Fee-Only financial advisors have been thriving lately. According to Bob Veres, editor of Inside Information, a financial service industry publication, investors are flocking to “fee-only” financial planners and investment advisors during this tough economy. They are seeking the “objectivity” of a fiduciary advisor without the inherent conflict of interest of commission-based advisors.
Forbes recently published an article in its series The ABC’s of Wealth Management attempting to address the difference between “fee-only” and “fee-based” advisors, as well as what the meaning of some of those letters we see at the end of financial planners’ names is.
The National Association of Personal Financial Advisors (NAPFA), an association of Fee-Only advisors, has been making headlines with its Money Bus Tour. The tour is being sponsored by the NAPFA Consumer Education Foundation, TD AMERITRADE and Kiplingerâ€™s Personal Finance magazine. The bus kicked off it’s tour October 1, 2008 and is visiting major city centers to promote the message of saving and financial literacy. At the various stops, Fee-Only, fiduciary financial advisors will be on hand to deliver free financial guidance, conduct workshops and town hall meetings, and meet with the media. You can track the money bus on their blog.