You’ve worked hard to generate your wealth and you certainly want to grow and protect it over time. To do that, it’s essential to have a trusted wealth advisor. But there are numerous advisors out there, and many are also salespeople. How can you select an advisor that will provide advice that is in your best interest and not their own?
It is important to understand your advisor’s motivations, especially, how they are compensated for the advice they give.
Fee-only advisors earn revenue exclusively through the fee that their clients pay them directly. Clients know the amount they are paying with full transparency. And, fee-only advisors are fiduciaries, which means they are legally bound to do what is in their client’s best interest. Advisors who are commission or fee-based advisors may generate revenue via commissions, which means they may be incentivized to sell you products or services you don’t need – just to earn more money.
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