Why is it important to select a fee-only advisor?
Fee-only advisors are paid for their expertise. Other financial advisors may be paid for selling financial products. With a fee-only advisor you avoid the conflict of interest inherent in someone selling products that may benefit them. For instance, Bob Mecca frequently recommends no-load mutual funds, so his clients don’t pay fund commissions. Other types of advisors may not recommend these funds. Some financial advisors are now calling themselves “fee-based.” This is not the same as fee-only. You should always ask if you are not sure how a financial advisor is paid.
