Fee Only Finanical Planner
As a fee-only financial planner, our only interest is in your success.
At Quinn Financial Planning, the only fees we receive are paid by our clients. That means we are always looking out for your best interests only, and we do not receive any commissions from non-client companies.
What Is a Fee-Only Financial Planner?
Quinn Financial Planning (QFP) is a fee-only financial planning and asset management firm. What does that mean? Fees are charged either on an hourly basis, or based on a percentage of your investment assets that QFP manages.
There is full disclosure of the fees you are charged and an agreement discussing the same to every client QFP services. As you learn more about QFP, you’ll find out that there are never any surprises to customers in terms of the fees paid. QFP does not receive any compensation in any manner from other investment companies or custodians. One hundred percent of fees earned by QFP are paid by clients. This arrangement ensures that our services and professional judgement are based strictly on the clients’ needs.
“Fee-only” should not be confused with “fee-based.”
As explained above, Quinn Financial Planners is a fee-only service, not fee-based. What’s the difference? A fee-only financial planner means the investment advisors get paid only from fees charged the client. A fee-based financial planner can charge fees to clients AND receive commissions from non-client companies—a double dip.
These fee-based financial planners have the best of both worlds—payments from clients and payments in the form of commissions from non-clients. Why is this a potential problem for the investor? Because this opens up the advisor to invest in things that are not in his client’s best interest.
Here’s an example. Let’s say an advisor is looking to invest his client in mutual funds. The advisor really likes Fund A. It’s safe, and has a great history and potential for growth, exactly what his client needs. Fund B is not as “hot” as Fund A because it has a weaker track record and a gloomy future. But, Fund B offers a percentage of the investment (the amount of the client’s money used to buy the fund) back to the advisor if he goes with their fund. Now the advisor has a conflict of interest: his client’s vs. his own.
So, what does this investment advisor do?
He should go with Fund A, of course, because that’s what’s in the client’s best interest. But does he have to? Surprisingly, no. Not under current Financial Industry Regulatory Authority rules. The advisor, swayed by the kickback that would come his way, can go with Fund B… and it’s completely legal!
As a Fee-Only Financial Planner…
- QFP does not accept payments from other investment companies, custodians, or insurance companies. Therefore, QFP will never have such a conflict of interest. You never have to worry if the decisions made with your investments are for any other reason than your benefit. At QFP, integrity is everything.
- QFP does not bill or accept prepayments of money until our work is complete and your satisfaction is met.