Hiring a fee only financial planner in Minneapolis MN may be better for you than other compensation models. A fee only financial planner has fewer conflicts of interest and can focus on your priorities and goals.
Three Reasons to Choose Fee Only
Three reasons that choosing a fee only financial planner is a good option:
1. Reduces conflicts of interest
2. Increases trust between you and your advisor
3. Discloses fees and other costs upfront
Conflicts of Interest
Many investment professionals who offer financial advice are compensated by their firms with sales commissions to sell proprietary investment products. Even if they have the best intentions, they may overlook other options if a commission is at stake. They may be incentivized or feel pressure from their firm to sell their products. It is challenging to act in the client’s best interest under these circumstances. This inconsistency may lead to conflicts of interest.
Building Trust
A fee only financial planner in MN is compensated solely by the clients for objective advice. Fee only advisors do not earn any sales commission on the sale of investment securities. Typically, more objective sources of financial advice can be found from a fiduciary, fee only financial planner who works at a registered investment advisory firm that is independent of the Wall Street banks and brokerage firms and does not sell any products.
When you receive advice from an independent, fee only financial planner in MN, you can have confidence that it is in your best interest. Fiduciaries are required by law to act in your best interest.
Full Disclosure of Fees
We strive to provide you with transparency on all investment related costs and our standard asset-based investment management fee schedule. We work to negotiate lower investment manager fees, trading costs, and custodial fees. You will not be caught off guard with surprise costs and hidden charges.
