How to find a fee-based financial planner
This content was written for Kevin O’Neil
The financial consulting fee based planners will tell you with 100% certainty that they are the best option to go with when compared with commission-based financial planners. Why is that and what does it actually mean? On the other side of things, the commission-based financial planners will try and argue that they are the ones that you should go with. Why is it so confusing and does it really need to be? One person who can help answer this question for you is Kevin O’Neill at O’Neill Financial Planning. You can call him at 915-373-0989.
It really does need to be that complicated, and it doesn’t need to turn into an argument either. It is really up to you once you know the facts which type of financial planner you want to go with. Of course, when choosing a financial planner, theres more things to worry about than are they fee-based or commission based. You need to know if they have your best interests at heart. You need to know how experienced they are. You need to talk to previous and/or current clients to ensure it’s a good fit for you. And you have to sit down with them face-to-face and see if you actually get along with them. All of these are important components of picking the right financial planner for you and your family.
Now, the difference between financial consulting fee based planners and the financial consulting commission based planners. Fee-based planners are simply paid a fee for their consulting services. So they will sit down with you discuss your financial plan with you, recommend services for you to get, and put together a plan. Very similar to how a lawyer gets paid for their time, but not exactly the same. The fee-based planners have a fiduciary responsibility to their clients. A fiduciary responsibility simply means that they are going to always do what’s in the best interest of their client.
A commission based financial planner is paid commission on the products and services that they sell. So if he sells a life insurance policy, they get paid a commission on that life insurance policy based on how big it is and what companies with. If they sell an IRA, they get paid from the company they bought that IRA from based on the size of the IRA and the company who they used for it. The reason that the fee-based financial planner is going to tell you with him is 100% that they are better than going with a commission-based financial planner is simply because the fee-based financial planner has no ulterior motive. He is getting paid the same amount no matter the product that he offers you and sells you. Whereas the commission-based financial planner is 100% motivated by the type of product and the amount of the product that he sells you.
You see how there can be a major conflict of interest here with the type of financial planner you are dealing with. So it’s up to. You need to decide how to answer the question, “do you want financial consulting fee based planners or financial consulting commission based planners?”
El Paso Fee-Based Financial Planning
This content was written for Kevin O’Neil
Kevin O’Neill of O’Neill Financial Planning is one of the best financial consulting fee based planners in El Paso. He is extremely dedicated to ensuring that his clients have a fast-track to prosperity. He knows how important financial security and financial soundness are when it comes to living the life that you want to live. Especially as you start approaching retirement. Many people these days are finding that when they get to retirement age, that their bank account is not ready to let them retire because they have not set up the necessary accounts to allow them to live without working for the rest of their life. To schedule a consultation with Kevin O’Neill to figure out if you are in this boat call 915-373-0989.
If you’re in the dark on the difference between financial consulting fee based planners and financial consulting commission based planners let me enlighten you really quick. Commission-based financial planners are paid a commission when they sell something. It doesn’t matter if it’s an IRA, life insurance policy, term life insurance, 401(k), annuity, or investments. They get paid a specific commission for each one. Here’s the kicker each one pays a different commission. So some of the services pay a higher commission than others which mean that good ol’ human nature gets in the way of creating a plan that is completely sound and makes sense for the end-user.
Financial consulting fee based planners on the other hand only get paid for their time and their expertise. Therefore, there is no conflict of interest when it comes to the products that they are recommending. You can rest assured that when they are recomending a product to you it’s because they think it is the absolute best product for you not because they are getting paid a bigger commission on that product than they would on another product. This is why most of your fee-based financial consulting planners, make that all of them, will tell you that going to a fee-based financial planner is way smarter than going to a commission-based financial planner. Basically you can look at it as one is a salesman and the other is a consultant.
I don’t know about you but most people would rather go to a consultant that they would a salesman. When a human being is motivated by money to sell one product over another more often than not no matter how honest they are they are going to inadvertently work to sell the product that will make them the most money. It only makes sense for them to do this and it is very difficult for them to overcome this on a consistent basis. Ultimately the decision is up to you whether you want financial consulting fee based planners or commission based planners, but now you know the facts and the difference between the two.
One of the best fee-based financial planners is Kevin O’Neill at O’Neill Financial Planning in El Paso Texas. You can learn more about him at www.ONeillfinance.com or you can call him directly to set up a consultation at 915-373-0989.