What is the difference between "Fee-Only" and "Fee-Based"

Meyers Wealth Management operates on a Fee-Only basis.  This means that all financial compensation we receive is explicit fees paid directly by our clients.  We get no commissions, no "offsets", no financial incentive whatsoever to sell or place our clients into any particular product.  When you do business with Meyers Wealth Management, you will know precisely what you are paying for  - the services we provide.

Fee-Based is an unfortunate term used in the financial advisory business.  It means almost exactly the opposite of what it appears to mean.  Fee-based financial planners both charge fees and collect commissions, sometimes these commissions will not be obvious. Fee-only advisers do not collect commissions at all.

Further, there are certain products which have enormously complex compensation structures built into them, much of which is as hidden from the client as possible.  This doesn't mean that those products are inherently bad -- it just means that when one is told that one needs such a product, one needs to be as careful as possible to make sure that one's "need" for the product is not really a reflection of a broker or agent's "need" for you to buy it so he or she gets a huge payout.  Some products particularly notorious for having enormous payouts for the person selling them include permanent life insurance, variable annuities, "exclusive" limited partnerships and mutual funds with high "loads".  

Meyers Wealth Management, where our goal is to help you achieve your goals
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