Today’s financial planners operate within specific industry guidelines to help protect their investment clients. With a fee only financial planner in Attleboro, MA, they often charge no commission for their services. This means the planners will only receive compensation from you as their client, similar to an attorney or CPA.
While there are several options to consider when choosing a financial advisor, there are several advantages offered when you choose a fee-only advisor.
They Maintain a Fiduciary Standard
A fee only financial planner in Attleboro, MA, will almost always operate as a fiduciary. This is a person who is legally bound to provide clients with information that is only in their best interest. While some may believe all financial planners fall under this requirement, it isn’t always the case. In many situations, the financial advice industry operates on what is called the suitability standard.
Suitability refers to the fact a recommendation has to be appropriate considering your financial goals and your current status. However, if one of the products pays the planner more than the other one does, and each one is suitable, the advisor can make the call to recommend the product that will pay them more, even if it isn’t the best option for the client.
Receiving Compensation
It isn’t possible for a fee only financial planner in Attleboro, MA, to receive compensation from a brokerage firm, an insurance company, a mutual fund company or any other source besides their actual client. This means they are likely to be more loyal because you can change your mind and find another planner if they aren’t working out.
If you need help choosing a reliable and ethical fee only financial planner in Attleboro, MA, visit the Constant Guidance Financial website.
