How Much Does A Financial Advisor Cost – 3 Fees To Know

How much does a financial advisor cost? Stop reading if you’re one of those people who like simple answers to complex questions!

We’re about to pull back the curtain on financial advisor fees, which vary fairly widely across the industry—and choosing the wrong advisor might mean millions not invested.

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.

You can get a complete blueprint that assures your portfolio is maximized and your retirement is secure if you have $5 million or more in liquid investable assets.

Would you like the complete scoop on how much a financial advisor will cost and whether it’s really worth it to have a financial advisor in the first place? START by reading this article.

Why? Because we’re financial advisors (exclusively to clients with $5 million to $500 million in liquid assets), and we’re going to show you that some of the fees you could be paying other advisors are NOT worth paying.

Let’s start with this:

It’s a dead giveaway that we’re not just dealing with the question of how much a financial advisor costs, here. Some advisors even purport to charge zero fees at all. Now, any rational person knows that cannot be true. No one works for free.

So, bearing this in mind, there seems to be an easy answer to the question “How much does a financial advisor cost?” available all over the internet. That answer is: fees break down into three categories. Flat fees, percentages, and commissions.

But that’s only part of the answer to “How much does a financial advisor cost?” Here is the kicker:

Only one of eight costs is the fee they quote you.

Financial advisor fees

Below is an overview of typical financial advisor fee ranges. Remember that these fees can vary greatly with the level of service, geographic location, and other considerations.

Fee Type	Typical Cost
Assets under management (AUM)	0.25% to 0.50% annually for a robo-advisor; 1% for a traditional in-person financial advisor.
Flat annual fee (retainer)	$2,000 to $7,500.
Hourly fee	$200 to $400.
Per-plan fee	$1,000 to $3,000.

Financial advisor fees by service

Financial advisory services have a diversified clientele, making available options appropriate to their needs and financial status. One option is the robo-advisor, a fintech service at the juncture of technology and financial consultation, being automated and often cheap, driven by algorithms. Robo-advisors are well-suited to those who need only basic investment services and can get by with a very minimal human interface.

Online financial planning firms provide a middle model whereby the clients seek advice virtually. It is at this juncture that these types of firms offer a more personable service than robo-advisors; they can still offer a human advisor while keeping overhead lower than traditional setups, and fees lean.

However, in the main, traditional financial planners continue to occupy an important niche, cultivating face-to-face interaction and highly personalized financial strategies for their clients. This model involves direct and often continuous interaction with a financial advisor who provides services relating to comprehensive planning, including investment management, estate planning, and retirement strategies. The cost of providing these traditional services tends to be high due to the fact that the services require personalized advice and operation from a physical office.

Each type of financial advisor brings different strengths to the table, and the choice between them will fall mostly on the financial complexity of the client’s situation, the size of their investments, and how much they require personalized service. In this regard, it is critical to recognize the differences in service delivery and cost structure so that the right advisor is approached for service as per the respective individual or family‘s needs.

Robo-advisors

Robo-advisors are a great breakthrough in financial technology, offering low-cost automated algorithm-driven investment services, compared to ordinary advisors. These automated platforms are created for the design and management of investment portfolios on the basis of an individual’s financial goals, risk tolerance, and time horizon. Robo-advisors analyze your profile, using sophisticated algorithms, and make a selection of investments in tune with your objectives. They are perfect for new traders, who will face very low or no minimum account requirements, allowing for an easier entry into investing.

The fees involved are relatively low, with a robo-advisor charging between 0.25 and 0.50 percent of assets under management (AUM) annually. An investor with a $50,000 account would pay between $125 and $250 per year using this fee structure. Some robo-advisors, such as SoFi Automated Investing and Ally Managed Portfolios, eliminate this entry barrier by offering their services free of management fees. This cost-effectiveness is part of what makes robo-advisors incredibly accessible and attractive to novice investors or to individuals looking for a hands-off kind of investment management.

Robo-advisor services do not include human-customized financial planning or a one-on-one human investment advisor. They focus instead on building and rebalancing portfolios via automated systems. They offer online planning tools and financial calculators that can guide a user in understanding the basics of investing and provide the ability to evaluate the user’s financial health. The tools walk users through a variety of financial scenarios and help them make informed decisions about their investing, ensuring the robo-advisor is a comprehensive service for those seeking simple, algorithm-based financial management.

