Fee Only Financial Planner
Chicory Wealth is a fee only financial planning firm. But what is a fee only financial planner? Or a fiduciary registered investment advisor? And for that matter, what is the difference between a financial advisor, a financial planner, financial planning and financial wealth management?
It’s no wonder people get confused about these terms – there are many, and they’re sometimes used interchangeably. But there are differences between the terms, and we want you to understand them and be clear how Chicory Wealth uses them. A financial advisor is a more general term than financial planner. A financial advisor offers people or organizations a variety of money-related services and financial guidance. A financial advisor may have a particular focus, such as investing, brokering funds, selling products, helping with taxes, financial planning, or a combination of some of these and more. Different financial advisors offer different financial services.
A financial planner is a type of financial advisor specifically trained to help clients with their long-term financial goals. While they might have a focus on retirement, estate planning, investments, or a combination of several areas, the goal is an overall financial plan for the client. Financial planners usually hold licenses or designations. For instance, Chicory Wealth’s CEO, Maggie Kulyk, is a CRPC® or Chartered Retirement Planning Counselor, and our financial planners are CFP® (Certified Financial Planners); some hold other credentials as well. In addition, Chicory Wealth is a fiduciary registered investment advisor. We are an independent company, and as a fiduciary, we are legally required to act in our clients’ best interests. We must avoid conflicts of interest, operate with full transparency, and put our clients first. We have always operated as a fiduciary and welcome and embrace this requirement.
Now for the fee only part. Chicory Wealth’s basic services are holistic Financial Life Planning and socially responsible investing. We are a fee only financial planner because our compensation is not tied to commissions. Clients pay a flat fee for our financial planning services, depending on the complexity of their financial situation, and this fee includes direct management of assets on our platform.
Specific information about our Financial Life Planning costs can be found HERE.