A Fee Only Financial Planner For Unbiased Advice
A fee only financial planner may be just who you need to help you to get back on track
. Although there are many types of financial planners available, it is very common for individuals to be overwhelmed with decisions. You could hire someone to just process the transactions you want to make. However, unless you have been educated in this field, it is difficult to get the right type of results. That is why many turn to professionals. Before you do, though, there are a few things to keep in mind.
Why Commissions Aren't Good
A fee only financial planner is the best professional for the job. Although you can work with a commission based professional, there are risks in doing so. First, commission-based providers are likely to work harder for you because they want you to earn the biggest possible return. It benefits them. However, you have to be careful about where that commission is coming from. It may not be coming from just you.
For example, some experts may represent insurance companies or other investment organizations. They get paid a fee by these organizations when they sign up new clients. While this may not seem like a big deal it can be in situations where the unsavory individual is signing up individuals who may not need or benefit from the insurance or investment product. That's not what you want.
Getting Advice
When making buying or investing decisions, you need to know that the person who is giving it to you is an expert. You also need to know that his or her information is accurate. It is critical to know that the individual is working for you so that your accounts improve in value. What you do not want is someone that is unable to provide you with unbiased information. It can be hard to tell this at first.
The expert should ask you questions to determine what your goals are. They need to know how much risk you are willing to take on and how much is too much for your comfort. They also need to know what your needs are. For example, do you plan to retire early or will you put it off for a few extra years to add more to your retirement accounts. When looking for an expert, these points matter.
Finding a fee only financial planner is a big decision. It can make all of the difference to you in the long term. The key is finding one that you like to work with and that you trust with your future. Take the time to interview and research various professionals. Find one that can provide you with the unbiased advice you need.
by: Anna Woodward
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