Too many people don’t understand how much a wealth management firm actually does. The truth is that the value financial professionals provide cannot be overemphasized. Services like collaboration with other financial professionals, personalized investment guidance, and helping clients create more of what’s worthwhile in their lives can sometimes get overlooked when discussing fees.
I wrote this article to bolster that truth by explaining exactly what advisor fees are, what a fee-only fiduciary advisor means, and the value Deerfield Financial Advisors provides.
What Are Advisor Fees?
Let’s start with a basic definition of advisor fees.
An advisor fee is a price paid for professional advice on financial, investing, and money-related issues. Keep in mind, though, that in addition to a financial advisor’s fees, it’s important to consider their qualifications, experience, and the overall value they provide.
What Does Fee-Only Mean?
If a financial advisor, planner, or wealth manager is fee-only, it means their only source of income is the money clients pay them for their services.
They do not receive commissions for recommending certain products, and this designation extends to the entire firm. Fee-only financial professionals are generally preferred as they reduce the risk of conflicts of interest.
For wealth management services, the fee consists of two parts, investment management and financial planning. Investment management fees are calculated based on a percentage of the assets under management (AUM) and are subject to a tiered schedule whereby the higher the AUM, the lower the incremental fee. The financial planning fee, on the other hand, is more subjective and is based on the level of complexity of the client’s financial situation.
There are several positives when working with a fee-only advisor or wealth manager, including transparency, no hidden charges, and no conflicts of interest in selling a certain product line or company offering.
What Are Fiduciary Advisors?
Fiduciary advisors are held to the highest standard of conduct and are required to uphold a responsibility of care and loyalty to their clients. They’re bound by law to operate in the beneficiary’s (or principal’s) interests and not their own.
When you work with an advisor who adheres to fiduciary duty, know that they are legally bound to prioritize your interests. While they can still have conflicts of interest, they have a duty of trust and loyalty to you, the consumer. That’s why the majority of professionals advise you to ask your advisor during the initial meeting whether they are a fiduciary.
The Value We Provide
Now we can focus on the value that Deerfield Financial Advisors provides as a fee-only fiduciary wealth management firm.
In addition to the fee-only fiduciary positives discussed above, we work with you to develop a game plan that incorporates the following valuable services:
- We work collaboratively with our clients’ other financial professionals, such as CPAs and attorneys, to help coordinate efforts and keep everyone aligned toward the client’s broader financial objectives.
- We help our clients with all financial decisions, including buying a new car, selling their business, saving for college costs, setting up retirement accounts, and many more.
- We build personalized portfolios designed and maintained to align with each client’s risk tolerance, optimize tax efficiency, and ultimately help clients progress toward their financial goals.
- We provide comprehensive wealth management services, including personalized estate, tax, and retirement planning.
- We help families discover how to focus their wealth to create more of what is worthwhile in their lives.
The comprehensive nature of a relationship with Deerfield can best be described as having a “personal chief financial advisor” – an advisor who can help guide you in all aspects of your financial life.
Partner With Us
Deerfield is a full-service, independent wealth management firm that has deep roots in the fee-only, fiduciary financial planning industry. We believe that planning is more effective when it is grounded in purpose, so we have developed a unique and straightforward three-step process to help our clients use their wealth to create more of what is worthwhile in their lives. We call this living your WealthwhileSM .
To learn more about how to live your WealthwhileSM, call (317) 644-7701 or email mroop@deerfieldfa.com.
About Matt
Matt Roop is Wealth Manager and Shareholder at Deerfield Financial Advisors, a fee-only financial advisory and wealth management firm with offices in Indianapolis and Chicago. In his role, Matt acts as a personal “chief financial officer” for his clients, overseeing every facet of their financial landscapes, orchestrating strategies to grow their wealth, and enhancing their financial clarity. Catering to the distinct needs of lawyers, engineers, and business owners, he empowers them to embrace their passions and lead their optimal lives. Matt conveys a depth of experience and a calm demeanor that clients find reassuring and soothing, and he loves providing peace and confidence around their financial future.
Matt received a Bachelor of Science from Indiana University and a Master of Business Administration (MBA) from George Washington University. He is a NAPFA Registered Financial Advisor and holds the CERTIFIED FINANCIAL PLANNER® and Certified Exit Planning Advisor (CEPA) designations. Committed to staying at the forefront of his field, he is actively involved with the Exit Planning Institute, National Association of Personal Financial Advisors, and the Estate Planning Council of Indianapolis. Since 1997, Matt has been involved in the investment and wealth management realm, with experience at Charles Schwab & Co., Inc., as well as a boutique Indianapolis-based independent advisory firm and a brief stint at his family’s closely held business.
Outside the professional realm, Matt serves his Indianapolis community by volunteering for Meals on Wheels of Hamilton County and is on the Executive Leadership Team for the Indiana Alzheimer’s Association’s Walk to End Alzheimer’s. He is dedicated to financial stewardship and continuous growth, with an unyielding commitment to enhancing the lives of both his clients and his community. Matt and his wife, Kimberly, reside in Carmel, IN, with their four children, who are all pursuing their college dreams. When he’s not working, he enjoys traveling, reading, and spending time at his lake house in southern Indiana with family. To learn more about Matt, connect with him on LinkedIn.
