Over the years many of you have asked for recommendations for financial planners you could trust. I have always responded that you need a FEE-ONLY, FIDUCIARY financial planner.
A FIDUCIARY promises, in writing, to put your interests first. A “fee-only” planner does not take any commissions (hidden or otherwise) from the recommended products.
Most other people who call themselves financial planners make money by selling you something – even if you don’t see the commission separately disclosed on the purchase confirmation. With annuities, the fee to the salesperson is built in. Many financial “advisors” sell mutual funds that have heavy annual management (10-b-1) fees, and they receive a portion of those fees. There are dozens of others ways that salespeople make money.
I have nothing against paying for good advice. But I think you have a better chance if your “advisor” is not making money off your transactions or investments.
So when Pam Krueger created Wealthramp – a matching service for fee-only fiduciary planners, whom she has met, interviewed, and carefully checked – I was happy to write a column about it several years ago, and recommend it as a starting place in your search for a trusted financial advisor. In fact, I have gotten to know some of the advisors she has so carefully chosen. And I feel very comfortable in suggesting that you have a meeting with one or two of them.
Plus, Pam and I – -and Richard Eisenberg of PBS’ Next Avenue—have been working together on a series of podcasts called Friends Talk Money. Check the link to those podcasts on my home page or at www.FriendsTalkMoney.org. It is sponsored by NASAA (North American Securities Administrators Association), the state securities regulators.
By the way, Wealthramp is not a “lead-generating” business, like those online loan websites that will barrage you with emails and calls. Pam herself does the matching, based on the questionnaire that you fill out. Her small fee is paid out of the fully-disclosed fee you pay the advisor – there is no “extra fee” for this service. She will talk to you personally about the advisor with whom she has matched you. You know I don’t accept advertising on my website, don’t take ANY referral fees for companies I mention, and have never compromised my integrity in that regard. And I won’t get anything out of this either. But below is a link to Wealthramp – so you can go through the questionnaire knowing your information is taken securely and directly to Wealthramp, where you can start the process of finding a FIDUCIARY financial advisor.
There is no obligation for your first meeting (in person or on the phone) with an advisor. And if you don’t “click” then Pam will provide another recommendation. But she is a great matchmaker, has an excellent group of recommended advisors, and I trust her. So get started now at the link below.