If you consider yourself a DIY (do it yourself) kind of person, you’re not alone. Millions of Americans successfully start and complete DIY projects every day. But just because you decide to do a project yourself doesn’t mean you have to learn how to do the task on your own.
What is an Advice Only Financial Advisor?
An advice only financial advisor offers financial planning and investment guidance to their clients who are then responsible for implementing the recommendations on their own.
Should I Hire an Advice Only Financial Advisor?
If you consider yourself a DIY investor, you may still desire the benefit of professional guidance an advice only financial advisor can provide to help you make smart decisions with your money.
What Questions Should You Ask Before Hiring an Advice Only Financial Advisor?
To help you find the best advice only financial advisor for your individual needs, it’s best to ask the right questions to determine if you’re a good fit to work together.
Eric Simonson, CFP®, CRPC®, CLTC®
You can rest assured that with an advice-only model, you are receiving some of the fairest, most transparent advice available in our industry. So, the questions you should ask should be tailored more towards your specific situation.
Andrew Dressel, CFP®, CRPC®, APMA®
“What range of subjects do you work on with your clients? Do those areas of advice align with the needs that you are trying to address? How are your fees determined?”
How does an Advice Only Financial Advisor Compare to a Traditional Financial Advisor?
Beyond not managing their clients’ investments and earning a fee for this service, how else do advice-only financial advisors differ from traditional advisors?
Andrew Dressel, CFP®, CRPC®, APMA® “I would say that you should get the same if not more advice from an advice-only financial advisor than you would from a fee-only or commission-based financial advisor. This is because an advice-only financial advisor isn’t tied to a product outcome.
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