Fee Only Financial Advisors are individuals or firms who have committed to accepting compensation ONLY from the client. This eliminates many conflicts of interest that are present in the Advisor/Client relationship. But, finding a Fee Only Financial Advisor can be an overwhelming and daunting task. Below, I'll outline some of the ways to search for and research local advisors.
Action Steps
The best contacts and resources to help you get it done
Begin with National Association of Personal Financial Advisors (NAPFA).
Start your search with a National Fee Only Association. NAPFA is considered an authority on Fee Only Advisors and its website is loaded with resources that you can use when searching for and interviewing potential firms.
I recommend: - NAPFA's Website - Lots of useful tools
- NAPFA's Find An Advisor directory - The Directory can help you identify and research firms that have accepted NAPFA's fiduciary oath and have committed to operating in a Fee Only and Comprehensive manner.
Perform a Google Search
Google.com can be a great way to conduct a general, local search for Fee Only advisors.
I recommend: - Conducting a Search on Google - When you search on Google, you can use this format: Fee Only TOWNNAME. So, if you were searching in my hometown, you would enter Fee Only Boulder. Keep in mind that this will be a generic search and may return firms who have targeted the Fee Only search term and may not operate in that manner.
Check out other directories and registries.
There are numerous directories out there and a quick Google search on the term "Find an Advisor" will return quite a few. As always, it is important to do your own homework and due diligence. Remember that not all directories screen the advisors who are listed and that some of them require the advisors to pay for a listing.
I recommend: Checking out some notable directories and registries:
Tips & Tactics
Helpful advice for making the most of this Guide
- Look for Advisors who hold the CFP(r) credential in addition to their Fee Only way of doing business.