Online financial planning services

Technology, no doubt, has dramatically changed the financial planning services landscape. It has created platforms that add the effectiveness of robo-advisors and a human touch to traditional financial advisors. Betterment Premium is a hybrid model of these online services, in which both computer-managed portfolios and human advisors combine to offer the client personalized planning and advice. These services can be all-digital, by phone or video call, serving a range of clients with account minimums that might start at nothing and extend to a few hundred thousand dollars, again opening financial planning up to a wider spectrum of investors.

Among this variety, two services stand out particularly: Empower and Facet Wealth. Both provide the client with their own dedicated certified financial planner. These planners must undergo rigorous training to acquire that credential and work hand in hand with clients in the formulation of personalized investment portfolios and comprehensive financial plans. This model reflects the depth of traditional advisory services fully online, thus reducing overhead costs significantly and, by extension, the fees charged to clients. The change not only democratizes access to good financial advice, but it also caters to the modern investor’s preference for convenience and accessibility.

The cost of online services is significantly lower than the cost of traditional face-to-face advisors. They usually charge a percentage of the assets under the management (AUM) or a flat annual fee. AUM fees are generally between 0.30% and 0.89%. Flat fees, on the other hand, start at around $2,000 per annum and increase in proportion to the complexity of the client’s financial requirements. They cover investment management, the development of a complete financial plan, and the ongoing availability of the financial planner(s). They are client-friendly, offering huge savings to the clients for the same quality of financial advice and support usually offered in traditional setups, in a convenient, flexible, and interactive web-based environment.

Traditional human advisors employ various fee structures. Below are some of the most prevalent ones, along with what you typically receive for those fees:

AUM fee

The AUM fee model is common among robo-advisors, online planning services, and traditional advisors. This structure charges the client a certain percentage of the value of the managed assets every year. AUM fees charged by human advisors at 1% per year are customary, but this percentage might be higher for smaller accounts and then decrease as the client’s account balance increases. Some traditional advisors, for example, may set an asset minimum threshold, like $250,000, because they cannot justify the fee for small balances, effectively limiting the customer base to those with substantial assets.

What the client gets in return, under the AUM fee model, can vary drastically from one advisor to another. The fee generally covers investment management, whereby the advisor adjusts the portfolio in line with the client’s financial goals and risk tolerance. Beyond money management, some advisors offer comprehensive financial planning, including retirement strategies, funding of education, tax planning, and legacy planning. Some advisors only deliver investment management services. However, many clients are happy to establish an ongoing relationship with an advisor to monitor and change their investment strategies if there is a need.

Retainer for services

The predictability and transparency of a monthly or annual fee for financial advisory services can give the client an absolutely clear view of what they’re paying, regardless of the amount invested. It is an attractive option for those who appreciate having fixed-cost financial management. Fees for these services typically range between $2,000 and $7,500 a year, determined by the complexity of the client’s financial situation. For customers with more complex financial needs—those who might have more than one source of income, overseas assets, an international business, or a complicated tax situation—the higher end of this fee range reflects the extra time and expertise necessary to manage these complexities effectively.

The retainer covers the client’s comprehensive financial planning and investment management services. The advisor prepares a comprehensive financial plan with features in line with the client’s long-term financial goals and current financial situation. Their service includes not just establishing this plan but also supporting the implementation of strategies, hence the ongoing review of the plan’s progress, and making necessary adjustments to the plan as financial circumstances or goals evolve. This holistic approach ensures that all aspects of a client’s financial life are considered and managed effectively, providing them peace of mind and the potential for improved financial outcomes over time.

Hourly rate

Hourly rates are simple, and some financial planners work on an hourly basis, making financial advice available to a wide range of clients regardless of their asset volume. This approach is attractive in the sense that it decouples the charges from the value of the assets and is based on the actual time spent addressing the client’s financial needs. Rates per hour average around $200 to $400, leaving you free to establish how much service you purchase. This model is best for individuals who may not need everyday support but rather require help from time to time on certain money issues or goals they want to address, for example, a retirement savings plan, planning for college expenses, or developing a workable budget.

This fee structure gives you room to engage a financial planner for a few sessions or for comprehensive help, such as the creation of a detailed financial plan, such as the financial planning packages offered by Betterment.

