With all the volatility this year, there are a lot of individuals re-examining the value their advisor brings in. Without knowing every option and without understanding how different financial services are structured, it can be difficult to truly evaluate your performance. That’s why we want to provide a clear breakdown of what fees and costs advisors typically charge.
We’ll start today’s discussion with Laura Stover, RFC® and Darlene Tucker, CFP® by unpacking the fees that you’ll often find from Registered Investment Advisory firms. Understanding the ‘wrap’ fee structure and everything it includes is a great start, but it’s very important to know differences you’ll find from institutional versus retail money management. Along with the fees we’ll detail, you should also take into account the added value that comes from having a comprehensive planning team. Being able to lay out a clear plan that you understand and can follow adds significant value to the performance of the portfolio because it eliminates the decisions that typically get made with emotion.
In this modern-day financial planning world, success really relies on the talents of a team to help. Trying to do things on your own or working with someone that doesn’t provide a comprehensive plan like you’ll find with our Redefining Wealth® process will make it more difficult to build a plan that covers every aspect of retirement. Today’s episode should help lay that out for you and set expectations for what to expect from you financial professional.
Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/
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Timestamps (show notes):
2:53 – Interesting data about female advisors
7:23 – Registered Invest Advisory firms charge a fee
8:04 – What is a wrap fee agreement?
11:16 – Institutional vs retail money management
14:21 – Added value from a comprehensive planning team
18:08 – When you should run for the door
22:25 – Commissioned based advisors
26:35 – So who should you work with?