A fee-only fiduciary is a financial advisor paid only by clients, with no commissions or product sales. They're required to act in your best interest at all times.
Fee-based and commission advisors are paid to sell you Life Insurance, Annuities, and high-expense mutual funds. While fee-based advisors may be great people, the firms they represent generally profit from more sales — whether or not those products are right for you.
This article covers where to find a fee-only advisor, how to verify that an advisor is actually a fiduciary using free public records, and what to expect when you reach out. If you are still working out whether fee-only matters, start with our article on brokers versus fiduciaries.
Where can I find a fee-only fiduciary in Mississippi?
Three directories list advisors by state. Each is a reasonable place to build a short list.
Fee-Only Network verifies that every listed advisor is fee-only, fiduciary, and independent, and lets you filter by city and specialty. Voyage Wealth Management is listed there under Biloxi.
NAPFA, the National Association of Personal Financial Advisors, requires members to sign a fiduciary oath every year and to meet a strict fee-only definition. Its Find an Advisor tool searches by location and focus area.
XY Planning Network lists member firms that are fee-only and hold the CFP marks.
Not every fee-only advisor will be listed on all of these platforms. However, getting listed on any of these is a good indication they're a fiduciary firm.
How can I verify that an advisor is actually fee-only?
You do not have to take an advisor's word for it. Every registered investment advisory firm files a public document called Form ADV, and reading it is free.
Some firms will claim to be a fiduciary, only to act as one some of the time.
Go to adviserinfo.sec.gov, the SEC's Investment Adviser Public Disclosure site, and search the firm's name. Then check a few things.
- Form ADV Part 1, Item 5.E. A checkbox list of how the firm is paid. A fee-only firm checks only client-paid options such as a percentage of assets under management, hourly charges, or fixed fees. If the commissions box is checked, the firm is not fee-only.
- Item 6. Asks whether the firm engages in other business. An insurance agency or broker-dealer here means product sales are part of the model.
For a quick search, you can go to FINRA's BrokerCheck.
FINRA BrokerCheck shows whether the individual advisor also holds a broker registration. Dual registration (Investment Advisor & Broker) is common and legal. It also means the fiduciary standard that applies to you can change depending on which role the advisor is in at the time.
These government websites and disclosures exist so potential clients can research firms before they make a hiring decision. Fifteen minutes in these records will tell you more than an hour on any firm's website.
Are there fee-only fiduciaries on the Mississippi Gulf Coast?
Yes. Voyage Wealth Management is a fee-only fiduciary in Biloxi. We work with families living in or approaching retirement, and we meet in person with clients in Bay Saint Louis, Waveland, Long Beach, Pass Christian, Gulfport, Biloxi, D'Iberville, Ocean Springs, Gautier, Vancleave, and the surrounding area.
On a limited basis, we offer flat-fee virtual financial planning for professionals with little or no money to invest. We believe you shouldn't need to endure a sales pitch or come with $1m to work with a financial advisor. Virtual services are offered throughout the United States where Voyage Wealth Management is properly registered.
What happens when you reach out
The first conversation is a 20-minute call, at no cost. No need to bring financial documents. We'll get to know your goals, answer your questions, and determine whether our approach to fee-only retirement planning is the right fit for you.
Key Questions Answered
Are there fee-only fiduciaries in Mississippi?
Yes, though they are less common than commission-based and fee-based advisors. You can find them through Fee-Only Network, NAPFA's Find an Advisor tool, and XY Planning Network. Because every directory listing is paid, no single directory is a complete list of the fee-only firms operating in the state.
How do I check whether an advisor is really fee-only?
Search the firm on adviserinfo.sec.gov and read Form ADV Part 1, Item 5.E, which lists how the firm is compensated. If the commissions box is checked, the firm is not fee-only. Form ADV Part 1 also shows affiliated insurance companies and broker-dealers, another common source of commission income.
What is the difference between fee-only and fee-based?
Fee-only advisors are paid solely by clients. Fee-based advisors charge a fee and may also earn commissions on products they sell. The two terms are one word apart and describe very different compensation models and fiduciary standards.
How much does a fee-only fiduciary charge?
Fee-only firms typically charge a flat fee, an hourly rate, a percentage of assets managed, or some combination. Because no commissions are involved, the quoted fee is the full cost. Every firm's schedule appears in Item 5 of its Form ADV Part 2A brochure.
This content is for educational purposes only and should not be relied upon in any manner as professional advice or an endorsement of any practices, products, or services. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. Past performance is not indicative of future results. Investments in securities involve the risk of loss. Please see disclosures here: https://voyage-wm.com/disclosures