Good Financial Reads: Finding a Fee-Only Planner

3 min read
June 30, 2017

 finding a fee-only planner

Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.

Catch up on some of the latest posts with this week's roundup:

Should I Work With a Financial Advisor? Pizza Edition

by Andrew Damcevski, TruWealth Planning

Most people don’t wake up and say, “Today, I am going to get a financial advisor.” Frankly, I wish that happened more often. I wish I wasn’t able to put the phone down before it rang again with prospective clients wanting a comprehensive financial planning relationship. Now maybe you’ve considered working with an advisor but aren’t sure if the timing is right. Maybe you’re a pharmacist who just passed your boards, a promising attorney, a 30-something whose life is starting to really get busy, or a young professional who wants to make sure you’re doing the right things. In my opinion, there is no perfect time to start, however I strongly believe that it’s when you’re ready to start taking your finances seriously.

I love pizza and I like analogies, so let’s combine those two. I can get in my car, drive to the grocery store and buy flour, yeast, some spices, tomato sauce, and mozzarella cheese. I can then go back home with all of my ingredients, and start to make a pizza. After a few hours, I’ll have a “pizza”! I’m no chef and can’t tell you if the pizza will turn out good or not, and if I choose to make another pizza I can’t promise any consistency between the two pies. All of that is time consuming, the end result isn’t clear, I’ve made a mess and have to clean, I don’t know if I’ve done everything right or missed something, and I still might have to go out to eat afterwards if I did a bad enough job. This is what I’ll compare to DIY financial planning!

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Fiduciary is here. Sort of.

by Tyler Reeves, Plimsoll Financial Planning

If you’ve watched the news lately, you’ve most likely heard about the Department of Labor’s Fiduciary Rule.

Just in case you haven't, here's a quick refresher...

The fiduciary rule was established under President Obama's administration in an effort to increase consumer protections for investors. Only days into office, President Trump signed an executive order asking for a full review of the law. This created a month's long delay of the rule and a lot of speculation that it would be scrapped entirely. 

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How To Find A Fiduciary: Three Questions To Ask Financial Professionals

by Dan Andrews, Well Rounded Success

Fall in love with the term Fiduciary. In the Financial Planning realm, a Fiduciary means someone obligated to act in the best interests of his/her clients. For years, the financial industry operated under the Suitability Standard. You might be asking, “what’s the difference?”

The mindset of professionals operating on the Suitability Standard: “if a person represents a certain age and amount of money, then this type of product makes sense.” This person can disregard conflicts-of-interest like sales commissions. As quoted by the 2014 PBS Frontline episode, The Retirement Gamble Facing Us All:

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Why Fee-Only Financial Advisors Are Different

by Jenna VanLeeuwen, Guest Contributor

When you’re looking for a financial advisor, it can be confusing to figure exactly what kind of professional is the right fit for you. You’ve worked hard to earn your money -- and you don’t want choosing the wrong person to cost you.

One way to ensure that you’re working with someone who has your best interest at heart is to work with a fee-only financial advisor. But before we tell you exactly why we think it’s so important to work with a fee-only financial planner, let’s go over the three ways financial advisors are paid for their work.

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