With paid consultations, you get advice tailored to what you want, ranging from a quick financial checkup to strategies that include attaining financial security. The implementation and ongoing management of your strategies are up to you; your advisor won’t be looking over your shoulder or providing that level of service unless, of course, you decide to schedule and pay for additional time. This model is ideal for clients who want to manage their day-to-day financial affairs themselves but need a sanity check to ensure they are doing the right things, or they need help in making important financial decisions.

Flat fee per plan

Some advisors offer a flat-fee service—the client pays a one-time fee to devise a comprehensive financial plan. This would best suit the DIY consumer who wants complete control of their finances, in which case the advisor would develop a detailed plan based on the client’s financial goals, investment preferences, and risk tolerance. However, the advisor does not provide ongoing management or supervision; services will cost the client somewhere between $1,000 and $3,000. This is a fee structure where clients can see their costs upfront with no hidden charges and zero money down.

Also, a flat-fee service provides a complete financial plan, which includes detailed advice regarding how the plan should be implemented. This can encompass a budget, investments, a retirement plan, and other services or strategies, all developed to assist the client in progressing toward the realization of their financial goals. The advisor may also provide resources or tools to help the client understand their plan and put it into action. However, after the initial planning stage, the advisor does not offer ongoing support regarding investment management. This arrangement is best suited for those who are confident in their ability to make their own decisions regarding money management, based on the roadmap given to them by their advisor.

Commission

Financial advisors who operate on a commission-based model receive their compensation through fees earned from the investments they suggest to their clients. These commissions are often a percentage of the amount invested and are taken from the client’s funds, effectively reducing the overall investment amount. For example, the usual case is with mutual funds, where there is a charge between 3 and 6 percent, either when buying or selling the fund. This method of remuneration may, therefore, give rise to a conflict of interest, as the advisor will be more interested in offering products that earn more in returns, rather than those which would genuinely fulfill the financial need of the client.

The primary service provided under this fee structure is investment management, without the broader spectrum of financial planning services. It is for this reason that many in the financial advisory field suggest caution when considering commission-based advisors. Most of these advisors will attend to the needs of the client, no doubt, but nobody would deny that this kind of bias could be equally problematic with regard to other more profitable, commission-earning products. The other downside is that commission-based advisors are generally held to a suitability standard rather than the stricter fiduciary standard of acting in the best interest of the client. Consequently, the products suggested need only be suitable, not necessarily the best option for the investor, which might lead to suboptimal investment choices that are technically appropriate but not ideal.

Where Financial Advisor Costs Get Complicated

The landscape of financial advisor’s fees is notably diverse and lacks uniformity, making it challenging to pin down a “normal” fee. This variability stems from the different fee structures and certifications that advisors possess, which can significantly influence what they charge. For instance, fee structures can range from assets under management (AUM) fees, flat fees, and hourly rates, to commission-based earnings, each aligning differently with the various types of financial guidance provided. Moreover, the level of service varies among financial professionals; a certified financial planner (CFP) typically offers a broader and more complex range of services compared to a financial coach, influencing the overall fee. Additionally, geographic location can affect pricing, with advisors in metropolitan areas possibly charging more than those in rural settings.

Pricing discrepancies can be stark, but it’s crucial to focus on finding services that align with your specific financial needs rather than just the cost. For someone with modest financial management needs, paying a flat annual fee of $2,000 might be excessive. Conversely, individuals with larger portfolios might find that opting for the least expensive advisor could result in receiving advice that fails to comprehensively address the complexity of their finances and growth strategies. This decision-making process underscores the importance of aligning the cost of services with the expected benefits and tailored advice needed to manage one’s financial assets effectively.

Fortunately, the financial advisory field is broad, offering numerous options to cater to a wide array of financial situations and preferences. Whether seeking basic asset management or comprehensive financial planning, the market offers a range of advisors with varying expertise and fee structures. This diversity ensures that potential clients can find an advisor whose services not only meet their specific financial goals but also fit within their budget. Engaging in thorough research and consultations with potential advisors will help clarify what each can offer and at what cost, facilitating a better match between financial needs and advisory services.

3 Important Things About Financial Advisor Fees

• 3 Types of Financial Advisor Fee Structures
• How Much Does Each Type of Advisor Charge?
• The Fiduciary Standard and Financial Advisor’s Fees

Let’s begin with the simple part—fee or compensation structures.

