Recently retired couple worked with an Advice-Only advisor to check whether they may have missed anything.
What Is Advice-Only?
Advice-Only means you pay a financial advisor for advice, and only the advice. The advisor does not sell you products or manage your money.
That’s exactly the service I wanted: an unbiased advisor who gives me advice for an honest fee.
The advice is the most valuable part. Managing money becomes administrative once you know what to do.
The advisor helped me set a direction and move forward in an imperfect situation.
How Much Does Advice-Only Cost?
It depends on what you need but it usually costs much less than paying commissions or having your money managed.
[My former advisor] charged a 1% fee and this took a significant chunk out of our portfolios each year. … … Working with the new advisor only cost us $500 and it included the Social Security analysis.
If you are an advisor in the U.S., and you operate under the Advice-Only model, please raise your hand. I'm paid by the clients. I don't charge or accept any money from advisors.
Client Sarah shared her experience in working with an Advice-Only advisor on catching up on her retirement savings.
A recently retired couple did a one-time consultation with an Advice-Only advisor and saved $12k/year in advisor fees.