When you are looking for a financial planner, we recommend searching for one that is fiduciary and fee-only. A fiduciary, fee only financial planner is a professional who helps you strategize for your financial future while receiving either a flat-rate or percentage of AUM fee (assets under management) from the client. Contrast this with a financial advisor that receives payment from the client and additional compensation or commission for selling the client products that may not be in the client’s best interest.
Here are some top reasons to consider working with a fee-only financial planner in Minneapolis, MN.
- They’re Interested in What’s Best for You
When you work with a fee-only financial planner in Minnesota, the priority will be what is best for you. Fee only planners do not have the same conflicts of interest that beset brokers or advisors who sell proprietary investment products to you for a commission.
- They Can Help You Reach Your Goals, Not Their Own Goals
The right financial planner can help you reach your goals. A fee-only financial planner can focus on a strategic financial plan or investment approach in your best interest to meet your goals. They will not be distracted by achieving their own sales quotas or receiving commissions for selling products. Typically, fee only financial advisors who work at registered investment advisory firms can offer more objective advice because they are independent of the Wall Street banks and brokerage firms. You can have greater confidence that the advice they give is more objective.
- Working with a Fee Only Advisor May Increase Investment Returns
Fee only advisors can help you stay disciplined through volatile markets, keep your portfolios rebalanced, and provide a holistic and comprehensive view of your financial situation, which will be uniquely tailored to you. If you’re looking for someone to help you with your financial plan, consider choosing a fee-only financial planner in Minnesota.
