Are you looking for someone to manage your money, but not sure where to start? Sure, you would assume that any financial advisor would do, but unfortunately that is not always the case. It’s important to keep a keen eye on the fee structure of any financial advisor that you choose. At Dunncreek Advisors we offer fee-only financial planning to ensure our clients’ assets are protected and their fees are minimized. Read on to learn how fee-only financial advisors may be a better fit for you and your financial future.
What is Fee-Only Financial Planning?
Fee-only financial planners are investment advisors that have a fiduciary responsibility to act in their clients’ best interests. You may be surprised that not all ‘financial advisors’ are acting as fiduciaries and are therefore not always looking out for the best interests of their clients. Fee-only financial advisors typically have fewer conflicts of interest than commission based advisors who are rewarded for selling investment options that often have high fees, which over time can significantly impact the performance of a client’s portfolio.
Don’t Let An Advisor Tell You Fees Don’t Matter
Occasionally you may hear a financial advisor downplay fees when it comes to your investments. The reality is that fees are one of the easiest ways to see a large portion of your retirement nest egg vanish over time. The smallest savings in fees can translate into a significantly larger retirement net egg over time. It’s critical when talking to your financial advisor that you understand the inherent fees of the investments you’re in as well as any additional fees that are charged by your investment advisor to manage your money.
New Department of Labor Legislation Going into Effect on April 10, 2017
At Dunncreek Advisors, we’re excited about new legislation that should change how all investment advisors do business. In the past not all financial brokers and agents were forced to put your best interests ahead of their own. Fiduciaries like Dunncreek Advisors were required to do so, but other financial advisors were not. Now, thanks to legislation that will go into effect on April 10, 2017, all financial professionals must act as fiduciaries for clients who have retirement accounts.
Contact Dunncreek Advisors to Learn More
Since the team at Dunncreek Advisors has been acting in a fiduciary role for years, the new legislation that will be enacted in April will not have much effect on the way we manage our clients’ money. If you’d like to learn more about this new legislation or fee-only financial planning in general, don’t hesitate to contact our team today by phone at 612-436-3770 or send us an email at rdunn@dunncreekadvisors.com. Dunncreek Advisors does not provide legal or tax advice, not is this article intended to do