How financial advisors are paid
Q. If I use a fee-only planner, what’s the difference if they charge a fee for creating a financial plan versus charging a fee based on assets under management? It seems the second option would be way more expensive.
— Considering help
A. There’s a big difference.
It’s a question of buying a one-shot deal versus having someone work with your money on a regular basis.
When you’re charged a fee for a financial plan, you receive a financial plan and that’s all that’s done, said Bill Connington of Connington Wealth Management in Fairfield.
You get a plan, and then you must go and implement it yourself, he said.
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