FEE-ONLY FINANCIAL ADVISORS provide clients with assurances that the advisors’ sole source of income comes directly from the client and not from the sale of products, the receipt of commissions, rebates, or any fee-sharing arrangements. In working with a fee-only advisor, the client is assured that their needs come first. Any conflicts of interest are fully disclosed.
A FEE-BASED ADVISOR is typically one who is willing to provide comprehensive financial planning without product sales. However, their hope and expectation upon completion is that the client will purchase products as offered by the same advisor who claimed to offer fee-only objective advice.
Whether retainer based, fixed fee, or hourly, at Squam Lakes Financial Advisors, our fees are established up front in order to eliminate the possibility of surprises or unwanted outcomes.
The advisor should be fully prepared to disclose how fees are calculated, how commissions are calculated and exactly what their commission will be for the sale of any product before purchased by the client. Full disclosure provides the client with a clear and concise understanding of how the advisor is paid under any and all circumstances.
Over the years, hundreds of clients have chosen Squam Lakes Financial to be their trusted advisors. Our founder, Bob Maloney, has long been a proponent of fee-only financial planning and was a founding member of the National Association of Personal Financial Advisors (NAPFA), the leading professional association of fee-only financial advisors.
Since 1983, the National Association of Personal Financial Advisors (NAPFA) has been the leading association of fee-only financial advisors. NAPFA has strict business and ethical standards for its members including professional competency, client-focused financial planning, and fee-only compensation.
Bob served for three years as president and director of the Northeast Mid-Atlantic Region of NAPFA and led a committee to develop NAPFA University for the continuing education of fee-only financial advisors and planners. In 2011, Bob received NAPFA’s prestigious Robert J. Underwood Distinguished Service Award. In 2013, he was recognized as one of the “30 Most Influential People” for meritorious service to NAPFA and the fee-only financial planning community.