There are many different reasons why a fee-only financial advisor may be right for you. Exploring your options and educating yourself on the different types of financial advisors is the most important step in ensuring you’re receiving sound advice.
Focus on the advice
Fee-only advisors are paid for the advice they give, and retained based on its value to you. They are not paid for financial products they sell to you. Because advice is how they make their income they strive to provide guidance in the best interest of their clients. The happier and more secure you are, the stronger the relationship becomes between you and your advisor.
Held to a high standard
Fee-only advisors are held to a fiduciary duty, wherein they provide guidance based on the best interest of the client. Fee-only financial advisors take their fiduciary responsibility seriously. Holding themselves to fiduciary standards involves trust between a trustee and a beneficiary. You may not realize it, but, brokers are not held to this same standard of care. This can lead to conflicts of interest causing you to wonder if the brokers recommendations are better for you or the broker.
Loyal to you
Fee-only financial advisors are paid by you and the better you’re served the stronger their business is. The very best financial advisors have servant hearts. They’re in the business to help people and guide them during their financial lifetimes. They become apart of your family and are extremely loyal to you and your success. This makes upholding their fiduciary duty easy. After all, fee-only advisors do well by doing well by their clients.
Get to know your personality
Fee-only advisors get to know your personality. It’s like having a psychologist for your financial well-being. In order to advise someone, advisors become very familiar with your behaviors and tendencies. What makes you tick, what your goals are, and how you handle stress allows fee-only advisors to empathize with you and advise you in your best interest. At True Measure our clients take extensive personality, cognitive, behavior, and risk tests to help us get to know you more completely.
Help you stay calm in a bear market
When left to make our own financial choices, we often make the wrong ones. In volatile markets, investors tend to panic and may do all the wrong things at just the wrong time. Advisors help us stay calm and revert us back to the long term goals previously established. They not only manage our assets and portfolios but they also help us choose behaviors that are personally fulfilling, protective, and productive.
To talk to a fee-only advisor today, visit truemeasure.com and learn more about why a fee-only advisor may be right for you. To gain financial literacy and grow your knowledge with free content, subscribe to our newsletter!