“Fee Only means I only get paid a fee from my clients. I don’t get paid fees from products, from brokerage firms, from banks, from insurance companies… I only get paid by the client and that is the person I’m responsible to.” - Brent Hoskins, CFP®, CKA® of Focal Point Financial Group “One of the questions you need to ask advisors you’re interviewing is, ‘how do you get paid?’” - Donovan Brooks, CFP®, CKA® of Storyline Financial In episode 13, we're talking about what the hell is Fee Only? Brent Hoskins, CFP®, CKA® of Focal Point Financial Group and Donovan Brooks, CFP®, CKA® of Storyline Financial, sit down with Kyle to discuss what it means when an advisor says they’re a “Fee Only advisor”. Do you know how your advisor gets paid? They break down the two basic ways advisors are compensated by their clients, which leads to the three different types of compensation structures (Commission, Fee Based, & Fee Only), which leads further into the various Fee Only models (AUM, Flat Fee, Hourly, and more). Tune in! "Do you want to pay for products that you can get for free, or do you want to pay for the advice?" Kyle Hill, CFP® Resources: https://www.imdb.com/title/tt0113755/ (Man of the House (1995)), https://untappd.com/b/rochester-brewing-and-roasting-company-stone-fruit-pale-ale/4054717 (Rochester Brewing and Roasting Co.: Stone Fruit Pale Ale), https://www.riverbluffbrew.com/ (River Bluff Brewing), https://theroasterie.com/product/full-vengeance/ (Roasterie: Full Vengeance), https://www.ahajournals.org/doi/10.1161/CIRCHEARTFAILURE.119.006799 (Drink your coffee), https://theroasterie.com/product/bettys-recipe (Roasterie: Betty’s Recipe), https://www.youtube.com/watch?v=11hBvTO4jUo (Parenthood - Forever Young), https://www.napfa.org/financial-planning/what-is-fee-only-advising (What is Fee-Only Financial Planning by NAPFA), https://www.xyplanningnetwork.com/ (XY Planning Network), https://www.napfa.org/ (NAPFA), Donovan Walk-up song: https://www.youtube.com/watch?v=xPKxSjiyNJI (Lecrae - Over the Top) /https://www.youtube.com/watch?v=N2mqbhpSfdg (Andy Mineo), Brent Walk-up song: https://www.youtube.com/watch?v=oNjQXmoxiQ8 (Alphaville - Forever Young ) Kyle Walk-up song: https://www.youtube.com/watch?v=XhzpxjuwZy0 (Jump Around by House of Pain)
Brent Hoskins, CFP®, AWMA®, CRPS®, RICP®, CKA® - Focal Point Financial Group https://focalpointfinancialgroup.com/ (Website), Email, https://www.linkedin.com/in/brent-hoskins/ (LinkedIn), https://www.xyplanningnetwork.com/advisors/brent-hoskins-cfp-ricp/ (XY Planning Network (XYPN)), https://www.napfa.org/member/97463/29652 (NAPFA), https://www.feeonlynetwork.com/financial-advisor/brent-hoskins/ (FEE-ONLY Network), https://kingdomadvisors.com/find-a-professional/advisors/19712/66208 (Kingdom Advisors), https://www.letsmakeaplan.org/find-a-cfp-professional/certified-professional-profile/8954116b-5c09-4043-8fa9-4744de92d06f (CFP Board)
Donovan Brooks, CFP®, CKA® - Storyline Financial https://www.storylinefp.com/ (Website), Email, https://www.linkedin.com/in/donovanjbrooks/ (LinkedIn), https://www.kansascityfinancialadvisorsnetwork.com/donovan-brooks (KCFAN (Kansas City Financial Advisors Network)), https://www.xyplanningnetwork.com/advisors/donovan-brooks-cfp/ (XY Planning Network (XYPN)), https://www.napfa.org/member/34021/23994 (NAPFA), https://www.feeonlynetwork.com/financial-advisor/donovan-brooks/ (FEE-ONLY Network), https://kingdomadvisors.com/find-a-professional/advisors/1010823/64501 (Kingdom Advisors), https://www.letsmakeaplan.org/find-a-cfp-professional/certified-professional-profile/d31c7765-26bb-477c-a714-8f60d97ac8e2 (CFP Board)
Kyle Hill, CFP® - Hill-Top Financial Planning, LLC https://www.hilltopfp.com/ (Website), Email, https://www.linkedin.com/in/kyle-hill-cfp-kc/ (LinkedIn), https://www.kansascityfinancialadvisorsnetwork.com/kyle-hill (KCFAN (Kansas City Financial