Working with a fee-only financial advisor creates a financial plan rooted in transparency and trust. Unlike commission-based models, a fee-only financial advisor earns compensation directly from clients and removes conflicts tied to product sales. As a result, the advisor focuses on your long-term goals instead of hidden incentives. For example, commission-based advisors often recommend products that raise their own income more than your success. According to the CFP Board’s fiduciary standard, fee-only planning protects clients when advisors align every recommendation with client goals. At TCI Wealth, we embrace this model because it reflects our philosophy and commitment to clients. In addition, you can explore Our Philosophy, which defines the values behind every client relationship we build.
Advisors describe their practice as fee-only when they receive compensation only from clients. They charge fixed, flat, hourly, percentage-based, or performance-based fees. Therefore, clients know exactly how their advisor earns income, and the advisor delivers objective advice.
Fee-and-commission advisors earn money from both client fees and product sales. Typically, this includes 12(b)1 fees, trailing commissions, surrender charges, and deferred sales charges. Because of this mix, advisors often create conflicts of interest by recommending products that increase their income instead of serving client goals. As a result, many clients overpay without noticing the extra costs.
Fee-and-commission advisors earn money from both client fees and product sales. Typically, this includes 12(b)1 fees, trailing commissions, surrender charges, and deferred sales charges. Because of this mix, advisors often create conflicts of interest by recommending products that increase their income instead of serving client goals. As a result, many clients overpay without noticing the extra costs.
CHECKLIST TO ASK YOUR ADVISOR
1
Why did you become a financial planner?
2
What are your financial planning credentials/designations and affiliations?
3
Are you a fiduciary?
4
How are you compensated?
5
Do you have a business affiliation with any company whose products or services you are recommending?
A person’s life is never defined by the dollars and centers, it’s about the journey and experience along the way.
Doug NelsonFounder & Advisor
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