3 Reasons to Work with a Fee-Only Financial Planner
You’ve climbed to the top of the retirement mountain by saving over many years. You’re looking out at the beautiful view and the opportunities that await during your free time after retiring.
How do you start climbing down this retirement mountain? Do you have the supplies, food and gear (money) to safely make the descent (live off your assets)?
A Fee-Only Financial Planner can Support you with Your Retirement Plan
Planning for retirement is challenging, and the cost of getting things wrong is quite high. Important retirement topics like taxes, investments, cash flow, estate planning and health insurance need careful consideration for a personalized plan.
You certainly don’t need to embark on this journey alone. A fee-only financial planner can assist with organizing your finances and help you generate income in retirement.
3 Reasons to Work with a Fee-Only Financial Planner
1. Unbiased Financial Advice
One of the biggest advantages of working with a fee-only financial planner is the assurance of unbiased financial advice.
Fiduciary, fee-only financial planners must act in your best interest unlike advisors who earn commissions.
Most advisors don't have to prioritize your best interest. In fact, only 2% of financial advisors in the U.S. follow the fiduciary standard.
When planning for retirement, having a trusted professional in your corner providing unbiased advice can make a world of difference.
They will carefully assess your unique financial goals and create a personalized financial plan to help you achieve them.
A fee-only financial planner works in your best interest to help manage your investments, taxes and estate planning for retirement. They are a reliable partner in navigating the retirement landscape.
2. Transparent Fee Structure
Fee-only financial planners have a reputation for their transparent fee structure. They charge fees directly to their clients for advice, not for products. By comparison, commission-based advisors may hide the cost of their services within the financial products they recommend.
You will get a detailed explanation of fees when engaging with a fee-only financial planner. This will help you determine if their services are worth the cost based on your situation.
This transparency extends to any potential conflicts of interest, ensuring that your planner's recommendations are free from ulterior motives. This peace of mind is invaluable when making critical retirement decisions.
3. Customized Retirement Strategies
Everyone has unique financial circumstances that warrant a customized retirement plan. Fee-only financial planners work with clients to create a personalized strategy plan for success, and they can help you find the right investments and insurance products to support your retirement plan.
Advisors who receive payment based on sales may have an incentive to sell you their own firm's products or unnecessary ones.
A fee-only financial planner provides personalized advice on retirement savings, tax management, estate planning and insurance.
They can also help anticipate and resolve potential issues that could negatively impact your retirement.
Your Path to a Successful Retirement
If you're fortunate, you'll retire only once, so your retirement plan should consider all possible scenarios.
Fee-only financial planners are distinct from traditional commission-based advisors. They provide unbiased advice, have transparent fees and prioritize personalized retirement plans.
Do you want to learn more about working with a fee-only financial planner? Reach out to me at Ben@coveplanning.com or schedule a free consultation call.
Sign up for Cove’s Build Your Wealth Newsletter to stay informed with the latest personal finance insights!
Ben Smith is a fee-only financial advisor and CERTIFIED FINANCIAL PLANNER™ (CFP®) Professional with offices in Milwaukee, WI, Evanston, IL and Minneapolis, MN, serving clients virtually across the country. Cove Financial Planning provides comprehensive financial planning and investment management services to individuals and families, regardless of location, with a focus on Socially Responsible Investing (SRI).
Ben acts as a fiduciary for his clients. He does not sell financial products or take commissions. Simply put, he sits on your side of the table and always works in your best interest. Learn more how we can help you Do Well While Doing Good!
Disclaimer: This article is provided for general information and illustration purposes only. Nothing contained in the material constitutes tax advice, a recommendation for purchase or sale of any security, or investment advisory services. I encourage you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation. Reproduction of this material is prohibited without written permission from Ben Smith, and all rights are reserved. Read the full Disclaimer.