A fee-based advisor can provide investment advice and services without the need to generate a transaction in order to receive compensation. We are aware that many investors, who may really need help, are reluctant to see an advisor because they fear that they will get pressured to sell or buy just to generate a commission.
At BennCo Advisors we believe that the client is best served when a variety of compensation choices are available. Those choices are hourly fees, asset based compensation, and in some cases, commission.
We never charge fees for an initial consultation. That first meeting is really to determine if our services fit your needs and what the appropriate course of action should be. At that meeting we can usually offer an outline of services, and an estimate of the cost. You will know in advance what your costs will be.
We charge fees for consulting and planning on an hourly basis. If, in the consulting and planning process we find that a commission based solution is most appropriate, then the fee will be reduced.
Asset management fees are based on a percentage of assets. The percentage is variable based on the size of the portfolio. In most cases, the fees are deducted from the portfolio on a quarterly basis. In others, the client in invoiced separately.
In some cases commission based compensation may still be the most appropriate. Today’s financial services industry makes available a variety of commission options that can be tailored to fit the client’s immediate, and ongoing investment service needs.
At BennCo Advisors our goal is to have “clients for life.” We believe in long term relationships based on trust and open communication, and that should include a dialogue about fees.