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News & Press: Financial Literacy News

How financial advisors are paid

Tuesday, July 25, 2017   (0 Comments)
Posted by: Brian Pontious
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http://www.nj.com/business/index.ssf/2017/07/how_financial_advisors_are_paid_biz_brain.html#incart_river_index

 

Q. If I use a fee-only planner, what's the difference if they charge a fee for creating a financial plan versus charging a fee based on assets under management? It seems the second option would be way more expensive. 
-- Considering help

A. There's a big difference.

It's a question of buying a one-shot deal versus having someone work with your money on a regular basis.

When you're charged a fee for a financial plan, you receive a financial plan and that's all that's done, said Bill Connington of Connington Wealth Management in Fairfield.

You get a plan, and then you must go and implement it yourself, he said.


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