Important Information About Financial Planners

There are a lot of different types of financial planners. Not only are financial advisors paid differently, but the services they offer differ quite a bit also. Here is a quick summary of the different kinds of financial advisors and the best way they can assist you.

Commission Based Brokers: These financial advisors focus on investments and frequently sell a product for a commission. Typical brokers are Edward Jones and Ameriprise. Once you work with a commissioned broker you could expect to receive information on asset allocation and investing your very own portfolio. Your broker might call you periodically to recommend new investments for your portfolio. In exchange, the advisor would invest your funds and monitor your portfolio on a regular basis (typically quarterly, but could be more frequent).

Investment Managers: Investment executives or investment advisors handle your investments for you, usually for a share of the assets managed. The average payment could vary from 0.5% up to 2.5% of the assets under management. While a number of investment managers might also provide financial planning, the main focus is on investments.

Fee Only Financial Planners: With a specific fee only financial planner, you will pay out an hourly payment for the recommendation you receive. Fee only financial planners provide far more than merely investment recommendation. With a fee only financial planner you will generally receive a complete financial plan, together with budgeting, investment recommendation, retirement planning, insurance evaluations, tax planning and property planning.

Everybody has different requirements, so the type of advisor that is best for you would depend on your financial needs and objectives. Do you just want someone to suggest a suitable mutual fund, or do you need hands on investment management, or do you want a complete financial plan to help you make sure you're on track to retire?

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