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3 Key Reasons To Use A Fee-Only Financial Planner
There're three different types of financial advisors: the commission broker who sells a product for a commission, the fee-based consultant who offers investment management for a percentage of the assets invested, and the fee only financial planner who offers an extensive financial plan for an hourly fee.
In this article, we will discuss five main reasons why you may choose a fee only financial planner over the other forms of financial advisors:
1. Fee only means no bias. One of the major reasons people choose fee-only financial planners over other consultants is the fact that they aren't paid out based on the investments they recommend. Fee only financial planners are only compensated by their clients, hence there's no bias when making investment suggestions. They get paid exactly the same whether they recommend an index fund or an annuity or a number of stocks and bonds.
2. Help with retirement planning, budgeting, taxation and even more. Most commission brokers and investment managers just offer investment advice, leaving you to struggle through planning for retirement on your own. Fee only financial planners may assist you with all of your financial questions including are you saving sufficient for retirement, do you still require life insurance, how can you reduce your taxes, and many more.
3. Only the advice you need, when you need it. With fee-based advisors, you pay an annual fee for them to manage your portfolio. With fee only financial planners, you just pay for suggestions when you need it. While most of the people like to check in with their financial planners annually to make sure they are still on track to meet their objectives, it's entirely up to you how much time you desire to spend with your financial planner. You can meet with your financial planner 3 times annually or once every three months, the choice is yours.
3 Ways A Financial Planner Could Help You Reach Your Very Own Financial Goals And Objectives
Many people wonder exactly what a financial planner does, and how they can help you. Here are just three ways a financial planner can help you achieve your financial dreams and goals.
Social Security Benefits: Several Key Details On COLA
For the second year in a row people who rely on Social Security will not be receiving a cost of living increase. This is only the second time since the cost of living adjustment (COLA) was adopted that recipients have not received an increase.
Social Security Widow Benefits - What Happens To Your Social Security Benefits When A Spouse Dies
When Social Security was first established, it only paid retirement income to workers who qualified. It was later amended to include benefits for spouses and survivors, which made it more of a family or insurance plan, instead of just a retirement plan.
How You Will Get The Perfect Financial Planner To Reach Your Financial Goal
Many people hire financial planners to help them meet their financial goals. Whether you are a beginner investor with very little experience or whether you have a good knowledge and understanding of financial planning topics, a financial planner can be a valuable asset when planning for your financial goals.
Social Security Eligibility Rules: What Are The Requirements For A Homemaker To Collect Social Security?
When Social Security was first established, most families only had one bread-earner, and only the working spouse qualified for retirement benefits. This caused financial difficulties for the spouse who didn't work (and therefore didn't qualify for Social Security) if the working spouse passed away first.
Key Points You Should Know About The Social Security Spousal Benefit
Can a spouse collect on her husband's social security if she reaches retirement age before her husband? No. In order for a wife to collect Social Security benefits on her husband's earnings the following requirements must be met:
Social Security Income: Recommendations To Help You Make The Most Of Your Social Security Retirement Income
As you get closer to retirement, choosing when to take your Social Security may seem like rolling the dice. There are so many decisions to make, such as:
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