Frequently asked questions

What is Advice-Only financial planning?

Advice-Only financial planning is a service model where financial advisors or planners provide unbiased, personalized financial advice to clients without selling any financial products, receiving commissions, or charging based off of assets under management (AUM). This ensures that the planner's recommendations are solely based on the client's best interests, and not influenced by sales incentives.

How does Advice-Only financial planning differ from traditional financial planning?

Traditional financial planning often includes the sale of financial products, such as investments, insurance, or loans, where the planner may receive commissions or other incentives. In Advice-Only financial planning, planners focus exclusively on providing expert advice and do not sell any products or receive commissions, ensuring objectivity.

What services are typically offered in Advice-Only financial planning?

Services may include budgeting and cash flow management, retirement planning, tax planning, investment advice, risk management, estate planning, education funding, and other goal-based financial planning.

How are Advice-Only financial planners compensated?

Advice-Only planners charge transparent fees for their services, which may include hourly rates, flat fees, or a retainer-based model. They do not receive commissions from financial product sales or other third parties.

Can Advice-Only financial planners help with specific financial goals or life events?

Yes, Advice-Only financial planners can provide guidance on various financial goals and life events, such as buying a home, starting a business, paying off debt, or planning for retirement.

How does the Advice-Only financial planning process work?

The process usually begins with an initial consultation to discuss your financial goals, needs, and concerns. The planner will then gather information about your financial situation, analyze it, and develop a personalized financial plan. The planner will review the plan with you, provide recommendations, and offer ongoing support as needed.

Is Advice-Only financial planning suitable for everyone?

Advice-Only financial planning can benefit individuals at various stages of life and with different financial needs. However, those who prefer a more hands-on approach in managing their investments or finances may not find it as suitable.

How can I determine if Advice-Only financial planning is right for me?

Consider your financial goals, needs, and preferences when deciding if Advice-Only financial planning is right for you. If you are looking for unbiased, personalized advice without the influence of product sales, an Advice-Only planner may be an excellent fit.