of interest and can charge an appropriate amount for their time.