In a word: Yes. And here’s why.
What is a Fee-Only Financial Advisor?
A fee-only financial advisor is paid ONLY by the client–you. AND–this is very important–the advisor does not earn commissions from selling products. Those two things sound very simple, but they’re also confusing. Let’s dive deeper.
A Fee-Only Financial Advisor is Paid ONLY by the Client
Yep, you get what you pay for, and you pay for what you get. And it’s all very transparent. As a fee-only advisor, we don’t get paid by investment companies, insurance companies, annuity providers, or anyone else. Our fees come from you only, for our financial planning and our investment management.
Providing services on a fee-only basis is part of our fiduciary obligation. You know the saying: He who pays the piper calls the tune. We get paid by you and not by anyone else. We don’t have a financial incentive to recommend one product or one investment over another. Our only incentive is to serve you well. You call the tune.
We Don’t Earn Commissions
If we recommend that you invest in a certain ETF, do you know how much money we make if you buy it? That’s right: Nothing. Zero. Zilch. Nada.
If we recommend that you purchase an insurance policy, do you know how much we make if you buy it? That’s right: Nothing. Zero. Zilch. Nada.
If we recommend that you purchase an annuity, do you know how much we make if you buy it? That’s right: Nothing. Zero. Zilch. Nada.
Our approach is to provide good advice to you, without getting commissions, kickbacks, or referral fees from anyone else. We put you first.
Why Do I Need a Fee-Only Financial Advisor?
Let’s be clear: Earning a commission for selling a product does not mean you’re a bad person or you have ill intent or that you are misleading someone for your own gain. Part of our job is to refer you to people who earn commissions: insurance agents and brokers, for example. And we’ll never refer you to anyone inappropriate.
Roles like that are primarily transactional.
But as your financial advisor, we take a holistic approach to understand your entire financial situation and to advise you on all the moving parts as a whole, not just transactionally. So, we offer financial advice and wealth management, not products.
You need a fee-only financial advisor because you know we’re always in your corner, always looking out for your best interest, and never just trying to make a buck.
At Dominion Financial Advisors, we help you replace deferred, delayed, and avoided decisions with informed and guided actions. Schedule a complimentary consultation with us to see how we can work together to plan your financial future.