Transparency and Alignment
At ProsperWise Advisors, we believe in transparency and open communication. That's why we want to be upfront about how we get paid for our services. Our compensation structure is designed to align our interests with yours, ensuring we're always working towards your financial success.
We are compensated two ways
Financial Planning Fees
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We charge a fee for our comprehensive financial planning services. This fee is based on the complexity of your financial situation and the scope of services provided and is paid directly by you
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This fee compensates us for the time and expertise dedicated to creating your personalized financial plan, including:
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Gathering and analyzing your financial information
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Developing customized strategies
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Providing ongoing guidance and support
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Commissions on Financial Products
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We may receive commissions on the sale of certain financial products, such as insurance policies and investment funds.
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These commissions are paid by the product provider, not by you directly. We will disclose in writing when we will be paid commissions.
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We only recommend products that we believe are suitable for your needs and align with your financial goals.
Why This Approach?
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Transparency: You clearly understand how we are compensated, ensuring there are no hidden fees or conflicts of interest.
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Alignment of Interests: Our success is tied to your success. We are motivated to help you achieve your financial goals, as this benefits both of us.
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Objectivity: While we may receive commissions, our primary focus is on providing objective advice that serves your best interests.
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Comprehensive Services: This structure allows us to offer a comprehensive range of financial planning services, including those that may not generate commissions, such as budgeting, debt management, and education planning.
Frequently Asked Questions
How are your fees calculated?
Our financial planning fees are personalized and based on the complexity of your situation. We offer a variety of project-based planning options. Your advisor will discuss the most appropriate fee structure for you during your initial consultation.
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What services are included in the financial planning fee?
Your financial planning fee covers the development of a comprehensive financial plan, including: Retirement planning Tax planning Estate planning Education planning Debt management Cash flow analysis Insurance planning Portfolio analysis Planning for major expenses Building a cash reserve
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Do you receive commissions on all financial products?
We may receive commissions on certain financial products that we recommend, such as life insurance policies, disability insurance, and some investment funds. However, we do not receive commissions on all financial products. We will always disclose any commissions we may receive and prioritize recommending products that are suitable for your needs and align with your financial goals.
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How do you ensure your advice is objective, even when receiving commissions?
Our primary focus is always on providing objective, client-centric advice. We are bound by a strict code of conduct which requires us to act in your best interests. We carefully consider your individual needs and circumstances before recommending any financial products, regardless of any potential commissions.
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Why do you use this combined fee and commission structure?
This structure allows us to offer a comprehensive range of financial planning services while maintaining transparency and aligning our interests with yours. It allows us to serve clients with diverse needs and financial situations.
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When and how do I pay your fees?
We will discuss our fee schedule and payment options with you in detail during your initial consultation. Typically, financial planning fees are paid upfront.
Have more questions?
We encourage you to discuss our compensation structure with your advisor during your free consultation. They will be happy to answer any questions and provide further clarification.
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Remember:
Our commitment is to provide you with clear, concise, and client-centric financial advice. We believe this compensation structure allows us to do so effectively while maintaining transparency and aligning our interests with yours.