One of the major benefits of selecting a fee-only advisor is the freedom from the inherent conflict of interest that can arise when a significant portion of the advisor’s income comes from selling you financial products. The concern you should have as a potential client is whether or not the advisor is recommending a certain financial product because it enhances his/her bottom line and if the products recommended are truly in your best interest.
A certificant may describe his or her practice as “fee-only” if, and only if, all of the certificant’s compensation from all of his or her client work comes exclusively from the clients in the form of fixed, flat, hourly, percentage or performance-based fees.
Denotes the compensation generated from a transaction involving a product or service and received by an agent or broker, usually calculated as a percentage on the amount of his or her sales or purchase transactions. This includes 12(b)1 fees, trailing commissions, surrender charges and contingent deferred sales charges.
If a CFP® professional and any related party receives or is entitled to receive both commissions and fees for providing professional activities, the CFP® professional must disclose his or her compensation as “Commission and Fee.”
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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