How much does it cost to work with a financial advisor? Well, it depends…
The Securities and Exchange Commission (SEC) requires that financial advisors act as fiduciaries, which means they must act in their clients' best interests. However, the SEC does not specify how much financial advisors should charge clients. This is left up to the discretion of the advisor.
Before you make a decision to hire a financial advisor, it's important to understand the different types of fees that may be associated with their service. We at Wealth Village recommend asking the advisor for a written breakdown of their "all-in fee". This should include:
Hiring a financial advisor can be a great way to gain professional guidance in managing your finances, but it's important to understand the costs associated with this service. Understanding the different types of fees and being aware of the potential for commissions can help you make an informed decision and protect yourself from unnecessary costs. By asking the right questions and being vigilant, you can be confident that you are getting the best service for your money.