When it comes to working with a financial advisor, Advice-Only is above and beyond Fee-Only. Advice-Only means:1. The advisor’s firm is a Registered Investment Adviser (RIA) registered with the SEC or …
Why Advice-Only?
Advice-Only dawned on me when I had a problem with my air conditioner. Even though the thermostat was switched to OFF, the compressor outside continued running. I noticed the problem when I heard the …
How Is the Advice-Only Directory Different from Other Lists and Directories?
The biggest difference between the Advice-Only Directory and other advisor lists and directories is who pays, and as a result, who's in the directory.The Advice-Only Directory gets its funding from …
How Does Advice-Only Work?
At a high level, this is how it works:1. You find Advice-Only advisor candidates in the Advisor Directory. SeeWhat Is Advice-Only?How Do I See Advisor Candidates In My Area?2. You interview the …
How Much Does Advice-Only Cost?
We're independent of the advisors in the Advice-Only Directory. Your membership fee only pays for using the Advice-Only Directory. The advisors will give you a separate quote when you have an …
What Are the Different Service Models of Advice-Only Advisors?
Each advisor in the Advice-Only Directory offers one, two, or all three of the following service models:Project - Narrow ScopeProject - Wide ScopeRetainer - Ongoing RelationshipProject - Narrow …
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How Qualified Are Advice-Only Financial Advisors?
All Advice-Only financial advisors listed in the Advice-Only Directory must have a CFP®, equivalent credential, or qualifying experience. The vast majority have the CFP® credential. Only very few …
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What Are Downsides of Using an Advice-Only Advisor?
Using an Advice-Only advisor isn't for everyone. Knowing these downsides will help you decide whether it's the best approach for you.Geographical AvailabilityThe greatest challenge in finding an …
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How Do I Narrow Down the List of Advisors?
Advice-Only advisors are primarily registered at the state level. The state laws allow them to take a limited number of out-of-state clients, but past a certain number (the threshold varies by state), …
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What If I Can’t Find Advice-Only Financial Advisors In My Area?
In any metro area, there are far fewer Advice-Only financial advisors than advisors who sell products for commissions or advisors who manage your money for high recurring fees. It's possible that …
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What Subject Areas Do Advice-Only Financial Advisors Cover?
In general, Advice-Only financial advisors offer planning services in all subject areas covered by the CFP® principal knowledge topics. I'm listing some of them here:Cashflow and DebtEducation …
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Can Advice-Only Financial Advisors Help Me Sidestep Bear Market Losses?
Yes and no.An Advice-Only financial advisor will help you construct a diversified portfolio with an appropriate level of risk acceptable to you. When a bear market comes, when you have both stocks and …
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Can Advice-Only Financial Advisors Help Me Find the Best Performing Investments?
No. Advice-Only financial advisors are not stock pickers. They don't have access to mutual funds sold only through advisors. Nor do they have access to hedge funds, private equity, venture capital, or …
Do Advice-Only Financial Advisors Require Any Minimum Assets Or Income?
Because Advice-Only financial advisors only sell their advice, they typically don't require any minimum assets or minimum income.Financial planning for someone with $5 million in assets and multiple …
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Do Advice-Only Financial Advisors Specialize?
Some do, partly based on their own stage in life and partly driven by their clients and client referrals. Some Advice-Only financial advisors work more with early career professionals, divorced women, …
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Who Will Help Me Implement The Advice?
Once you get the advice from your Advice-Only financial advisor, implementing the advice is easy. In my Advice-Only manifesto Advice-Only: The Best Model For Financial Advice People Need And Want, I …
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How Should I Prepare To Work With An Advice-Only Financial Advisor?
When you work with an Advice-Only financial advisor, you have confidence the advisor only works in your best interest.Gather and Supply InformationThe advisor will need information from you in order …
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What About Rebalancing And Tax Loss Harvesting When I Go Advice-Only?
Rebalancing means selling some investments and buying some other investments in order to return your asset allocation to the desired percentages. Tax-loss harvesting means selling some investments …
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How Does Advice-Only Compare With Vanguard Personal Advisor Services?
Vanguard offers the Vanguard Personal Advisor Services at 0.3% of assets under management. As of December 2020, Vanguard had a total of $148.6 billion enrolled in this program, far exceeding startups …
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Can I Get Financial Advisor Recommendations From Friends, Family, Co-Workers, Or Neighbors?
No. Friends, family, co-workers, or neighbors are not reliable sources for financial advisor recommendations. They don't have a good basis on which to judge whether their financial advisor is good or …
Can I Find Advice-Only Financial Advisors Myself?
Absolutely. There's no secret in how to find Advice-Only financial advisors nor any shortcut. You just have to look at each advisor and determine whether the services are Advice-Only. The following …
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