Fee-Only
Most financial advisors accept compensation and, therefore, influence from financial institutions, including Wall Street firms, insurance companies, and banks. This approach is commonly referred to as fee-based. Conversely, the National Association of Personal Financial Advisors (NAPFA) is an exclusive organization of fee-only financial advisors. As a fee-only NAPFA member, FinancialFamilies does not accept compensation from financial institutions and is, instead, committed to transparent pricing that is better aligned with client interests and fiduciary duty.
Detailed Analysis
Intelligent and timely financial decisions depend on complete, accurate, detailed, and intelligent information at the ready. Diligence and vigilance provide an edge for your family when it comes time to bring success home.
Independent Ownership
FinancialFamilies is owned and operated independently with great pride in helping loving families. There are no competing departments, agendas, stockholders, or the like to distract from the task at hand. The focus is on… YOU.
Certified Financial Planner (CFP®)
Most people think all financial planners are “certified.” This is not true. Anyone can call themself a “financial planner.” Only those who have fulfilled the certification and renewal requirements of CFP® Board can display the CFP® certification marks. Even still, most recipients of the CFP® marks do not qualify for membership in the fee-only National Association of Personal Financial Advisors (NAPFA), due to their fee arrangements.
Fiduciary
Members of the National Association of Personal Financial Advisors (NAPFA) are held to a fiduciary standard of care. FinancialFamilies is proud to uphold this standard of care for the benefit of client families.
Flat Fee Approach
Fee-only financial advisors come in different flavors. Some charge based on Assets Under Management (AUM), others bill an hourly rate, and FinancialFamilies uses a flat fee annual retainer.
The flat fee retainer is well-suited for a continuous service model, free from annoying and counterproductive hourly fees, and the conflicts of interest that accompany Assets Under Management (AUM) fees. See the Frequently Asked Questions for more information on the fee-only retainer fee structure.
No Proprietary Products
Is your current advisor a company-man, pushing financial products developed by their employer? In a world chock full of options, why are you stuck using only a subset of what is available? At FinancialFamilies, third-party financial institutions are kept at arm’s length, to reduce influence from conflicted agendas. As an independent fee-only fiduciary, FinancialFamilies has proactively committed to making recommendations in your family’s best interest all of the time.
Integrity
A commitment to doing what’s right helps to foster strong and lasting relationships. It’s the least we should expect from each other, and it should not be overlooked.
What does ChatGPT have to say about fee-only financial planning?
Fee-only financial planning is a method of providing financial advice and services in which the advisor or firm charges the client a fee for their services, rather than earning commissions or receiving compensation based on the products they recommend or sell. This means that the advisor’s compensation is not tied to the products they recommend to the client, which can reduce the potential for conflicts of interest. This type of financial planning is generally considered to be more transparent and client-centered, as the advisor’s interests are aligned with those of the client.
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