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Fee-based financial Planning

The success of a financial planner should not be based on the number of products a client purchases, but on the Financial success of his clients. Common practice is that brokers sell products on a target basis, and receive commission form the provider of the product. The greater the reliance on commission the greater the conflict as loyalty shifts to the supplier who is paying the commission and to the broker himself as he has to be able to finance his practice through commissions and incentives. This conflict can cost you, in both out of pocket expenses and the quality of advice you receive. If you are looking for advice you can’t ignore the question of how the advisor is compensated.

Commission is an added cost to all premiums charged by any of the suppliers. As financial advisors we accept no referral fees, commission or other reimbursements from product suppliers for the implementation of recommendations. All commissions and any form of income other than that derived from fees remains in the client’s pocket. As such we have a commitment to our clients , who pay us directly, and no obligation to product providers.

Unbiased financial planning

Being compensated with a predetermined client fee rather than commission, results in an unbiased financial plan created by a Professional committed to acting as a fiduciary in a client-centered relationship. The fee is often less than the commission paid on one purchase through a commissioned broker.

Comprehensive, holistic, fee-only financial planning eliminates the concerns of being asked to buy a product you don’t understand or have been recommended without consideration for your overall financial situation. This model focuses on the person, not the product. It is a higher standard of financial planning, one that makes the advisor the client’s advocate and emphasizes education and wisdom.

Types of financial advisors

Traditionally the following have been labeled as financial advisors, Stockbrokers, Commissioned unit trust salespeople, Life insurance salespeople, Money managers, Chartered accountants and other tax specialists. They all share common characteristics; they have a standard toolbox of solutions, they focus on which tool is the right one for you, their compensation is based on you buying that tool. Maybe if their only tool is a hammer everything starts to look like a nail.

Financial planning is not an event, nor is it something that is done to you – it is a continuous, life long process that requires your active involvement as well as that of your advisor. True financial independence is knowing how much is enough. There are no fool - proof, money – back, no risk, get – rich- quick schemes. That is why you need a qualified professional financial advisor who has your interests at heart.