Why Work with an Hourly Financial Planner?
Working with an hourly financial planner can offer several benefits, depending on your specific financial needs and preferences. Here are some advantages:
Cost Efficiency:
Hourly financial planners charge for the time they spend working with you and on your plan, rather than collecting a percentage of your assets under management. This truly matches the services received with the cost you paid. So your cost will align much more with the complexity of your situation and not with the value of your investment accounts.
Objective Advice:
Since hourly financial planners don't earn commissions on financial products or manage assets for a fee, there may be less incentive for them to recommend certain products or strategies that may not be in your best interest. This can result in more objective and unbiased advice. This is especially helpful if you have an interest in investing in things like Bitcoin, real estate, or a small business.
Flexibility:
Hourly financial planners often offer flexibility in terms of engagement. You can hire them for a one-time consultation or for periodic check-ins, allowing you to tailor their services to your specific needs.
Transparency:
With an hourly financial planner, you know exactly what you're paying for. The fee is based on the time spent on your specific financial situation, providing transparency in the cost structure.
Educational Opportunities:
Hourly financial planners often take the time to educate their clients about financial matters. This can empower you to make more informed decisions and gain a better understanding of your financial situation.
No Conflicts of Interest:
Since hourly financial planners don't earn commissions from financial product sales or manage assets for a fee, there is less potential for conflicts of interest. This can give you greater confidence that the advice you receive is focused on your best interests.
No Minimum Asset Requirements:
Some traditional financial planners or advisors may have minimum asset requirements for their services. Hourly financial planners often have more inclusive fee structures, making their services accessible to a wider range of individuals.
One final point of clarity is that an hourly advisor does not have to be a one-time transactional engagement. It is ideal to create a long-lasting relationship that continuously builds trust over time with your advisor, and that can still be done in the confines of an hourly relationship.
Before choosing a financial planner, assessing your financial situation, goals, and preferences is important. However, if you would like to learn more about working with a financial planner on an hourly basis you can schedule a free, no-obligation introductory call. Click here to book a call. Or feel free to send an email to learn more.
Phil Francois, CFP®
Foundation Wealth Planning
phil@foundationwealthplannin.com