What You Need To Know About Financial Planners

What You Need To Know About Financial Planners

There are lots of different varieties of financial planners. Not only are financial advisors compensated differently, but the services they provide differ quite a bit as well. Here's a quick summary of the different types of financial advisors and the way they can help you.

Commission Based Brokers: These financial advisors deal with investments and usually sell a product for a commission. Typical brokers include Edward Jones and Ameriprise. If you work with a commissioned broker you can expect to get advice on asset allocation and investing your own portfolio. Your broker may call you from time to time to suggest new investments for your portfolio. In exchange, the advisor will invest your funds and monitor your portfolio on a regular basis (usually quarterly, but may be more frequent).

Investment Managers: Investment managers or investment advisors manage your investments for you, generally for a percentage of the assets managed. The average payment could range from 0.5% up to 2.5% of the assets under management. Although some investment managers can also provide financial planning, the focus is usually on investments.

Fee Only Financial Planners: With a fee only financial planner, you will pay out an hourly payment for the advice you receive. Fee only financial planners offer much more than just investment advice. With a fee only financial planner you would typically receive a comprehensive financial plan, together with budgeting, investment advice, retirement planning, insurance policy reviews, tax planning and estate planning.

Everyone has completely different needs, so the type of advisor that's best for you will rely on your financial needs and goals. Do you just need somebody to recommend a suitable mutual fund, or do you need hands on investment management, or do you need a complete financial plan to help be sure you're on track to retire?

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