Navigating your finances can be an arduous journey. From monthly budgeting to retirement savings, making informed decisions can be tricky. Fee only financial planning provides objective, impartial advice that can assist in making wise choices about how best to maximize your cash flow for the future.
What is fee only financial planning?
So, what exactly is fee only financial planning? Essentially, it is a model of financial advice for which advisors are compensated solely by fees paid by clients for their services. Typically, these fees are hourly or flat fees that have nothing to do with a client’s assets or income – just the amount of time required to provide the financial planning services. This is unlike commission-based financial planners who earn commission from selling products to clients. Fee only financial planners do not receive any other form of compensation, meaning their advice remains objective and free from conflicts of interest.
How do fee only financial planners work?
Fee only financial planners typically start by evaluating your financial situation and goals before creating a tailored plan to help you meet them, taking into account factors like income, expenses, savings, debt, and other factors. Furthermore, fee only financial planners are experts at the financial planning process, rather than the investment and insurance products that might just be a small component of an overall financial plan.
How does fee only financial planning compare to other types of financial planners?
Commission-based financial planners may have an incentive to sell you financial products that may not meet your needs best. They may be paid more for recommending over solution over another, creating potential conflicts of interest that are not in your best interests.
What are the benefits of fee only financial planning?
As fee only financial planners are only compensated through client fees paid, there are no hidden commission fees or other conflicts of interest that might compromise objective advice from them. This allows clients to be sure their advice will always remain impartial.
Fee only financial planners offer many benefits, including conflict-free advice. As they’re not financially motivated to recommend specific financial products, you can rest easy knowing their advice will meet the unique goals and needs of every client.
Fee only financial planning provides personalized recommendations. Your advisor will take the time to fully comprehend your current and long-term financial needs before creating an individualized plan designed specifically to help you reach them. Hence, fee only financial advice helps ensure you achieve all your unique financial objectives successfully.
How can you find a fee only financial planner?
You’re in the right place.
Objective Financial Partners is one of Canada’s largest and most established fee-only, advice-only financial planning firms, specializing in retirement, income tax, and estate services.
We are located in Markham, north of Toronto, but work with clients across Canada and around the world by video conference.
Founded in 2012 by Jason Heath, one of Canada’s best-known financial planners and personal finance columnists, our experienced Certified Financial Planners (CFPs) have worked with thousands of clients. We charge flat fees or hourly rates and do not sell any financial products whatsoever.
Contact us to book your no obligation introductory call.
