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Tuesday, May 21, 2024

It’s Your Money, You Should Keep it! Do it With IndependentFinancial Planning, Chicago!

People who live in the Chicago metro area should be interested in independent, fee-only financial advisors. 

There are millions of people who say they can help you with your financial needs. When you hire a financial advisor, you want one who knows the ins and outs of the industry. There are many qualified people in the Chicago area who could be your financial planner. Chicago is a fiercely independent city. Why wouldn’t you want to embrace that and have your financial planner be independent and fee-only? Here is why your financial planner should be independent and fee-only. 

The first important distinction that must be made is the difference between fee-only and commission-based financial advisors. Fee-only financial advisors work for a previously determined hourly rate or a flat fee. That predetermined rate means they do not make commissions on stock trades or any other products. That is the main difference between the two, many of the largest financial advisory firms work on commission-driven systems. 

Commissions have been the traditional way of doing business for financial advisors for a very long time. Now, many customers see that this system might not have their best interests in mind. People seeking financial advice are flocking to independent, fee-only financial planning chicago is one of the major financial centers in the United States, and you can see this trend happening right here in our own backyard. 

Below are three other reasons why independent, fee-only planners could be the right choice for your finances:

  1. Independent financial advisors do not answer to a corporate hierarchy. That means your financial advisor is not beholden to shareholders and CEOs. They work for you and make your money work for you. Most independent, fee-only advisors have much smaller client bases. This means they can give your financial portfolio the attention it deserves. Clients prefer the one-on-one support they get from independent financial advisors.
  2. No conflicts of interest. There are inherent conflicts of interest when financial advisors make commissions from selling stocks and other financial products to their clients. When a large, corporate financial planner wants your advisor to push a stock, they must push it on you. If it’s not right for you, that is a conflict of interest. When you work with a great fee-only financial planner Chicago offers, you can be sure your best interests are kept in mind. Independent, fee-only financial advisors are all but required to put you first. 
  3. Fee-only also means they are fiduciaries. Fee-only financial advisors are often officially classed as something called a fiduciary. A fiduciary is defined as a person or organization that acts on behalf of another person or persons, putting their client’s interests ahead of their own, with a duty to preserve good faith and trust. Whenever a financial advisor accepts a predetermined fee, they are legally obligated to act in the client’s best interests. They are also required to disclose when there is a potential conflict of interest. Financial advisors who work on commission are held to much more lax standards. 
Jack henry
Jack henry
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