Tim Baker, CFP and owner of Script Financial, sat down with me to discuss fee-only advisers and how they provide unbiased advice that is truly in the best interest of their clients.
Sadly, only 3% of all financial advisers are fee-only, leaving most advisers out there with interests of their own when it comes to your financial well-being.
Tim was once a fee-based adviser, and he pulls back the curtain in this episode, exposing the nasty truths on how most planners make money.
You will be shocked to hear how the industry is structured, but we will break it all down so you can be prepared the next time you are approached with an adviser with goals of their own.
What you will learn in this episode:
- The difference between fee-based and fee-only financial planning
- Commissions and fees and how they are structured
- What is the trail of commission, and what does it mean for you
- Which types of investments to avoid
- Why true financial planning should focus on your goals in life
- What you are not being told by a fee-based financial planner
- The secrets structure of the financial planning industry
- The purpose of a Fiduciary Oath and why you need to make sure your financial planner has one