I hope you all enjoyed the 4th of July weekend! Happy Birthday, America!

Fees are a big topic of conversation amongst financial advisors, but also from consumers. It can be a spicy topic with lots of complexities, but I’ll try to simplify HOW and WHAT you are paying your financial advisor.

I’ll be the first to admit, I am extremely biased being a fee-only financial advisor, which I’ll admit throughout the show. I will say that there is no right or wrong fee model! However, I do believe there is a right fee model based on the client’s circumstances. This is why we designed our fee structure the way we do, because we serve retirees with $1mm - $5mm of investible assets.

In this episode, I’ll talk about “free financial planning,” the different fee models, what those fees are from a $ perspective, and 5 recommendations if you are considering hiring a financial advisor.

Takeaways:

If you're hiring a financial advisor, make sure they serve retirees/pre-retirees like YOU.
Many advisors focus solely on investment management, neglecting comprehensive planning.
DIY investors often have blind spots that a good advisor can help identify.
Be cautious of 'free' financial planning services; they often come with hidden costs.
The fiduciary standard is crucial; only fee-only advisors are true fiduciaries.
Different financial advisor models have varying incentives and conflicts of interest.
Advice-only models can be beneficial for DIY investors seeking validation.
Calculate fees based on dollar amounts, not just percentages.
Consider the long-term value of the services provided by your advisor.

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Other Links Mentioned:

Where do I find a retirement-focused financial advisor? (article)

This is for general education purposes only and should not be considered as tax, legal or investment advice.