Fee Based Planning El Paso: What Is It?
This content was written for Kevin Oneill
There’s a thing called fee based planning El Paso in reference to financial planners. Many people don’t understand how financial planners get paid. Some of the laws and regulations are changing and making sure that all financial planners get paid the same way but regardless it is good to know the definitions. This often times sways people in who they choose to be their financial advisor. One person that you may want to talk to about the differences of how financial visors get paid is Kevin O’Neill at O’Neill Financial Planning. To schedule an appointment to talk to him about the differences between how people get paid you can call 915-373-0989.
A fee based planning El Paso financial planner simply gets paid a fee for advising you. Sounds pretty simple and straightforward. You may be wondering will how else would somebody get paid. This is a very good question and a question that I will answer for you. The other way of financial vices getting paid is by getting commissions. This should be known as a commission based financial planner.
A commission-based financial planner gets paid based on the products that they sell. In other words, they get paid by the company for which they are selling products for. They get paid a commission based on the size of the product that they sell and the type of product that they sell. This is the difference between the fee based planning El Paso financial planner and the commission-based financial planner. It is a significant difference to many people because many people think that the commission-based financial planner is incentivized for the wrong reasons.
Some people think that by paying a financial advisor a commission based on the products that he sells or she sells they are swayed to sell those products instead of what the client really needs. This is very dependent on the financial advisor who is doing the selling or the advising. If you have a financial advisor who was truly acting as a fiduciary which they are all supposed to do then, you may not have this issue in the first place no matter how they are paid. However, some people don’t like to risk it, and they simply want to go with a fee-based financial advisor. With that said many times the fee-based financial advisors and up costing more than the commission-based financial advisors.
This is not always the case, but it is often the case. To understand more about how the pay structure works for different financial visor so you can make the best choice it would be a good idea for you to contact Kevin O’Neill. Kevin O’Neill at O’Neill Financial Planning will discuss the differences between how financial visors are paid and help you come up with the best decision for you. The schedule an appointment with Kevin O’Neill at O’Neill Financial Planning simply call 915-373-0989. If you want to learn more about Kevin O’Neill and the services that he offers as a financial advisor visit www.ONeilfinance.com.