Portfolio performance is only one piece of the wealth puzzle, because the decisions you make on social security, your mortgage, your insurance, your taxes, etc. have just as large of an impact on your wealth as your investment decisions. The purpose of financial planning is to make sure you have all your finances integrated and organized so you make prudent decisions throughout the course of your life.
It’s easy to confuse the two terms, but a quick way to remember the difference is fee-only is where fees to the firm ends, and fee-based is where those fees start. As a fee-only firm, the only fees you’ll be charged are advisory fees and nothing else. And as a fiduciary, we have a legal obligation to provide advice in your best interest. However, at a fee-based firm you may be charged an advisory fee on your money, and also pay hidden commissions to them on products they sell.
At EP Wealth Advisors, you will have the support of a CERTIFIED FINANCIAL PLANNERTM for your financial planning and multiple Chartered Financial Analysts managing your investment portfolio. The CFP® Certification Examination is designed to assess advisors/planners’ ability to integrate and apply a broad base of financial planning knowledge in the context of real life financial planning situations. CERTIFIED FINANCIAL PLANNERSTM must go through extensive training and are tested on 8 general financial planning areas
If you’ve ever wondered “Why use a financial advisor?” the people with the Dalbar Study have done the research for you. According to the Study, investors underperformed the market by more than 3% annually. What’s most interesting is that it wasn’t due to investment selection, the study reveals the number one cause of underperformance is investor behavior. Working with an EP Wealth Advisor who knows you and understands your goals, means that they will create a financial plan which prepares you to invest in the markets, and gives the proper context for your investments so you can make prudent decisions no matter where you are in the market cycle.