Fee-Only vs. Commissioned Financial Advisors: Which is the Best Type of Financial Advisor in Georgia?
The best types of advisors, or the best of any profession for that matter, whether we're talking about doctors or waiters, are the ones that are honest, hardworking and have a sincere desire to serve and help their clients. However, when you're dealing with financial advisors or any other profession, it's often difficult to judge someone's heart and their motives in helping someone, so it's useful to understand how to choose someone who will be the best for providing the services you need.
Of course, people in all professions, including financial advisors, go to work partly to earn an income to support themselves and their family. However, you also want someone that is putting your interests first. When it comes to choosing a financial planner, you want them to have your best outcome as their primary concern. And that's where the word fiduciary comes in.
A fiduciary financial planner is going to put your interest in front of their own.
This goes back to the Golden Rule: treat people like you want to be treated. And yet this is often so hard to do because of our own selfish desires.
I believe that success in this profession depends on serving people well, and that requires experience, education and competency. Without that, you won't be able to help people make the best choices for them. However, if I had to pick between knowledge and experience versus character, if I could only pick one, I would pick character.
Here's why character is so important. A person with character will be straightforward with you. If you were to ask your financial planner a question and they didn't know the answer, or it was something that they didn't have a lot of experience dealing with, they would either tell you they didn't know the answer, or they would go get you the correct answer from one of their colleagues in the industry to make sure that you get all the information you need. For me personally, I've been in the industry for 20 years doing retirement planning, and it's a rarity when someone asks me a retirement planning or investment strategy related question that I don't know the answer to. However, if a client asks me questions regarding Medicare, for example, and I don't know the answer or can't be as comprehensive as I'd like in the moment, I pick up the phone and call my Medicare insurance expert who works with my clients at no upfront costs to them, and I get the questions answered. He's been doing it for 20 years and is considered a true expert in Medicare and health insurance.
The best type of financial planner is going to have the mindset to serve you above everything else, even their own income. A person can't serve 2 masters.
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You are invited to set up a short 20 minute call with me to discuss how to go about selecting the best type of financial advisor: https://calendly.com/thomascloud/retirement-ready-success-call. There is no cost or obligation.
Also I encourage you to watch my free retirement video: https://go.thirdactretirement.com/strategy