Why use a “fee-only” financial planner?
Imagine that youre a hot dog salesman and that you sell several different brands of hot dogs. While youre at it, imagine that you make twenty-five cents for every package of Wonder Wiener hot dogs you sell compared to making ten cents for each package of the other brands you sell. Now which brand are you going to put the most effort into promoting? Obviously youll try to sell more Wonder Wieners. The same thing happens with financial planning services. An “advisor” makes a great commission when he/she recommends Wonder Wiener life insurance versus a mediocre commission on another brand of life insurance. Even the most honest, integrity-filled “advisor” could lose track of the fact that Wonder Wiener insurance is not in his/her clients best interest. Dealing with a fee-only financial planner eliminates this conflict of interest. The fee-only financial planner makes no commissions from the sale of investments recommended to the client. Why use Financial Decision Partners? Once upon a tim
Related Questions
- I understand the benefits of working with an Hourly, Fee-Only financial planner, but I might need to obtain financial products. How will I be able to do that?
- I understand the benefits of working with a Fee-Only financial planner, but I might need to obtain financial products?
- Whats the difference between a fee-only, fee-based, and commission-based financial planner?
