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 five 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 a separate asset management fee for investing. But that’s it – again, we are not compensated by commissions; thus, fee only.
Specific information about our Financial Life Planning costs can be found HERE.