One of the frequent questions that we get from clients or prospective clients early in the process is, what is the cost to work with a financial advisor? There’s a notion out there that it is extremely expensive to work with an advisor or you have to have a ton of money to work with an advisor, so we just wanted to talk about how we actually get paid or how we charge our clients to work with them.
On the one side there is our assets under management structure, that is when we were managing the assets directly for you. We are fee-based advisors which means we charge a flat percentage to manage those assets. So, when you think about that the more money you have a flat percentage of that can mean a higher dollar amount fee for someone who has more money, if you have a smaller account right that can be a smaller fee.
It’s all relative to your position, but it’s always going to be a flat fee percentage of your account balance right that sets us on the same side of the table saying we want to see your assets grow just as much as you do because that means a bigger fee for us right and of course you want to see your account grow to have more money for your lifestyle and your retirement.
The second way that we get paid is on our financial planning side which is to put a full complete plan in place for retirement. For that we charge a flat fee to do that that fee can range anywhere from a thousand dollars to ten thousand dollars just depending on the complexity of it.
At the end of the day right you’re thinking about planning for your future; normally there’s always going to be a cost involved.
The content in this post was approved while The Tranel Financial Group was affiliated with a previous firm. The views and opinions expressed are those of The Tranel Financial Group at the time of filming and do not necessarily reflect the views of Harbour Investments, Inc.. This material has not been reviewed or approved by Harbour Investments, Inc. and is not intended as a solicitation or recommendation. The data and analysis do not represent the expected future performance of any investment product or strategy. Investments involve risks, including possible loss of principal. The Tranel Group currently offers securities and advisory services through Harbour Investments, Inc. Member SIPC.
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