As a fee-only financial advisor, I never wanted my advice to be perceived as anything other than impartial.  

In my first year in practice, a veteran advisor at my former company taught me such a valuable lesson that I will never forget. I had onboarded my largest new client and was so excited to brag about it.  When I told him I put him into a fee-based account, he was shocked. He showed me how I could have made an extra $20,000! 

For a kid one year out of college with a base salary of 18k, that sounded like $1,000,000, and potentially a lot of Red Sox vs. Yankees tickets! He explained that if we don’t keep ourselves in business, we can’t “help” our clients, so the extra commissions actually are good for the clients. 

Ugh, the exchange left a lasting impression on me, to say the least. Well, fast forward four years, the veteran was retired (I’d love to know the full story behind that), and I left that company to go independent and run my practice my way. 

Fast forward another ten years, and I founded my own financial services firm.

Being a fee-only financial advisor allows me to sit on the same side of the table as my clients, earn a living, and feel confident they are on an appropriate path to independence. I would never want a client to wonder if I am only suggesting an idea because I need to make a sale. When I move a client’s money, it costs me money, so you can be sure when I call them to make a move, it is in their best interest. The more my clients make, the more I make. I have a vested interest in growing healthy and prosperous accounts.

Now that I explained my ideological alignment with how being fee-only is structured, let’s cover some of the basic functions and operations of fee-only financial advisors.

What is a Fee-Only Financial Advisor?

Well, we are financial advisors that accept a flat rate, no matter how much money you end up making. Other types of advisors are paid by taking a percentage of your portfolio. Working with a fee-only advisor means there is less likelihood of running into a conflict of interest because we do not receive any additional compensation for advising our clients to purchase one investment product over another. We do not receive any kickbacks, referral fees, or commissions. We strictly operate on a fee-only basis.

Click the Link to Learn About Roth IRA Contribution Limits

Why Hire a Fee-Only Financial Advisor?

We put our clients’ needs first. Holding ourselves to a fiduciary standard,, which means we are legally obligated to act in your best interests. Other advisors may suggest investing in certain products or services because it’s in their best interest for you to do so. They may suggest products that are mandated by their employers or that result in the highest commission possible. These actions may be suitable for your situation, but they may not be what’s best for you. What if the best advice is to do nothing? A commission-based advisor might feel the need to “stay in business.” 

Due to the differences in our payment structures, you don’t have to worry about that with a fee-only financial advisor. The way we operate makes us much more transparent than a typical financial advisor. We are here to help you with your finances, not to look out for our own.

We offer an objective second opinion of your financial situation. Our services range from addressing a specific financial question to a review of your entire investment portfolio or a full-scale financial plan, and you can feel confident that every move we make is in your best interest.

How Can I Help Your Family?

More and more young adults are looking to invest. Whether you’re a young parent/couple looking to make sound investments or have older children trying to make their own money, there’s been more attention given to “get rich quick” strategies over recent years. 

Thanks to social media and online influencers’ encouragement, there has been an increase in risky behavior in online trading. I refer to this current trend of non-sensible, risky trading as “meme stocks.”

Learn How To Protect Your Kids From Reddit, Robinhood, and Other Social Media Sites Encouraging Reckless Trading

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Unfortunately, some of this reckless behavior has resulted in financial ruin and even worse. Sadly, a young man reportedly committed suicide after seeing a six-figure loss in his Robinhood account.

I can offer guidance to you and your family on investing in stocks so that the likelihood of traumatic financial ruin is far less. The last thing I want for my clients is for them to make unnecessary and unadvised risky decisions because it’s the latest craze. Like I mentioned earlier, I’m sitting on the same side of the table, and I hold myself accountable for all the financial advice I make. 

To learn more about fee-only financial advising and get a better understanding of your financial goals, please contact me.