Fee Only Certified Financial Planner Near Me – PillarWM
There are numerous types of financial advisors operating in the industry. However, not all of them are suitable for high net worth and ultra-high net worth individuals and families. People who own $5 million to $500 million in liquid assets have complex financial requirements that call for complex financial plans. This isn’t possible with any type of financial planner. So, rather than searching just any random financial planner, you need to search for a fee only certified financial planner near me. Read our insightful guide and learn how you can choose a financial advisor that will help you attain your financial goals.
STRATEGIES FOR FAMILIES WORTH $5 MILLION TO $500 MILLION
7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning
The insights you’ll discover from our published book will help you integrate a variety of wealth management tools with financial planning, providing guidance for your future security alongside complex financial strategies, so your human and financial capital will both flourish.
Clients frequently share with us how the knowledge gained from this book helped provide them tremendous clarity, shattering industry-pitched ideologies, while offering insight and direction in making such important financial decisions.
Financial planners at Pillar Wealth Management have more than three decades of experience working in this industry with high net worth and ultra-high net worth clients. We strive to provide fee-only financial planning services to our clients and ensure that we always prioritize your best interests. To get in touch with our team, click here and schedule a free consultation.
What Is A Fee-Only Certified Financial Planner?
The world of financial planning involves some very confusing terminology including, “fee-only financial planner,” “certified financial planner,” “fiduciary financial planner,” etc. In this section, we’ll take an in-depth look at what is a fee-only certified financial planner.
If a financial advisor or financial planner is fee-only, it means that they receive compensation only from the fees their clients pay them for their services. In simple terms, fee-only financial planners do not earn commissions for advising their clients to invest or buy particular financial or investment products. The best thing about a fee-only structure is that it minimizes any potential conflict of interest. At Pillar Wealth Management, we offer 100 percent fee-only financial planning services to wealthy individuals who own liquid assets equivalent to $5 million and more. To get in touch with our team, click here and book a free consultation.
On the other hand, a certified financial planner, also known as CFP, is an individual who has obtained a formal designation from the Certified Financial Planner Board of Standards, Inc. Certified financial planners help their clients in numerous areas of financial management such as investment planning, insurance planning, tax management, wealth transfer, retirement income planning, etc. You can order a hardcover copy of our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million, and learn more about the importance of working with a financial advisor.
In conclusion, a fee-only certified financial planner is one who has a formal designation from the Certified Financial Board of Standards, Inc and only charges a fee from their clients in exchange for their services. The common element between a fee-only financial planner and a certified financial planner is that they have a fiduciary responsibility, which means that they have to make decisions that prioritize their client’s best interests.
Top 10 Largest Fee-Only RIAs, Ranked by AUM
According to Financial-planning.com, the following are the top 10 largest fee-only registered investment advisory firms (RIAs), ranked by AUM. At least 50% of these firms’ clients are individuals or high-net-worth individuals, and some of them are financial planning clients. They do not take commissions and are not under common ownership with commission-taking businesses. They do not employ representatives of a broker-dealer.
1. Chevy Chase Trust Company
Chevy Chase Trust Company was established in 1997 and is located in Bethesda, MD. It employs 34 investment advisors, with 103 employees in all. The firm has over 4,000 clients and $32 billion in AUM. It is primarily involved with providing investment management services but also offers financial planning services, personal trust services, and family wealth services.
The company’s asset-based fees for investment management start at 1.25% on the first $2 million, with a minimum investment of $3 million. There is a minimum fee of $35,000. Fees for other services are negotiated with the client.
2. Moneta Group Investment Advisors
Moneta Group is located in St. Louis; it has 460 employees and over 37,000 clients, along with over 150 investment advisors. Moneta offers a broad range of financial services to high-net-worth families, individuals, and institutional clients. The firm’s purpose is to help clients manage all aspects of their financial affairs. It has approximately $30 billion in assets under management.
Fees are assessed based on assets under advisement or supervision. The client’s minimum annual fee with not exceed 2% of the value of their assets. Fees for institutional clients may include flat fees. Fees are negotiated on a plan or client basis.