1. The 3 Types of Financial-Advisor Fee Structures

• What does a fee-only financial advisor do?
• What does a fee-based financial advisor do?
• What does a commission-only financial advisor do?

What does a fee-only financial advisor do?

A fee-only financial advisor might charge a flat fee, normally from $1,000 to $5,000. They may charge hourly fees of $100 to $400, or a percentage fee, normally around 1% of the value of the client’s assets under management.

A fee-only advisor is an advisor who charges no commission as part of the advisory service. Basically, this type of advisor operates under three different fee structures: flat, hourly, and percentage.

In the case of the flat-fee structure, the financial advisor develops an investment plan for you but leaves it up to you to manage.

Sound good?

Well, only if you’re the type of person who wants to drive the ship, pay attention to investment and market trends, buy, sell, and trade, and do all the other investment management tasks yourself, in which case you don’t care that much about how much a financial advisor costs. The management aspect is work. And the stakes are high. But if that’s you, then this flat fee approach can be appealing.

The flat fee buys you a “moment-in-time” financial plan.

Why do we call it that?

Because all financial plans become obsolete and eventually fail. Just like when you drive a new car off the lot, your plan begins losing relevance and value the moment you take it from the advisor’s hands.

Think about it:

The life situation in which that plan was created does not remain constant. Without a financial advisor to help you keep your financial plan updated and accurate, reflecting your ever-changing life situation, its usefulness and effectiveness diminish over time, regardless of how much a financial advisor costs.

What about hourly fees?

Hourly fees reflect a pay-as-you-go approach. With this approach, how much a financial advisor costs increases with the complexity of your personal finances, so the hourly approach will cost you more. Pretty simple stuff.

And how about percentage-based financial advisors fees?

The percentage-fee advisor charges an ongoing fee, and this type of advisor works with your finances continuously.

You can see the differences right away. They charge a yearly fee based on a percentage of the assets under management in your account. Sometimes, how much a financial advisor costs in this scheme decreases a bit if your assets surpass certain levels.

How much should you expect to pay for a fee-only financial advisor?

Well, that’s not actually the right question. What matters much, much more is, what kind of advisory services you get for that fee, and not how much a financial advisor costs. More on that in a bit…

What does a fee-based financial advisor do?

What makes the cost of a financial advisor different under a fee-based system, from a fee-only one, is that the former may earn more from purchasing and selling certain investment products for your benefit.

Here’s the main idea:

The fee (percentage, flat, or hourly) is the starting point. The fees they may earn get added on top of that.

This is why how much a fee-based advisor costs can depend on a slightly lower percentage than fee-only advisors. If you encounter this, advisors can afford it because they make enough on commissions to make up the difference.

What’s the bottom line?

Typically, commissions + fees will cost you more than a financial advisor costs with a percentage fee-only setup on its own.

Click to tweet: Commission-based advisors cost way more than the percentage charged by a fee-only financial advisor.

What does a commission-only financial advisor do?

A commission-based advisor earns all their income by selling products or investments on your behalf, and taking a percentage of the sale price each time. How much a financial advisor costs if they are commission-only covers a broad spectrum. Commission-based products can include annuities, brokerage packages, mutual funds, and insurance.

You know where this one’s going:

Because this type of advisor derives all their money from sales and transactions, they often make financial planning recommendations in their own interests but that hopefully also works well for you, regardless of how much a financial advisor costs on a commission basis.

We’ll see how well they do at this in a bit.

2. How Much Does Each Type of Advisor Charge?

• Fee-Only Charges
• Fee-Based Charges
• Commission Charges

Let’s do a little comparison of financial advisor’s fees and see if each type is worth it.

As stated, even though the services you get matter much more than just the fee you’ll be charged, you should still have an idea of how much a financial advisor costs, whether that’s fee-only, fee-based, or commission-based.

Fee-Only Charges

For fee-only financial advisors, how much a financial advisor costs is based on flat fees, hourly, or percentages, or sometimes a combination such as an initial consultation fee combined with a percentage. Flat-rate fees range from $1,000 to $5,000 for a one-time charge.

And remember:

As stated above, that gets you started with a moment-in-time plan, and it becomes your responsibility to follow it up from that point on. As your life situation changes with time, you will find that financial plan to be more and more irrelevant and unhelpful to your financial goals.

