They are different types of financial planners that can help you to manage your business finances. Financial advisors like brokers sell you financial products. They normally charge commissions to make a profit. Fee only financial advisors do not sell products but offer you financial advice and recommendations.
Working with a fee only financial advisor may be very helpful for your business. Fee-only financial advisors get payments on services he/she offers to a company. If you are looking for a fee-only financial advisor, these are the benefits you will enjoy:
- They provide trustworthy advice.
The fee only financial advisor will help you plan your finances by offering you good advice because they are not after selling you financial products like brokers do. Fee only financial advisors will provide you with advice you need for insurance and estates that are hard to understand as an investor. They have business ethics and can be trusted.
- They can be trusted with your assets.
Fee only financial advisors acts as a fiduciary in your business. They are always there to guide you in your business with your interests in their heart. They are not just concerned about making profits like the brokers. They are ethical when handling your finances. They are legally expected to act on your interests because you are a client to them.
- Helps in total wealth management.
The essential benefit that you enjoy from a fee only financial advisor is that they can manage all your wealth. They provide management in your estate, insurance and retirement benefits. They assist you in setting your financial targets and educating you on cash management and taxation. While when working with a broker, they only earn on commissions and so they are only focused on selling to you financial products without advising you on financial planning. Fee only financial advisors will help you in making objectives to achieve your financial goals.
- They are professional
A fee only financial advisor is mostly a professional with the right certifications from a financial institution. They are equipped with knowledge and skills on financial management; hence this gives you guarantee that they will handle your financial needs professionally. Most brokers do not have ethics as they lack proper education. A Fee only financial advisor also studies ethics, making him or her trustworthy.
- They are always ready to offer you advice.
Fee only advisors offer you continuous advice and always ready to give you recommendations. After payment of their yearly fee, you will be able to access your financial advisor any time. They help with answers to all your financial questions at any time.
When choosing a financial advisor for your business, consider choosing a fee only financial advisor because they are not concerned about making profits like other advisors but have your interests at heart. They have a flexible payment model and do not receive commissions. By working with only financial advisors, you will avoid conflict of interests as they do not sell you any products