Pathstone is located in Englewood, NJ, and began operating in 2010. It has over 250 employees and 85 financial advisors managing 19,000 accounts. The firm oversees over $38 billion in assets. The firm provides financial services to private family clients, which may be non-investment related, such as tax matters.
Pathstone requires a retainer for its family office services; its fees are negotiable, but generally range from $100,000 to $500,000 annually, or from $30 to $80 on an hourly basis.
4. Bahl & Gaynor
Bahl & Gaynor began operating in Cincinnati in 1990. It has 33 employees who provide financial planning services but are not registered investment advisors. The firm manages over $17 billion in assets for individual and institutional clients. The firm offers a variety of investment models, such as Quality Growth, Income Growth, and Small Growth.
B&G’s minimum account fee is $7,000. The fee schedule starts at 0.9% on the first $1 million and declines to 0.5% on amounts over $5 million.
5. Capital Strategies (CAP STRAT)
Capital Strategies is located in Oakbrook Terrace, IL, with over 1,000 accounts and six advisors. CAP STRAT has over $20 billion in assets under management. It was founded in 2009 and provides consulting and investment advisory services to institutional investors, corporate retirement plans, and high-net-worth individuals, trusts, and estates.
CAP STRAT’s annual fee for asset management and investment consulting is between .05% and 1.00% of the value of the assets under management or a flat dollar fee, which is negotiable, based on the client’s situation. CAP STRAT does not charge performance-based fees for accounts it manages.
6. EP Wealth Advisors
EP Wealth Advisors has been operating as an investment advisory firm since 2004. It is located in Torrance, CA. It manages over 32,000 client accounts, with 176 advisors and 375 employees and over $17 billion in assets under management.
Fees for portfolio management services are based on the volume of assets under management and range from 1.00% for the first $1 million to 0.65% for assets above $5 million (discretionary accounts).
EP Wealth offers financial planning and consulting services as well as investment management.
7. Savant Wealth Management
Savant has been operating since 1993. It is located in Rockford, IL, manages over 10,000 accounts with 143 advisors and 333 employees, and has over $19 billion in assets under management. The firm offers tax consulting and preparation, financial planning, trust and estate settlement, and business succession planning.
There is a minimum $10,000 fee for comprehensive wealth management, or 1.00% of the assets under management. Fees for investment management services for non-wealth management clients range from 0.75% to 1.25% of the total assets under management and the complexity of the services. Savant typically requires at least $300,000 to open an investment portfolio.
8. Advanced Research Investment Solutions
Advanced Research Investment Solutions (ARIS), wholly owned by Evoke Holdings, is located in Los Angeles, with seven employees, three financial advisors, and over 350 clients. The firm has over $14 billion in assets under management. It may recommend independent managers to manage part of its clients’ assets.
Fees are based on the volume of assets under management and range from 0.60% for up to $10 million to 0.40% for $50–100 million. A custom fee is charged for over $100 million.
Aspiriant is located in Los Angeles, CA, and has over $13 billion in assets under management for approx. 2,200 clients. The firm offers its clients investment management, wealth planning, and family office services. It also provides investment services to institutions and retirement plans.
The fees for high-net-worth individuals, families, and retirement plans, range from 0.2% to 0.85% of the value of the portfolio, per year, with a minimum annual fee of $14,000.
10. FCI Advisors
FCI Advisors is located in Overland Park, KS, and was founded in 1966. It has 63 employees, including 38 registered investment advisors. The firm offers asset management services, including investment advice. It manages approx. $8.6 billion in assets.
Fees and minimum fees are negotiable but generally range from 1% to .5% of the portfolio’s market value.
Advantages and Disadvantages of Using a Fee-Only Advisor
Fee-only advisors do not earn commissions, so they can offer advice that is unbiased and recommend any products they feel are best for the client. They will focus on helping you meet your financial goals. As a result, their financial plans can be more comprehensive. They are not subject to conflicts of interest and should provide unbiased advice.