Hourly rates can be anywhere between $100 and $400, so a financial advisor’s fee will depend on it. It all boils down to the complexity of your situation, the experience of the advisor, and other factors.

Lastly:

Percentage fees hover around 1% of your assets under management, per year. But this can vary quite a bit. If you entrust $1 million to your investment advisor, a 1% fee would be $10,000.

How much a financial advisor costs when using robo advisors instead of human advisors will be a much lower percentage fee of around 0.25–0.5%. This is because they will have much more limited service capabilities.

A robo-advisor could be your helper, if you need simple investment management advice with low financial advisor fees, significantly decreasing how much a financial advisor costs. Another possibility is a combination of a robo-advisor and an investment advisor, which some firms have as part of their services. Here’s the most important thing:

In ideal situations, the percentage-based financial advisor’s fee buys you:

• Customized, ongoing attention
• Continuous plan updates
• Rebalancing of your asset allocation
• Credit score maintenance for your credit cards
• Other personalized benefits

And for investors with high net worth or ultra high net worth working with a wealth manager, who may be concerned about how much a financial advisor costs, you can expect more services including:

• Tax minimization strategies
• Estate planning expertise
• Advice regarding complex and high-stakes financial decisions such as when to offload company stock as you near retirement
• Business exit strategic planning
• Unbiased fiduciary advice in your best interests

And much more. By using this type of compensation structure, this can be said to create a “great user experience”. Which deal is better? How do you decide? We’re not done yet! There’s a lot more to this question than just the simple fees.

Keep reading…

Fee-Based Charges

Your initial financial advisor fees with a fee-based advisor will look similar to those of the fee-only advisor. They could be hourly, a percentage, or a flat fee, which determines how much a financial advisor costs.

As stated earlier, the fees may be a little lower on occasion, because this type of advisor also earns income from commissions. Their income is based on a baseline fee, and it increases from there. It’s similar to any salesperson who earns a base income but has to earn commissions from actual sales to make a decent salary.

Don’t miss this:

It’s harder to know with commissions how much a financial advisor costs because you don’t always know when they’re earning a commission or an extra slice of the pie. Sure, they have to disclose it to you, but it could be buried on page 23 of a prospectus you didn’t read.

Commission Charges

Typical commissions for the selling of investment products and packages range from 3–6% of the sale. That means, if your commission-based (or fee-based) advisor invests $500,000 of your assets in a particular mutual fund, they would net a $25,000 commission at a 5% rate, per year.

As that example shows, it doesn’t take much for commissions to dwarf all the fee-only variations listed earlier. Do you get it? This is how some advisors can charge “zero” fees.

Generally, it’s pretty difficult to justify the higher cost of commission-based advisors. Your investments would need to perform far above how much a financial advisor costs and what they achieve for you, just to break even. The likelihood of that is exceedingly tiny.

So why does anyone go with commission-based advisors if they cost so much more?

You already know:

Because they buy the pitch that this is a ‘zero-fee’ advisor. This is accurate in the sense that in this case, how much a financial advisor costs is not based on a percentage, flat, or hourly fee like a fee-only advisor. But it’s inaccurate in the impression it gives that with their approach, the cost is little or nothing when in fact it’s much more in most cases.

Important:

At big banks, investment advisor firms, and brokerage houses, how much a financial advisor costs is often based on commissions, and these firms’ advisors claim to be zero-fee advisors.

Pillar Wealth Management, LLC., isn’t like that. They wrote the book on the best investment management strategies for investors with high net worth. Even better, the authors and founders, with over 60+ years of experience, want to work directly with you. Get the undivided attention, focus, advice, and proven expertise you deserve! Now, can you negotiate how much a financial advisor costs?

To some degree, yes. But this is most common among wealth managers serving clients with ultra high net worth.

3. The Fiduciary Standard and Financial Advisor Fees

The greatest assurance anyone can have that their advisor actually works to minimize their fees is this: a fiduciary standard.

Who is a fiduciary?

A fiduciary is a financial advisor, wealth manager, or registered investment advisor (RIA) who can be expected to provide the best advice for the client. It is not a toothless promise. An advisor not doing this who claims to do it can be held legally accountable. For a fiduciary, how much a financial advisor costs cannot be tied to their own interests.

