When you need financial planning help, you can turn to the help of a professional. The XY Planning Network is a network of financial planners that has grown from a few hundred to more than 600 advisors in just four years. Unlike traditional financial planning firms, XY planning networks allow clients to pay a monthly recurring fee, often similar to what you pay for your cable bill.
Before selecting a financial advisor, make sure to ask them about their fees, their expertise, and their fiduciary duty. Some charge a commission, while others charge a percentage of assets under management. When considering the fees of financial advisors near you, it is important to ask about whether they work on a fee-only basis, or whether they work on a commission basis.
Many XY advisers were previously affiliated with other planning firms or industries. While some are self-taught, others have developed specializations in specific areas. For instance, Jason Howell, who once ran for Congress, became a successful financial planner helping business owners and families. Similarly, XY has encouraged its members to find a niche among their peers.
It’s important to remember that financial advisors offer much more than investment advice. They can also help you with debt management, retirement planning, estate planning, and budgeting. Finding an advisor with expertise in these areas can help you reach your long-term financial goals. You can choose a financial advisor near me who offers these services or a virtual financial advisor.
You should be clear about how much you’re willing to pay for financial advice. Fees vary according to the type of service you need. Some advisors charge a percentage of your assets, while others require an annual retainer or flat fee. If you’re not clear about the fees and compensation, ask your advisor to explain it to you in detail. It’s also important to consider hidden costs, such as fees charged when you sell an investment.
Despite the fact that financial advisors near you can be found in most communities, you might be wondering which one to choose. While there are a few services that match you with a local financial advisor, others require you to take a quiz to qualify. A good service will also have a national database of advisors to choose from.
Unlike in-person financial planners, online financial advisors are more affordable. Some even offer video conferencing, which makes it easier to communicate with your advisor virtually. Most online financial planners are priced fairly competitively, with some of them charging as low as 0.30% of your assets under management. They typically offer investment management and access to a team of financial planners, and many offer tax advice as well.
While there are a wide variety of financial advisors near you, it’s important to select a firm based on the level of services it offers. Generally, larger firms offer more comprehensive services and a more diverse career path. If you’re in need of a fee-only advisor, consider Summit Rock. It was founded in 2007 and aims to provide holistic wealth management services, combining investment management with financial planning.
