How to Find A Fee-Only Financial Advisor in Irvine, CA
When you choose to work with a financial advisor, it's not just about trusting someone with your wealth; it's about entrusting them with everything that your wealth represents – hard work, commitment, and the sacrifices you've made to build it, and the dreams and goals it can help you achieve.
Selecting the right financial advisor is crucial, and you should feel confident that the advice you receive is genuinely tailored to your needs and not driven by an advisor's economic interests.
So, how can you ensure that you're making the right choice?
We firmly believe that one of the best ways is to work with a fee-only financial advisor. At our Registered Investment Advisory (RIA) firm in Irvine, California, we've been fee-only since day one.
In this article, we'll explore why fee-only advice can benefit you and how to find a fee-only financial planner in Irvine.
Why Choose Fee-Only Financial Planning?
Fee-only financial planning offers you the assurance that the advice you receive is designed solely with your best interests in mind. Like paying other professionals for their services, you compensate the advisor for their time and expertise.
Unfortunately, not all financial professionals operate on this fee-only basis. Some may recommend certain financial products because they earn commissions on them, even if there are better options that align with your goals and cost less. This creates an obvious conflict of interest. We believe the best way to address this conflict of interest is by eliminating it and operating on a fee-only basis.
When you collaborate with a fee-only financial advisor, you can trust that no hidden commissions are involved. The ways you might compensate such an advisor include:
Assets under management (AUM): This involves paying a fee based on the assets the advisor manages for you. It's common for comprehensive planning encompassing services like investment management, retirement planning, tax planning, and more.
Per project, per hour, or by retainer: While less common than the AUM model, you may come across these options when you need limited or one-time advisory services.
How to Find a Fee-Only Financial Advisor in Irvine?
To begin your search for a fee-only financial advisor in Irvine, consider contacting people you trust, such as your estate planning attorney or Certified Public Accountant, for referrals. Additionally, you can use online resources like Google to search for terms like "Irvine CA fee-only financial advisor."
When you have a list of potential advisors, take the time to explore their websites and assess whether their services align with your needs. Look for keywords like "fee-only," "fiduciary" (indicating they prioritize your best interests), "independent" (meaning they are not beholden to a larger company), and "Registered Investment Advisor" (RIAs, who are required to act as fiduciaries). The "CERTIFIED FINANCIAL PLANNER™ (CFP®)" designation after an advisor's name also signals their commitment to acting in your best interest.
After conducting your research, consider scheduling a complimentary call with the advisor. These calls are typically brief and provide an opportunity for you to discuss your financial concerns. The advisor will explain how they can assist you, allowing you to decide whether to proceed with a full-length meeting.
During this initial call, don't hesitate to ask any questions, including whether the firm operates on a fee-only basis. Your peace of mind is paramount; you deserve advice that always puts your interests first.
About the author:
JP Geisbauer is a Certified Public Accountant and a Certified Financial Planner ®. He is the founder of Centerpoint Financial Management, LLC, a financial planning, investment management, and income tax planning firm located in Irvine, CA.
Need help with your transition into retirement?
Learn More About Our Services or Schedule Your Free 30-Minute Retirement Planning Consultation
Disclaimer:
This article is for general information and educational purposes only. Nothing contained in this article constitutes individual financial, investment, tax, or legal advice. Before taking any action on any topic discussed in this article, please consult with your own financial planner, investment advisor, tax professional, and/or attorney for advice on your specific situation.