How to Find a Fee-Only Financial Advisor in Ontario, CA
At RPA Wealth Management, we help people in Ontario, CA, and throughout the region cut through their retirement confusion so they can confidently start their next life stage.
Because we can best achieve this objective through an ongoing relationship built on trust, we provide independent, fee-only financial planning. We believe this fee structure is the only one that allows us to reduce conflicts of interest and truly serve our clients.
If you are wondering what fee-only financial planning is or how to find a fee-only financial advisor in Ontario, California, read this article for an explanation and tips on finding an advisor.
What Is a Fee-Only Financial Advisor?
A fee-only financial planner is paid by you for the advice they provide to you. You might think all financial professionals work on this model, but unfortunately, they don’t. Your broker or other professional might have a fee structure that is commission-based or fee-based.
Commission-based means that the professional receives a commission if you buy their offering—say, an investment product such as a mutual fund or an insurance product like an annuity.
Fee-based is a more ambiguous term. We have seen some financial advisors use the phrase to mean fee-only. More commonly, it means the advisor can receive commissions and charge client fees, depending on the service being offered.
Because of the ambiguity, it is crucial that you ask any potential financial advisor how they get paid. If they are not a fee-only advisory firm, then make sure you are clear on costs.
In addition, read the fine print for any products before you buy them. Sometimes you may think you are getting a good deal because you pay less upfront, but the product has higher-than-average expenses that ultimately cost you.
How Do Fee-Only Financial Advisors Get Paid?
It is a good idea to understand the service you want before you contact potential advisors. For example, do you want:
Management of your investment portfolio?
Ongoing planning in all areas of your finances, not just your portfolio?
One-time advice that you implement on your own?
Knowing what you want will help you locate a firm with financial planning services matching your needs. The type of service you seek will likely dictate the fees you pay. Fee-only financial advisors in Ontario, CA, and elsewhere may charge:
An hourly fee
Per project
A flat fee
A fee based on the assets they manage for you
A fee-only financial advisor should be transparent about the fees they charge. You can also check their Form ADV or Form CRS for a breakdown of expenses and any potential conflicts of interest.
As fee-only financial advisors, our firm strives to make our fees clear. We want you to understand how we are compensated because we want an ongoing relationship with you founded on trust.
How Do You Find a Fee-Only Financial Planning Firm in Ontario?
One way to find a local advisor is to check with professional organizations. The National Association of Personal Financial Advisors (NAPFA) requires its member advisors to work in a strict fee-only capacity. They must also serve as fiduciaries, which means they put clients’ best interests first. You can use the NAPFA Find an Advisor search tool to locate fee-only, fiduciary financial advisors serving Ontario.
Once you have a potential list of firms, review their websites to ensure they offer the services you seek. For example, our firm helps clients in Ontario turn their retirement savings into retirement income without the use of annuities. Not only are we fee-only, but as a Registered Investment Advisor (RIA), we have a fiduciary obligation to clients.
While reviewing a potential advisor’s site, you can look at the advisory team’s certifications. An advisor with the CERTIFIED FINANCIAL PLANNER™ (CFP®) mark after their name has attained education and experience to provide comprehensive financial planning based on your financial goals.
For example, if you want to make sure you are prepared for retirement, the CFP® professional can provide a plan integrating cash flow, taxes, investments, estate, and more to help you achieve your retirement goals. CFP® certificants also must serve as fiduciaries.
Once you have a list of potential advisors, schedule a complimentary call to see how they may be able to help you. You can then decide whether you want to move forward.
Final Thoughts
You should work with an Ontario, CA financial advisor sitting on the same side of the table as you. Knowing that the advisor is fee-only and a fiduciary can help you feel this assurance.
Our wealth management firm helps clients leverage their resources to achieve a comfortable retirement. You can meet with our team at our Ontario location, online, or at any of our other meeting sites. We invite you to schedule a call today.
This material was prepared by Kaleido Inc. from information derived from sources believed to be accurate. This information should not be construed as investment, tax or legal advice.