If a financial planner, advisor, or other form of financial expert charges a fee-only fee, it signifies that their only source of income is the fees that customers pay them for their services. They do not collect fees for suggesting certain products. These kinds of consultants are frequently preferred since a fee-only arrangement eliminates any conflicts of interest. In this article, we will explain what “fee only financial planner” means, their rate, and firms in Atlanta and Boulder. We also describe a certified fee only financial planner.
Fee Only Financial Planner
Clients who work with fee-only financial planners pay them directly. This could be a flat fee, an hourly rate, or a percentage of the assets they handle. This is usually about 1% of a client’s portfolio each year. The businesses whose financial products they offer to customers do not compensate them in any other way because of their fee-only pay structure.
Fee-only financial advisors are “fiduciaries,” a term you may hear; this means they are required to place their client’s interests first. Ask your financial planner if he or she is a fiduciary. Both a registered investment manager and a certified financial planner are fiduciaries. This is something you should think about when picking an advisor.
Fee Only Financial Planner Rate
Most financial planning firms base their fees on a share of clients’ AUM (assets under management) for continuing portfolio management. The average rate of the financial planner fee in 2021 was 1.02% for $1 million in AUM, or $10,200 annually, according to a report by Advisory HQ News Corp.
In the past, a study by RIA in a Box found that the average rate for a fee only financial planner was 0.95 percent of assets under management (AUM), which for a $1 million account would be about $9,500 per year. However, because fees are sometimes levied quarterly, your advising costs might be split into four payments.
As the size of the account grows, asset-based yearly rates may fall, ensuring that high-net-worth people continue to pay a reasonable rate. Fees will, however, be greater for those with lower account values as a result of this. According to the same report by Advisory HQ that was previously noted, the average AUM charge for a $50,000 account is 1.18%, or $590 annually.
For financial planning or advising services, as well as unique projects, fixed fees, and hourly rates are frequently used. For assets between $499,999 and $7.5 million, fixed costs typically vary from $7,500 to $55,000. The cost of an hourly charge might range from $120 to $300, depending on the advisor and the difficulty of the assignment.
Atlanta Fee Only Financial Planner
Here is the best financial planner in Atlanta. We did the research for you!
#1. Brighton Jones,
3372 Peachtree Road Northeast, Atlanta, GA 30326
Brighton Jones is a group of financial planners that offers knowledgeable guidance on the nuances of wealth management to both private clients and company owners. They take these suggestions and combine them with their client’s financial plans to get the best results. The company provides proactive tax planning based on important life events, integrates financial planning, and helps with tax disputes. The Brighton Jones-Atlanta “401(k) Retirement Plan” incorporates equitable terms into a framework to guarantee the protection of both the company and the employees.
#2. Paces Ferry Wealth Advisors
2849 Paces Ferry Rd. SE, Ste. 660, Atlanta, GA 30339
In the Atlanta metropolitan region, Paces Ferry Wealth Advisors have fee only financial planner that interacts with customers, offering them financial guidance and assisting them in managing their wealth over both short- and long-term horizons. Its advisors have extensive backgrounds in risk management, asset control, and comprehensive wealth management strategies. Clients receive support with tax planning as well as advice on how to use cash on hand. Along with establishing unique savings and investment plans, Paces Ferry Wealth Advisors is skilled at estate planning.
#3. SmartAdvisor by SmartAsset
Atlanta, GA
The free, five-minute application from SmartAsset makes it simple to locate experienced fee only financial planners in your area. Based on your unique financial needs, the proprietary technology matches you with up to three advisors using SmartAsset’s own algorithm. Each advisor has gone through a rigorous screening process by SmartAsset and is a fiduciary, bound by law to act in your best interest. You can choose who you wish to work with by speaking with each one for free, sometimes in only a few minutes. To identify the best financial planners for them, hundreds of thousands of wise retirees and investors have already used SmartAsset’s straightforward, cost-free service.
#4. 49 Financial
3535 Peachtree Road Northeast, Atlanta, GA 30326
49 Financial is an Atlanta-based financial planning service that serves families, individuals, and corporations. This firm’s fee only financial planner offers retirement, equity investing, and fixed-income planning services in Atlanta. In addition, the firm provides personal and business financial planning services. There are other policies for long-term care, disability, and life insurance. In November 2020, the business earned the “Great Place to Work” designation. The company’s CEO, Travis Penfield, was a guest on a recent episode of The Mindset Forge.
#5. Asset Advisors Group, LLC
4779 Atlanta Road, Atlanta, GA 30339
Asset Advisors Group LLC helps Atlanta companies, individuals, and families. It helps with the process of making an estate plan by taking care of things like taxes and trusts. It also helps people make financial plans, unique investment strategies, and plans for retirement. One of its fee only financial planners, Randy Martinez, started working in the financial services business in 1999 at KPMG’s personal financial planning practice. He has gone all over the US to teach other financial experts how to do their jobs.
#6. Balentine
3344 Peachtree Road Northeast, Atlanta, GA 30326
Balentine offers wealth management services in Atlanta and nearby communities. The privately owned company helps people, families, and business owners reach their financial goals by making personalized financial plans. Its staff provides services in asset allocation, insurance administration, estate and tax preparation, cash flow management, and debt repayment. It also helps clients come up with investment strategies and answers. For seven years running, Robert Balentine, the business’s proprietor, has appeared on Barron’s list of the Top 100 Independent Advisors.
