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Fee Only Financial Planners

A fee only financial planner is an individual who does not make their money based off of commission. Instead, the financial planner earns their money based off of a fee only system. The system is one that charges consistent amounts for certain services, usually on an hourly basis to make determining cost a lot easier.

This works out well since the fee only financial planner provides a wide range of services that range from helping with an IRA to acting as a retirement planner. Most individuals who employ a financial planner don't do so for just a single service, but they utilize multiple services so that they are able to completely overhaul their finances. It is good to have everything you need provided by one fee only financial planner rather than having to spread yourself amongst a number of planners from standard to specialized such as a Christian financial planner.

Purpose of Fee Only

The reason why the fee only financial planner exists is because it is all about the customer and not about the income that the financial planner is able to bring in. When financial planners operate strictly off of commission, they receive a percentage of money made. These are individuals that mainly work in investment planning anyway. They take a percentage of the earnings from an investment before giving the investor their share. This can seriously cut down on the amount of money that an investor makes and that makes the investment process a less profitable one.

With the fee only financial planner, they provide many more services, including investment services. However, you can get assistance in the overall planning for your finances on a fee only basis. Of course, this means that you are going to pay a specific rate each time you need assistance, but it is well worth the investment.

The reason why the fee only financial planner is so well worth the investment is because you are able to put your finances into perspective. Together, the two of you can engage in retirement planning and planning that helps you reach future goals. For instance, buying a home may be your future goal that is so important to you. If so, then a plan can be put in place to make sure that happens. When such a plan is being put in place, the time is charged on a fee only basis.

Advantages of Fee Only

There are a number of advantages to the fee only financial planner. First of all, you can expect that any investments you make are in your best interest and not in the best interest of the financial planner. So if you invest in stocks, the stocks are the ones that are best for you and not otherwise. Or if you invest in a Roth IRA and you cash out when a profit has been made, no commission is taken. Besides, it's not a good idea to cash out retirement accounts early.

And although a 401K is an account that is operated via your employer, you can always ask for advice. It never hurts to see if the investments that you are considering are the best ones for you. Since you can choose your investments, you want to make sure you are choosing the right ones. When you are planning for your retirement, you want to make sure you are going about it in the best way possible so that you can make great use of your money.

There is also the number of services that are offered by the fee only financial planner. If buying a home is a goal of yours, then you want to be able to go about it in a way that is truly going to work for you. Your financial planner is able to do that for you. They are able to look at your finances and tell you what you need to do to get to where you want to be.

In the meantime, if you have kids, parenthood brings about a number of changes and they do have monetary consequences. For instance, there is college to worry about. You want your kids to have the best education, so it is in their best interest for you to save money for school. Even if they get loans, you are able to minimize a lot of the burden they will have paying them back.

These are just some of the services that the fee only financial planner provides you. Anything dealing with your finances is not off limits because planners who work on a fee only basis and is also certified is one who has had to pass a lot of tests in their day. You know you are dealing with someone who truly cares about what is going on with your life, so they want to help you.

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