What is a fee-only Financial Advisor NYC?
A majority of business and other enterprise owners when are unsure of the kind, time and type of investments to make with their monetary existing assets, they resort to hiring help by professionals in such matters. Hiring or availing the services provided by a commission based financial advisor is not the most preferred choice for a majority of business entities. When financial assets or monetary stakes are high, one is best recommended to seek the advice of fee-only planners rather than ‘fee-based planners’ which charge commission with every product which is sold via them. One major advantage hiring Fee-only planners instead of fee-based planners is that of not reaching to a situation where any conflict of interest arises between the client and the service provider.
More commonly categorized as being more open towards offering a well evaluated comprehensive advice to their clients, Fee-only advisors are those that provide clients with well-thought advice regarding their economic and financial sets which will best interest the client. Unlike others in the market, fee-only financial advisors refrain from accepting any form of interest pertaining to a number of product sales made.
Financial advisors in New York can be found in large numbers, however, finding as well as hiring the services of one which keeps the best interest of their clients as the top most priority can be considered as a difficult task. For a vast majority, hiring a financial advisor in New York which is categorized as being fee-only is best preferred. Mentioned down below are just a few out of the many advantages which can be attained by a client by hiring a fee-only financial planner New York.
Holistic Analysis is carried out
Unlike fee-based based financial advisory services, the fee-only financial advisors concentrate initially before taking any steps, towards carrying out a careful analysis and evaluation of the clients’ existing financial assets. Once a well-evaluated analysis is carried out, only then is a plan regarding future investments created for the client which will best suit their interests. Advice is also provided by the fee-only financial advisor on matters pertaining to more than one niche, such as insurance, retirement plans as well as estate matters.
Under most circumstances, a fee-only financial management planner is also a fiduciary, which means he/she is under the legal responsibility of being the caretaker of their client’s financial assets. This particular oath helps them with keeping the best interest of their client as well as that of their assets as being of the utmost priority regardless of the circumstances. The highest level of ethical and moral as well as professional standards are followed by those fee-only financial advisors who are also categorized as being Fiduciary. Therefore, a mutual relationship based on trust and loyalty is created between the financial advisor and their clients.
Comprehensive Financial Planning
Another benefit of hiring a financial planner NYC whom of which is categorized as being a fee-only wealth management advisor is of being able to utilize a vast number of comprehensive services which can best aid your financial assets towards growth. Different subject niches associated with finances and investments are offered by fee-only financial advisors such as setting objects and targets for the business, dealing legally and effectively with taxes, managing the income being generated as well as retirement plans to be followed for the future.
A fee-based financial planner, on the other hand, is usually criticized for not providing a comprehensive management plan for their client’s assets since their priority is aimed at reaching an optimum level of commission earned by each sale. Thus is best advised by many to utilize the services offered by fee-only financial planners rather than other brokers in the market.
Aforementioned are just three out of the hundreds of reasons behind why a majority of the population seeking the services of a professional advisor mostly prefer hiring one which is fee-only rather than fee-based. Looking out for the best interest of their respective clients, fee-only financial management advisors, are most commonly also considered as being more reliable as well as trustworthy, due to which they have made their mark prominent within the world of finance and economy.