Fee Only Financial Planner Boulder
When choosing a fee-only financial planner or firm in Boulder, there are a lot of different things to take into consideration. This tool will put you in touch with up to three fee-only financial planners in your area. This is an alternative way to find a financial manager. the following includes the list of fee only financial planner in Boulder, Colorado.
#1. Wealthgate Family Office
The financial planners at Wealthgate Family Office only charge their exclusive roster of high-net-worth customers a fee. They also work with a trusted company. Fees can be set or based on a portion of the assets being managed, and each client agreement will say how they work. The account size must be at least $10 million. There is no list of the qualifications that the firm’s advisors have.
Background
Alexander Paul, the company’s founder and CEO, is the majority owner of Wealthgate.
Wealth management, asset allocation, the choice and control of third-party managers, portfolio monitoring, and consolidated reporting are among the services offered.
Investment Strategy
Wealthgate usually invests in hedge funds and other shared investment vehicles, which makes sense for a company with such a high minimum asset level. Also used are stocks, bonds, and mutual funds.
#2. Colorado Financial Management
Next on our list is fee only Colorado Financial Management, LLC. Individuals, families, and high-net-worth individuals make up more than 95% of the firm’s clientele, and the minimum first commitment is $500,000. The company additionally manages accounts for nonprofits.
The firm’s staff members include many certified advisory professionals. There are a few certified financial planners (CFPs), chartered financial analysts (CFAs), and one certified divorce financial analyst (CDFA).
Background
Colorado Financial Management’s beginnings date back to 1988 when Mike Sargent established the business. The company changed its name to Sargent Bickham Lagudis (SBL) in 1996. SBL didn’t change its name to Colorado Financial Management until 2016, at the latest. CIO Bradley Bickham, together with senior financial advisors Joshua Miller, Meagan D’Angelo, Luke Daniel, and Christopher Lagudis, currently own the company.
Colorado Financial Management Client Experience
Colorado Financial Management will meet with you to find out your risk tolerance, liquidity requirements, and time horizon in order to create an investment portfolio that meets your specific needs. The business will create an asset allocation for you based on the particulars of your circumstance and what it believes will eventually help you achieve your goals.
The gains and losses your portfolio experiences as it ages will eventually cause your asset allocation to change. The business will monitor and rebalance your investments as necessary to prevent this from significantly affecting your planned asset allocation.
Certified Fee Only Financial Planner
Despite the fact that there are over 100 professional titles and designations, there are only four basic categories of financial advisers: personal finance specialist, chartered financial consultant, certified fee-only financial planner, and registered investment adviser. A CFP and a ChFC both provide a range of personal finance services, such as investing, estate planning, and tax strategies for retirement planning. Both have to go through a lot of training in financial planning, but a Certified Financial Planner also has to pass a tough board test and agree to follow a code of ethics and standards for financial planning practice. An RIA title proves that a financial adviser is good at managing money and making investments. Many advisers also get one of the other three designations. Certified public accountants that wish to assist customers with matters other than tax planning typically pursue the PFS credential, which necessitates passing a unique test.
Specialty Examinations
You might want to search for a financial planner with extra certifications, depending on the kind of financial guidance you need. Finding a certified fee only financial planner with the necessary credentials, for instance, is necessary if you’re looking for investment guidance. According to Forbes, if you wish to invest in stocks, bonds, or other securities, you should locate a representative who has passed the Series 7 exam, also known as the “general securities representative examination. The Series 63 exam is the uniform state law requirement for securities agents, so be sure your fee-only financial adviser has passed it.
What Is the Difference Between Fee Based and Fee-Only?
Ask any advisor how they make money, and you’ll get a different answer. Fee-only financial advisors receive all of their compensation from you on an individual basis, but fee-based planners may also receive commissions on the products they offer.
What Is the Difference Between a Financial Planner and a Financial Advisor?
Customers may not have a clear understanding of the difference between a financial advisor and a financial planner; nevertheless, many people who work in the financial industry have a good grasp of what it means to be an advisor as opposed to a planner. The administration of investments is typically the primary emphasis of advisors, whereas financial planners take a more comprehensive approach when assisting clients.
What Is the Disadvantage of Financial Planner?
Employing a financial consultant comes with a number of potential disadvantages, one of the most major being the possibility that they will not always have your best interests in mind. It is not unheard of for there to be a conflict of interest, despite the fact that many advisers are making judgments that will be to the client’s benefit.
What Is a Fee-Only Firm?
A wealth management company that exclusively charges fees to its clients only gets paid by them. Financial advisors who work on a fee-only basis are exempt from any potential conflicts of interest that other advisors might experience if a portion of their compensation is based on commissions and sales. A fee-only advisor receives payment only from their client.
Who Are the Top 5 Financial Advisors?
According to assets under management (AUM), the five biggest financial advisory firms in the US are BlackRock, Vanguard, Fidelity, State Street Global Advisors, and J.P. Morgan Asset Management. These companies’ scale enables them to provide a wide range of services to their customers.
References
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