A fee-only financial planner receives remuneration solely from one person who retains their services. Other payments in the form of reimbursement from additional sources, as well as commissions, are frowned upon in the strictest practice of this trade. As such, the numbers jumping on this bandwagon are understandably few, as job attraction in terms of easy and high monetary gain paints a rather unappealing picture.

This does not mean that the remuneration is lower than that of those who supposedly know all sources of income. Although the channels seem quite restrictive, the fee charged varies from client to client, planner to planner. The amount can be calculated based on a percentage of the assets under the purview of the planner. In other cases, the planner charges a flat annual fee. Some may offer hourly rates for clients who want to make short-term use of their services or test the waters before diving headlong into the financial tide.

Someone wishing to get started with such a career choice must first and foremost put their client’s financial interests ahead of their personal agendas. Needless to say, many claim to be more than what they are actually bringing to the table. A glib presenter is no different from the Pied Piper, shackling city residents and rodents to destruction. To make sure you don’t suffer the same fate, the accreditation of the supposed professional is recommended. Depending on the region, the true professionals are registered with a handful of recognized associations that monitor and manage the pool of credible resources.

Ideally, a paid financial planner should only be a master of all trades, financial that is. Potential customers should legitimately have some business knowledge to be able to tell top from bottom, left from right. By taking advantage of the experience in a wide horizon of financial possibilities, clients are presented with the most select offers to park their investments. This is probably an area that differs greatly from most so-called experts, as their financial interests often drive client investment, not the other way around. If one lands such a fish at the end of their line, it may be best to throw it back.

Holders of large financial portfolios tend to seek out these experts, as they are willing to pay top dollar for the best advice. For the rest of the crowd, fee-based players tend to rule the roost.