TTG Financial Inc. is a fee-only financial planner in Stark County, Ohio. So, what is a fee-only financial planner? They are Registered Investment Advisors with a fiduciary duty to always act in their clients’ best interests. They do not sell product or receive commissions.
Commission-Based vs. Fee-Only Financial Planner
Commission-based agents (also brokers) commonly resent this difference. Obscuring the distinction, they created the classification called “fee-based,” which indicates they bill a cost along with gathering commissions. Research studies show that even customers looking for a strictly fee-only expert find these terms to be misleading and confusing.
A segment of the annual fiduciary oath NAPFA participants sign, reads “The advisor does not obtain a fee or other compensation from an additional party based on the recommendation of a client or the client’s business.” Fee-only advisors generally have limited or no conflicts of interest in how they earn money and what they advise.
Financial Planning Firm in Stark County, OH
As an Ohio financial planning firm, we are on the clients’ side of the table and always acting in their best interest. Because we are fee-only financial planners, we are able to do our job without concern about how we get paid for our services.
The fees of commission-based agents, as well as brokers, are tied to specific items such as annuities, mutual funds, insurance and sometime limited partnerships. This model often misses out on what the client actually needs. Although commission-based representatives can serve their clients at a high level, product compensation and commissions can lead to investments that are not always in the best interest of the client.
Selecting a fiduciary puts you one step closer to getting the best advice for you and your family. The Center for Fiduciary Studies agrees. In its Prudent Practices for Financial Investment Advisors, the seventh fiduciary principle is to “avoid conflicts of interest.”
TTG Financial Inc.’s Fee Structure
We structure our fees around assets under management, and this generally includes handling most all of a client’s financial planning needs. A number of the services that we provide for clients goes beyond the management of investments. Attempting to address just one problem in isolation can be challenging and incomplete. Our services strive to take a much more rounded and holistic approach.
Because of our focus on wealth management and financial planning, we bill as a percent of assets under management. However, fee-only financial planning consists of various other methods of billing customers, such as a flat-rate retainer, a per hour price, or a charge specific to the task at hand. Only when there is a need or requirement beyond our general scope of business will these ever apply, and not before discussion and acceptance by the client.
For managed clients, there is no hourly fee. We do not want clients to ever hesitate to contact us. You will commonly hear us say, our door is always open.
Advantages Of A Fee-Only Financial Planner
A significant advantage of a fee-only financial planner is that there are no financial hooks, surrender costs, or lockup periods. Our clients are free to leave at any time. Zero cost to get in and zero cost to leave.
TTG Financial is a fee-only financial planner. We rile when we see consumers locked into products that we know are not serving their best interests. We have seen this more times than you can imagine. We have often said, ”If for some reason you do not select us as your Registered Investment Advisor, be sure that whomever you do select, is an RIA, and that they are Fee-Only.”