Don't Touch My Money: Why I Chose an Advice-Only Financial Adviser

 Don't Touch My Money: Why I Chose an Advice-Only Financial Adviser

Don't Touch My Money: Why I Chose an Advice-Only Financial Adviser

My financial adviser doesn’t actually touch my money. He doesn’t move it around, he doesn’t buy or sell stocks and bonds on my behalf, and he doesn’t handle any investment decisions at all. When I pay him his monthly fee, it’s mostly because of the advice he gives me, which I can use to make decisions about what to do with my own money myself if I so choose. In short, his advice—rather than his financial acumen—is what he gets paid for. And that’s exactly how I like it.

Introduction

In the past, it was common for a financial adviser to manage money. This meant they would invest your money and make decisions about what to do with it. But today, there's more of a focus on giving advice only. Here's why I chose an advice-only financial adviser and why you should too. The financial adviser I found had a few benefits that other advisers didn't have. First off, they don't touch my money at all. They provide their advice only by phone or email, so there's no need to worry about someone coming into my home and stealing my things while I'm not looking. Second, the fees were lower than other companies because they're focused solely on providing advice without touching any of my money themselves.

What is an advice-only financial adviser?

There are many different types of financial advisers. Some give advice and help create a plan to make your money work for you. Others just trade stocks, bonds, and other investments on your behalf. The latter is often called an advice-only financial adviser because they only provide the advice. They don't touch the money. That makes it easier for them to charge less. But it also means that you're on your own when things go wrong in the market. That's not a risk that all investors are willing to take.

The benefits of working with an advice-only financial adviser

Many people are unaware that their financial adviser is taking a percentage of their investment funds as a fee. This can add up to thousands of dollars over the life of your portfolio. That's why, when choosing a financial adviser, it's important to find one who will work with you without touching your money. With an advice-only financial advisor, you'll be able to keep your money in place and still enjoy the benefits of working with a professional who has experience in the industry.

How to find an advice-only financial adviser

A good way to find a financial adviser is to ask for referrals from friends, family, and colleagues. If you don't know anyone who has used a financial adviser before, you can research individual advisers by visiting their websites. You can also ask the adviser if they work with more than one type of client or specialize in a certain area. Some may only offer general advice while others may focus on tax planning, estate planning, business consulting, etc. It's important to think about what your needs are and how much time you're willing to spend meeting with the adviser on a regular basis as this will help determine which type of advisor would be best for you.

Conclusion

There are a few reasons why someone might choose an advice-only financial adviser. Perhaps they have a large sum of money that they want to invest or maybe they just want to hear the opinion of someone who is not going to be investing in their account. Either way, if you're looking for help with your finances and you don't want any hands on your money, then an advice only financial advisor is perfect for you. They will answer all of your questions and give sound advice based on what's best for you and how much time you can spend researching investments. Just remember to ask about fees before hiring one!