There are very few products or services out there where the consumer doesn’t really know the cost of what they’re getting. But when it comes to financial advice, what you don’t know can really hurt you.
For example, many financial advisors offer a “free financial plan.” What clients don’t know is that that financial plan can include recommendations to buy certain insurance products or investments. And those recommendations can cost you tens of thousands of dollars in commissions. Worst of all, they might not even be the best recommendation for your situation.
Would you go to your doctor for a free exam? How about getting a free will from your lawyer? Of course not. When you hire professionals, you expect to pay decent money for their expertise and counsel. And, if someone gave you a ‘free exam,’ you’d probably wonder what the catch is. So why would you get a free financial plan from someone without knowing how they get paid? Or how much they’re getting paid when you implement their recommendations?
At Wise Stewardship Financial Planning, we don’t give away free financial plans. Our clients know exactly how much they’re paying for our service and expertise, and they know exactly what they’re getting in return. In addition to clearly disclosing our fees, we also sign a fiduciary oath to all our clients because we are serious about transparency.
If you don’t have someone willing to do that for you, you can easily schedule a free consultation with us to learn more. We’d love to help you in any way we can, even if that’s just educating you on the types of questions you should be asking financial advisors.
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Interested to learn more about how we work one-on-one with our clients? Schedule a free consultation to talk with Daniel and get any questions answered.