PLAN or PRODUCT?
A recent survey of 1000 Americans conducted by the CFP Board of Standards revealed that 91% or respondents want their advisor to take into account their total financial situation when making recommendations. The results indicate that consumers don’t want to simply be sold a financial product (like an annuity or mutual fund) any longer. They want comprehensive financial planning services.
However, the majority of financial “advisors” (estimated 78%!) are set up in a way that they can sell you a product and earn a commission. If you want a true wealth management approach without having to deal with these conflicts of interest, look for a FEE-ONLY advisor. Not fee-based! Fee-based really means fee AND/OR commission. Be sure to ask for and read an advisors ADV disclosure statement to find the truth!