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November 22, 2024 |
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Why "Fee-Only"?
Fee-only compensation is changing the way financial advisory services are offered. In a traditional commision-based compensation system, the advisor receives payment from a third-party provider of financial products, such as an insurance company or brokerage firm. Under the fee-only approach, the advisor is paid directly by his or her client . The advisor's fee may be based on an hourly rate, a flat fee, or a percentage of assets being managed by the advisor for the client. Basing compensation on fees promotes objectivity in the client-advisor relationship. Because the advisor is paid by the client, and not by a third party vendor, he or she can remain objective in recommending investments and other financial solutions. The fee-only approach forms a central component of MFN's business philosophy. |
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