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It's not easy to find the right financial advisor for you. Here's how to advocate for yourself throughout the process.

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How to prepare for marital finances

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What is a fiduciary financial advisor?

A fiduciary financial advisor must place the client’s best interest above all else. For example, if there were two identical investments, but the second one paid advisors a commission at the expense of higher transaction costs to the client, a non-fiduciary advisor could recommend the second. In contrast, a fiduciary advisor is legally prohibited from prioritizing their profits in such a way. My Financial Counsel will only match you with independent, fiduciary advisors.

What is a fee-only financial advisor?

Fee-only financial advisors are registered, fiduciary investment advisors who only receive compensation from their client. They have fewer conflicts of interest because do not receive commission for financial products. My Financial Counsel believes fee-only advisors are the true fiduciary advisors in the industry, and as such only matches you with fee-only advisors.

On average, how much will it cost to hire a financial advisor?

The cost of a financial advisor depends greatly on the complexity and duration of your engagement. For the fee-only advisors in our network, a one-off project for a specific goal or planning typically costs a flat fee of $1,000-$3,000. An ongoing financial advisory service typically has the same flat fee upfront, then a $150-$300 monthly subscription fee (asset management services may be a separate cost depending on the advisor). Some advisors also offer hourly advice sessions, ranging $200-$500 per hour, if you prefer to just get specific financial questions answered.

Do I have to shift my investments / assets to the advisor?

No. That’s the great thing about our network of advisors – they are flexible and will work with your preference. You have the choice of keeping your assets exactly where they are, or opt in for asset management service. Regardless of what you choose, your fiduciary advisor will prioritize your preferences and best interests.

How do I know if a financial advisor is right for me?

You may want a financial advisor if you’re undergoing or planning a big life change, such as having a baby, buying a house, taking care of aging parents, or starting a business. Having a professional build a comprehensive financial plan for you may help you lay future plans if you’re busy or want a professional opinion.

How does My Financial Counsel get paid?

Minimizing conflict of interest is of the utmost importance to us. Unlike many other advisor search platforms, we don’t do profit sharing or fees per lead. Instead, we charge vetted advisors a flat subscription fee to join our network. That allows us to truly focus on helping clients through the search process, without pressuring a match if it’s not the right fit.

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