Fee Only Financial Advisor in Ottawa

If you are considering getting a financial advisor in Ottawa to help you with your financial needs, then you may have already heard about the merits of a fee-only financial advisor. However, if you are new to the world of financial advisors and investing, then you may be confused by what a fee-only financial advisor in Ottawa really is. Either way, we provide some of the best fee-only flexible financial advisor services in the Ottawa region and we are happy to help our hundreds of clients thrive in their financial lives.

What is a fee-only financial advisor?

Before you decide if a fee-only financial advisor is the right choice for you, you must first understand what a fee-only financial advisor in Ottawa is. There are three basic ways that financial advisors get paid. One is commission-based, another is commission and fee-based, and the last is fee-based.

 

A commission-based advisor is paid based on the products that they sell you, not on the investing portion of the arrangement or performance of your investments. This means that they have an incentive to sell you products that you might not need.

 

A commission and fee-based financial advisor is paid based on the products that they sell you as well as the fees from the investing that they do on your behalf. Thes advisors also have incentive to sell you on financial products because part of their income is dependent on it.

 

A fee-based financial advisor is one that only makes money from the fees that are charged for investing the money on your behalf. The great thing about fee-only financial advisors in Ottawa is that they don’t have an incentive to sell you any product that you don’t need because they don’t stand to gain financially from it.

 

A fee-only advisor will generally only extract money from you as a percentage of the funds that you have invested, and nothing more.

What are the benefits of a fee-only financial advisor?

Fee-only advisors are appealing for a wide number of reasons. People are very naturally drawn to fee-only advisors. Here are some of the reasons that fee-only financial advisors in Ottawa are so popular among those that need a companion and guide for investing their capital.

No conflict of interest

Perhaps the best feature of a fee-only financial advisor is that they have no conflict of interest. With a financial advisor that is paid out on commission of the financial products that they are able to sell you, the adviser is incentivized to sell you products, regardless of whether they are actually constructive towards your financial future or not. For this reason, it is hard to trust them because you will never know if they are just trying to sell a product or actually trying to help you.

 

With a fee-only advisor, however, there is no monetary incentive for them to sell you financial products. That means that if they are pushing a product on you, it is usually for the good of your financial health and comes from a sincere place. They don’t get compensated for selling, they get compensated for their investment guidance and advice. They are rewarded with a fee off the top of what you are investing with them.

More affordable

When you use a fee-only financial advisor, you will typically be getting a more affordable arrangement. This is because even if the management is the same, you will still be saving money by not purchasing the products that are frequently pressed upon those that walk into the office of a financial advisor that is paid out on commission. In an arrangement with a fee-only advisor, you will be able to focus on your wealth management instead of flashy new financial products. Over time, this can certainly save you money.

Transparency

When you work with a fee-only advisor, you know what they are getting paid to manage your money and you know that they are offering advice that they sincerely mean. This kind of transparency and trust just usually isn’t there in an arrangement with a financial advisor that makes money from commission.

Is it okay to use a financial advisor that isn’t fee-only?

All of this talk and praise about fee-only financial advisors has a lot of people wondering if it is okay if you use an advisor that isn’t fee-only. Not all financial advisors that are not fee only are bad, just like not all fee-only advisors are good advisors. If you feel very comfortable with your commission-based advisor, then use their services by all means.

 

However, you always want to get clarity on how your financial advisor is being paid. Once you know what the arrangement is, you can take advice and guidance accordingly knowing where true motives lie. You should be very cautious when picking out a financial advisor that isn’t fee-only.

Why Choose Us?

If you are looking for a financial advisor that is fee-only in Ottawa, then we are one of the best choices that you can make. We have years of experience serving as a fee-only advisor in Ottawa and we have helped countless people achieve their financial goals and get the guidance that they need. We are able to achieve this with a remarkable team of devoted professionals that are passionate about helping you be the best that you can be financially. Our experience working with people in all situations has equipped us to handle whatever walks through that door. In addition, our comprehensive suite of solutions eans we have an option for everyone, regardless of their financial goals.

Curious about our fee-only financial advisor service? Book a complimentary meeting today!

If a fee-only financial advisor sounds like the right fit for you, then call our office today. We have strong fee-only financial advisors that only get paid to give you advice. We’ll walk you through our options and find a financial path that meets your needs.