How Much Does Financial Planning Actually Cost?
I’m all about transparency in every aspect of my life, and truly believe that honesty is the best policy, so today I’m going to get real and talk about exactly how financial planners charge for their services.
Some charge commissions based on the products you buy from them, such as mutual fund sales loads, insurance commissions, etc.
Some charge a percentage for the assets they manage.
Some charge flat fees for their services–this is called fee-only, and they may be package fees, retainer fees or hourly fees.
And as a client, it’s up to you to find out exactly how your financial advisor earns a living.
But I know that can be overwhelming. So in this week’s Financially Wise Living episode, I’m breaking down the top ways financial planners charge for their services so you can better understand which model is right for you. After all, the most important thing is to choose an advisor that’s right for you and your unique lifestyle.
And remember: be smart, ask tough questions and don’t be afraid to make a move to another advisor if you’re uncomfortable with your current one.
After all, your financial advisor isn’t just managing your money–they’re also managing a huge aspect of your life. So make sure you choose someone who’s right for you, who helps you feel empowered and excited about your money. You deserve it!