Moreover, most fee-only advisors are fiduciaries, which means they can focus on meeting your goals, not their own earnings. Their fees are more transparent, so you’re aware of the impact on your returns.
Yet, if the advisor lacks experience or skill, they may not be the best advisor for you. Because they don’t earn commissions, fee-only advisors can be more expensive, and they may not be free to recommend certain products, which means you would have to go elsewhere for that service.
Why High Net Worth Investors Should Hire A Fee Only Certified Financial Planner?
There are numerous financial planners working in the industry. For instance, there are fee-based financial planners, commission-based financial planners, non-certified financial planners, etc. So, the question that remains is “why high net worth investors should hire a fee-only certified financial planner and not any other financial planner?” Well, if the same question has been bothering you, then make sure you check out the following points that discuss why you need to hire a fee-only certified financial planner.
The best part of working with a fee-only certified financial planner is knowing that they will work in your best interests. Fee-only certified financial planners are there to help grow your wealth and not their own, as they don’t depend on what they sell to you to earn money. They have to work as a fiduciary, which obligates them to always work in your best interests.
Range of Services
Fee-only certified financial planners typically offer a wider range of services to help their clients attain their financial goals. On the contrary, commission-based, non-certified financial planners tend to restrict their services to products that can help them earn the highest amount of money. Some common services provided by fee-only certified financial planners include:
– Investment Management
– Retirement Income Planning
– Cash Flow Planning
Many affluent families generally invest a large percentage of their wealth in bonds and stocks. This isn’t because of any personal preference but only due to the fact that these people don’t have a lot of information regarding other profitable investment opportunities.
If your assets are also in the form of bonds and stocks, you should hire a fee-only certified financial planner who can guide you about the best investment options available to grow your wealth. For instance, collectibles (classic luxury cars, gold, artwork, etc.), real estate, hedge funds, and private equity are all high-return investments.
Working with a fee-only certified financial planner will help you learn about where you need to invest your wealth to get the maximum gains. Our qualified, fee-only financial planners at Pillar Wealth Management will thoroughly evaluate your portfolio. Based on your financial objectives, current economic circumstances, time horizons, and risk aversiveness, we will develop plans to make sure you receive your desired level of returns.
So, suppose you lack the time, resources, knowledge, and skill to stay abreast with the ever-changing market movement. In that case, you should hire a fee-only certified financial advisor who can give you unbiased investment advice. In our guide, Improving Portfolio Performance, you can learn about how to create an investment portfolio that best fits your performance and life goals.
Retirement Income Planning
Retirement income planning is inarguably one of the most important services offered by a high net worth fee-only certified financial planner. A fee-only certified financial planner will ensure that a well-thought-out retirement plan is incorporated into your overall financial plan. Such a retirement plan will include the financial goals you want to achieve post-retirement and the steps you need to take to reach them.
With a fee-only certified financial planner working with you, you can be assured that you’ll have access to an adequate income stream even after you retire to live a worry-free and peaceful retirement. Plus, if you have any new post-retirement financial objectives, such as purchasing a luxury yacht, we will systematically work out your future cash flows and suggest ways in which you can attain them. Read our free guide here and learn about the five shifts you need to make to translate your retirement goals into reality.
Cash Flow Planning
Proper handling of your wealth and asset will allow you to ensure you are triumphant in attaining your financial goals and ultimately reach financial serenity. Another reason why cash flow planning is important is that it will enable you to set up and maintain an emergency fund. This way, you won’t get into trouble if any unaccounted expenses pop up.
At Pillar Wealth Management, our financial planners are highly skilled at curating cash flow management plans. We will identify your income sources and assess how you’re spending your money, along with calculating your liabilities and assets, to determine how your cash flow can be optimized. Using our fee-only services, you can make intelligent decisions regarding your assets and wealth, foresee any future cash-flow problem, and take steps to get past it.
Is A Fee Only Certified Financial Planner Right for Me?
Are you still confused about hiring a financial planner and are thinking, “is a fee-only certified financial planner right for me?” Here’s a list of benefits that you can get by working with a fee-only certified financial planner.