This is crazy:

A 2015 report found that “savers receiving conflicted advice earn returns roughly 1% lower per year…we estimate the aggregate annual cost of conflicted advice is about $17 billion each year.”

Did you catch that? Not only do you pay more for non-fiduciary financial advice, but in most cases, your investments do worse too.

As investors, you’re losing on both fronts—with how much a financial advisor costs and with how much you’re earning. Few commission-based advisors also act as fiduciaries (because living off commissions seldom aligns with your best interests). Thus, you shouldn’t expect your investments to perform better when managed by a commission-based advisor. Based on that report, you’ll do worse, and you’ll be paying 3–6% for the privilege.

Financial planner fees

Other fees are determined by the fee structure that a financial planner or advisor has set individually, or the firms they work for. They also vary according to the financial services that a planner can provide. Also, the planner may set his fees based on the needs of the client.

While advisors come in different forms, the advisor may be a person with whom you meet in person, a robo advisor, or one who works with you online but not in person.

You’ll have to decide on the type of advisor according to your needs; for instance, you may want to simply trade on the stock market or need help with budgeting and financial planning. Accordingly, the cost of the advice will vary.

Cost of an in-person financial planner

Once you have selected a financial planner, you will naturally discuss your financial situation with them, what services you would like to use, and what fees you will have to pay. You should expect your advisor to be transparent about the services they will provide and the cost of those services.

Costs for a financial planner typically are assessed as a percentage of the value of the assets managed, around 1%. This is an annual fee paid for managing those assets.

Other planners eschew the AUM model and just charge a flat fee each year. They feel that the complexity of their advice does not scale with the value of the assets.

If the planner provides other services—perhaps retirement planning—they could charge a fixed fee for those services, which would vary according to the complexity of the situation, but could be in the region of $1,000 to $3,000.

Cost of a robo-advisor

A robo-advisor is a software system that offers investment advice. It gives this advice based on computer algorithms that are programmed to efficiently manage investments and trading in different markets. Generally, such software will have an associated annual fee, usually equal to or less than 0.50% of the assets under its management. Some may charge a flat fee per month.

As an example, Fidelity Go (Fidelity’s AI product) charges 0.35% a year for an account value of $50,000 or more.

If the fee charged is a flat fee, it can be around $12 per month.

Cost of online financial planning

Online financial planning is like having a personal in-person advisor. However, all services and advice are provided on-line, with an added human touch while providing the same advice as a robo advisor.

Fees vary depending on the firm. However, as an example, Fidelity Personalized Planning and Advice charges 0.50% annually.

What Does Pillar Charge?

Okay, you made it this far. But what about us? What does Pillar Wealth Management do with regard to fees?

You probably already guessed it. Pillar Wealth Management is a fee-only advisor. We are a fiduciary, and we charge an all-inclusive fixed percentage, which means we do not charge extra for handling any situational financial questions as they arise. We just help you walk through them.

If we need to collaborate with your estate lawyer, accountant, insurance rep, or other specialists, we work with them too, again at no extra fee. All this is included in the single percentage.

Here’s the bottom line:

There is no simpler financial advisory compensation structure possible.

The Full Truth About What Your Financial Advisor Costs

The entire preceding discussion has only touched on what you pay your advisor directly. Here’s the scary part:

Even with the commission-only advisor, the “price tag” that you pay may be much, much more than you imagine, for numerous other reasons in addition to their fees.

Understanding those other costs before choosing to hire a financial advisor may be the most financially astute action you can take. Even the best fee-only advisor with the highest performance must be called into question over these financial advisor fees.

Here’s why this matters:

Managing investment costs is part of investment performance.

If your advisor is not minimizing these hidden costs, their investment gains and the growth they appear to have earned for you will add up to far less than what a different advisor would earn if they are as fixated on minimizing your costs as on maximizing your performance.

You want the best of both worlds:

Low cost. High performance.

What’s at stake? Hundreds of thousands, perhaps millions of dollars in lifetime growth.

Bottom Line

It is critical to know how much a financial advisor costs before engaging their services. According to the Wall Street Journal, understanding the advisor’s fee structure is crucial to knowing if the advisor suits your current financial circumstances. You should also choose an advisor with a fiduciary duty, which is most common among advisors using a fee-only structure.

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