Transparent Fees
When it comes to financial decisions for your future, working with fee-only investment advisors offers advantages over other types of advisors. First, fee only investment advisors in Minneapolis, MN, are transparent about their fees. They charge a straightforward fee — usually hourly, by project, or a percentage of assets under management (AUM). They only receive compensation from their clients. They do not receive commissions or other incentives from selling products such as mutual funds, annuities, or life insurance.
Fiduciary Duty
Most fee-only investment advisors are also fiduciaries. Fee-only, fiduciary advisors are legally required by law to act in your best interest. They only receive a fee from their clients, not from the sale of products. Fee-only, fiduciary advisors can be more objective than advisors who stand to gain commissions from selling certain products to their clients. Fee only advisors can tailor their advice specifically to their client’s needs, providing a more personalized approach to financial planning.
Comprehensive Advice
Fee-only investment advisors in Minneapolis, MN also tend to go beyond just investment management. They offer comprehensive financial planning services that cover all aspects of your financial life, including retirement planning, tax strategy, estate planning, and cash flow management. This holistic approach ensures that all your financial needs are met under one roof. Their goal is usually long-term wealth building and financial security for their clients, rather than short-term product sales.
When you are ready to move forward, and you are interviewing various firms, ask your potential investment advisors if they are fee-only, fiduciaries, and independent of banks, brokerage firms, and insurance companies.
