A few months ago, I was in a coaching session with a woman who was very confused about how her advisor gets paid. Her advisor worked for a major brokerage firm and insisted that he was “fee-only.” She felt uncertain if this was the truth so I asked to look at one of her statements. Continue reading “Is That Advisor Really Fee-Only?”
Last week, we discussed the dangers of using a commissioned-based financial advisor. One way to avoid those conflicts of interest is to work with a fee-only (not fee-based, which is fees PLUS commissions) advisor. Instead of selling investments for a commission, they typically charge a fee that’s a percentage of the assets they manage for you. You can search for a fee-only advisor through NAPFA, the National Association of Personal Financial Advisors. Continue reading “Should You Use a Fee-Only Advisor?”
“Interview at least three financial advisors in your area and then call me back for a second opinion on your top choices.” That was the guidance I gave to a woman who called our financial helpline. She is retiring in about six months and wants to have a relationship with a local financial advisor when she retires. We discussed what she was looking for, how to find someone, and what questions to ask, and I sent her a follow up resources that had the list of questions. We talked about choosing someone who has made a commitment to their industry by earning a CFP® or ChFC® designation or a masters degree in financial planning. After giving her some links on how to search for a planner (click here) and some questions to ask (click here for the resource), she set out to find one. Continue reading “Warning: Getting a Second Opinion on a Financial Advisor May Have Saved This Woman’s Retirement”
As financial wellness becomes more of a common component to workplace wellness programs, many smaller employers are considering the cost sharing aspect of bringing financial guidance to their employees. With tight budgets, some CEOs view the ability to meet with a financial planner during working hours as a perk that employees should be happy to pay for. But are they willing? Continue reading “Should (and Would) Employees Pay for One-on-One Financial Guidance in the Workplace?”
