Fee-for-service means your financial adviser charges a fee based upon the time he or she spends with you working on your financial plan. The overall fee depends on the time taken and complexity of the plan.
Fee-for-service charges come in several shapes and sizes including;
Hourly rates, which range from $120 to $400 an hour.
Flat fee rates might be charged for a financial plan ($1000 - $4000). For example, an adviser might work with you to develop an introductory financial plan for a flat fee of $1000. Then they might meet with you twice a year to review the plan for another flat fee of $750 per consultation and review.
Premium service fees may also be levied. Generally speaking expect to pay 1% of your investment portfolio for premium service fees.
The initial meeting with a fee-for-service adviser will be 'free-of-charge' but you will be charged whether or not you act on the planner's financial recommendations detailed in the financial plan.
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