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Stay Wealthy Retirement Podcast

Financial Advisors (Part 3): What Fees Do Financial Advisors Charge

Stay Wealthy Retirement Podcast

Taylor Schulte, CFP®

Financialplanning, Retirement, Money, Taxplanning, Stocks, Wealth, Business, Investing, Retirementplanning

2.4606 Ratings

🗓️ 18 January 2023

⏱️ 58 minutes

🧾️ Download transcript

Summary

Today I’m sharing the different ways financial advisors charge for their services.

In fact, there are FOUR main fee structures you might come across when interviewing advisors...

...and each one can be a disservice to someone.

In this episode, I'm covering three important things:

  • What are the four fee structures and their pros & cons
  • Who is (and isn't) a good fit for each service model
  • How much do financial advisors typically charge for their services

I'm also sharing how retirement savers might think about measuring the value of financial advice.

If you're ready for a deep dive into financial advisor fees, you're going to enjoy today's episode. 

***

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Transcript

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0:00.0

Hey, everyone, three quick things before we start today's show. First, thank you very, very much for your patience these last few weeks. There were some personal and professional things in my life that just needed some extra attention, including an unfortunate death in the family. And I just needed to take a deep breath and hit the reset button. But we're back. It's a new year. I'm excited and I have some great episodes

0:21.7

lined up for everyone. So thank you again for hanging with me. Second, you might have noticed

0:26.6

that episodes have been published on some different days of the week recently. Internally, we've

0:31.4

been experimenting with some different publishing days to see what works best for our listeners.

0:35.5

And we've landed on a Wednesday published date going

0:38.7

forward. So barring any technical difficulties on the editing side, this show will be published

0:43.9

on Wednesday mornings beginning next week. On Thursdays, as many of you know, the Stay Wealthy

0:50.1

newsletter will continue to hit your inbox. And if you're not subscribed yet, just head over to

0:54.8

you stay wealthy.com forward slash email. And then lastly, a big thank you to everyone who took me up on my

1:01.6

buy one, give one offer last month. You will be hearing from my team soon on next steps. I promise.

1:08.2

And if you happen to miss the offer or you got distracted during the holidays,

1:12.0

I've decided to extend it until the end of January. So in short, if you pre-order a copy of my

1:17.3

upcoming book, more than money, I'll match your order and send you a second copy that you can

1:23.1

give away to someone that you think will appreciate it. And all proceeds from the book are being

1:27.2

donated to nonprofit organizations, supporting financial literacy. So no way to someone that you think will appreciate it. And all proceeds from the book are being donated

1:27.6

to nonprofit organizations, supporting financial literacy, so nobody is making any money from these

1:33.1

book sales. If you're interested, I'll add the detailed instructions and links in today's show notes,

1:38.9

which can be found by going to you staywealthy.com forward slash 176. Okay, on to today's show.

1:50.3

Welcome with the Stay Wealthy podcast. I'm your host, Taylor Schulte, and today I'm tackling

1:54.0

part three of our series on financial advisors. Specifically, today I'm diving into the different

2:00.2

ways financial advisors charge for their services.

2:04.0

In fact, there are four main fee structures that you might come across when interviewing advisors,

...

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