Knowledge, Skills, and Expertise
Fee-only certified financial planners are highly skilled in managing the finances of wealthy clients who have liquid investable assets worth $5 million and higher. They have in-depth knowledge of the various investment and financial products available and closely track the market trends to immediately capitalize on any profitable opportunity.
Plus, you may not even have access to historical economic data, which is extremely essential in formulating financial strategies. On the other hand, our fee-only financial planners at Pillar Wealth Management have rich financial data that dates back nearly a century. We use insights from this data to prepare financial plans that will help you accomplish your financial goals.
Tailored Financial Solutions
Another reason why fee-only certified financial planners are right for you is that these financial planners offer tailored financial solutions, unlike other major financial institutions. So, if you want financial strategies that are specially designed with your goals and interests in mind, a fee-only certified financial planner is right for you.
At Pillar Wealth Management, we take pride in the tailored financial plans we provide to our valued clientele. In fact, this year, we took only seventeen new clients so that we could build unique financial plans for each one. Click here to speak to one of our financial planners and start working on your own tailored financial strategy.
How Do I Find A Fee Only Certified Financial Planner Near Me?
If you’re now convinced to hire a financial planner, you might be wondering, “how do I find a fee-only certified financial planner?”Well, the process to find a financial planner is quite simple and straightforward – all you have to do is follow the guidelines written below. You can also read our free guide here and learn how you can choose the best financial planner for yourself.
When the time comes to find a financial advisor or a financial planner, the best place to start is to ask your close friends, family members, and colleagues. It’s extremely essential that you ask people whose financial circumstances are similar to yours. That way, they can refer to a fee-only certified financial planner suitable for you.
After you have narrowed down your list of potential financial planners, you need to do extensive research and identify which one suits your needs in the best way. One way to research your shortlisted financial planner is to look them up on LinkedIn and go through their profile. Any guides, books, or blogs that the financial planner has written also adds to their credibility.
Nevertheless, you should try and set up a preliminary meeting with a few financial planners before you sign any kind of contract. Financial planners usually don’t charge anything for this. You should use this opportunity to put forward key questions related to financial planning. You can ask them about their educational qualification, experience in the industry, clientele, specialty, services provided, and anything else you feel is relevant. We highly recommend you read our guide for investors with $10 million and more to find additional questions that you can ask a financial planner.
Remember that financial planning is an extremely personal process that encompasses all aspects of your life. Thus, you need to be able to fully trust the person you work with. If you feel that something’s not up to the mark, you shouldn’t hesitate to find another one.
Last Few Words
Good financial planners can be the difference between increasing your wealth sustainably for many decades and losing all your wealth before you even hit retirement. So, make sure you use the services of a reliable and trustworthy fee-only certified financial planner. You can click here to arrange a free consultation session with us, and one of our team members will be in touch with you!
Frequently Asked Questions
Overall, a fee-only advisor is better because they will provide unbiased advice and investment recommendations.
Most individuals can benefit from the services of a financial advisor, particularly if they are not familiar with investing or do not have the time or interest to manage their finances on their own.
Fee-only planners do not accept commissions, unlike fee-based ones.
Being a financial planner is hard, and many close their doors after a few years. So, look for someone with lots of experience under their belt.
This is something to consider if you have specialized needs that cannot be met in one place.
A financial planner can advise you on your taxes, but an accountant is likely to be more expert in that area. Go to a financial planner for investment advice.
Financial advisory fees are generally based on the amount of assets that the advisor manages for you, usually a percentage of that amount. Fees may also be hourly or fixed, depending on the service provided.
Think about getting a financial advisor if you have some money to invest but aren’t familiar with the markets. An online robo-advisor can be helpful and inexpensive.
Your financial planner will want to know everything about your financial life, particularly about the goals you have for growing your wealth, saving money, and planning for retirement.
You should expect your financial planner to be transparent about their fees, how they earn money. The planner should be able to explain how they work and how they will help you make money on your portfolio.
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