Fee-Only Services

Fee-Only Financial Advisor San Diego

Satori Wealth Management, Inc. is a financial planning firm that specializes in providing highly personalized and proactive financial planning and investment management services to business owners, professionals, individuals, and families.  Danny Michael of our team has over 17 years experience as a fee-only financial advisor in San Diego.  His unique approach to understanding every aspect of a client’s short and long-term goals, allow him to deliver a customized, comprehensive solution to help San Diego residents manage their money and plan for their financial future.

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Frequently Asked Questions About Fee-Only Advisors In San Diego

What is a Fee-Only Financial Advisor?

A fee-only financial advisor is someone who is certified to examine a client’s financial needs, so they can help the client to smartly invest their money, plan for future expenses, strategize for retirement, understand their financial risks, and more. The financial advisor in San Diego looks into economic trends, examines their client’s short and long-term goals, keeps up with regulatory changes, and understands their client’s comfort level with taking risks to efficiently assist the client.

Fee-only financial advisors such as Satori Wealth Management do not earn money by selling products but are compensated hourly or through a flat-rate fee. In short, the our team of financial advisors helps a client manage their money and only gets paid for the service they provide.

How Much Does a Fee-Only Financial Advisor Cost in San Diego?

The cost of a fee-only financial advisor differs based on geographical location, the advisor’s years of experience, and other factors. Some financial advisors may charge an hourly rate or charge a flat-rate fee. In the San Diego area, it is not uncommon to see hourly rates for financial advisors between $150-$300, although it is possible to pay more than that.

Understanding what a reasonable price is as an hourly rate or flat-rate fee is to compare it to what needs to be done. Is it a one-time meeting? How many services will they be providing? The more advice and services that are needed, the higher the cost will be.

What is a Fee-Only Financial Planner in San Diego?

A fee-only financial planner is a type of financial advisor that specializes in producing an in-depth plan that will help the client achieve their long-term financial goals.   Similar to an advisor, the financial planner will assess the client’s current financial situation and find areas that need improvement. Depending on the client’s needs, they can find financial planners who have specific areas of expertise such as retirement planning or business planning.

How Much Does A Fee-Only Financial Planner Cost in San Diego?

The fee-only financial planner cost in San Diego will differ based on a variety of factors like it does with a financial advisor. Factors such as competition, experience, and areas of expertise all go into setting their rates. Financial planners who charge an hourly rate will typically charge between $150-$400, the same as a financial advisor does.

Fee-only financial planners may also charge a flat-rate for comprehensive financial plans. These can cost between $1,500 – $7,500. Annual fees can also be paid quarterly or annually if an on-going financial relationship is going to occur. Depending on the services provided, annual fees can cost anywhere between $2,000 – $25,000 or higher. Furthermore, this fee can typically be assessed as a percentage of 1%-2% of the client’s managed assets for a long-term work relationship.  

What is a Fiduciary in San Diego?

Financial advisors and planners fit into two categories: fiduciary and non-fiduciary. A fiduciary involves trust, especially with regard to the relationship between a trustee and a beneficiary.  For financial advisors and planners, a fiduciary is an entity- individual or firm- that is legally required to provide their client with the best possible advice for their financial situation, while remaining free of any conflicts of interest. A fiduciary advisor/planner is someone that a client can have total trust and confidence in.  

A fiduciary advisor and planner is given authority over their client’s assets, holding them to a higher standard. The advisor has the ability to buy and sell securities without the client’s consent. This is because they are legally obligated only to do what is in their client’s best interest, placing the client’s needs first.

What’s the Fiduciary Standard for Fee-Only Financial Advisors and Planners in San Diego?

The Investment Advisors Act of 1940 legally defines what a fiduciary is and what a financial advisor’s responsibilities are to their clients. An advisor, per federal law, is anyone who is providing advice or making recommendations on securities. By definition, this means some financial planners are also advisors.

A fiduciary’s duty to their client is legal and ethical. The law states that an advisor must put their client’s needs first and must act in their client’s best financial interest at all times. A fiduciary avoids conflicts of interest and discloses any potential conflicts to their client. The advisor must follow the “best execution” standard which ensures that every securities trade made for the client is as low cost and efficient as possible.

What is A Fee-Only Wealth Management Firm in San Diego?

Clients who are in a higher income bracket may consider utilizing a wealth manager at a wealth management firm such as Satori Wealth Management. A fee-only wealth management firm is a higher-level professional establishment that provides a combination of financial services for a fee. Services can include financial and investment advice, tax services, retirement planning, estate planning, and much more. Most wealth managers are experts in assisting clients in any financial field, but there are some who specialize in specific areas.

A fee-only wealth management firm may operate under the title of a financial advisor or consultant depending on the individual establishment. They may be a part of a large firm or be a small-scale business. Depending on the wealth management firm, clients can have the ability to work with a management team or one-on-one with a manager.

A wealth manager’s goal is to develop a plan that will increase and preserve their client’s wealth. This is done through the same factors that regular financial advisors examine: the client’s current financial situation, the client’s comfort level with taking risks, and the client’s long-term goals.

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