Fee-based advisors, who charge based on asset size, typically work better for people with more assets and dollars to invest.
Tam said fee-based financial planning aligns the motivation of an advisor with the client.
“They’re not going to be motivated to do what we call churning your accounts, or selling and buying similar mutual funds, so they can make a commission,” he explained.
On average, fee-based planners charge a flat rate of 1% and provide holistic advice such as tax planning, estate planning or even everyday financial planning during uncertain economic times.
While uncommon, fee-only, advice-only financial planners are another way to seek help with your money. This type of planner reviews the client’s finances and makes recommendations. It’s then left up to the client to implement those recommendations.
These advisors simply provide guidance and do not sell investment products, Tam said.
“It truly is a decoupling of advice versus sales, which we think is a very positive thing,” he said.
The fee is typically charged at a flat rate, Tam added.
Every client can expect one-on-one service that includes transparent fees, a fully customized tax-efficient portfolio and financial planning services tailored to their specific needs. Gunn takes the time to learn about what’s important to his clients. “No two clients are alike, but they all have goals and dreams, and sometimes those are overshadowed by fears,” he says. Regardless of the situation, Gunn listens and helps develop a plan to deal with the issues and set his clients up for success on their terms.
With a focus on long-term solutions, Gunn says he builds relationships with his clients to ensure they consistently succeed in their financial pursuits; because his success is tied directly to theirs. He says he is motivated to help his clients achieve their financial goals and grow their wealth.
In recent years, Gunn has specialized in an area that seems under-serviced. It is one thing to help clients gather assets and watch them grow over time, but it is a completely different skill that allows his clients to live off the fruits of their labour throughout retirement. “Time is no longer your friend, and the strategies required to make this happen are very different,” he says. Many cannot afford to make mistakes during this phase of life, he adds, and this is when a financial expert is required. Becoming a retirement income specialist was the best decision Gunn says he ever made. Knowing his clients sleep at night without worrying about their money running out and the stress that causes provides him with incredible satisfaction.
Over the years, Gunn continued his education and added certifications to serve his clients better and provide a wide range of expertise. Gunn is a Certified Financial Planner, Registered Retirement Consultant, Certified Executor Advisor, Certified Professional Consultant on Aging, Real Wealth Manager and Licensed Insurance Broker.
Continuous education is essential, according to Gunn, and he does not believe you can ever “know too much.”
• Fees paid by clients based on assets managed by advisor
Languages written and spoken
• English
Why did you become a planner?
The financial industry always interested me, and I started helping people to understand how this industry works and how to address certain financial situations. I started investing in my teens and learned early to never lose sight of the taxes paid and reduce them whenever possible. As a result, wanting to become a Certified Financial Planner came very naturally to me. I realized I could utilize my financial acumen to help other people. The bottom line is, I really enjoy helping people succeed.
What is your approach to financial planning?
Use of common sense and time-trusted methods. Financial planning does not need to be complicated. The more clients know the more comfortable and motivated they become. I focus on educating my clients, so they have a solid understanding of the elements of financial planning before the plan is put to work.
What is your proudest achievement as a financial planner?
Servicing multi-generational clients and seeing the younger generation embracing financial advice. Building a solid foundation for their futures is very rewarding. I work with a family of three generations, and working with them together provides them with real comfort not just for their individual needs but for intergenerational wealth transfer later, too.
