Southwest Florida's Health and Wellness Magazine Health and Wellness Articles
Carol Clark, CFA
Do you take care of yourself? Your mind, your body, your spirit? Self-care might include eating well, exercising, getting enough sleep, or trying to do something you enjoy each day. But what about your money?
Financial health is just as critical as your overall physical health. You might be interested in diversifying your portfolio, retirement planning, setting aside a college fund, or estate planning. One of the most important decisions you make is choosing a financial advisor. Working with a fiduciary financial advisor can be the key to making your financial dreams become a reality.
When choosing a financial advisor, there are certain things to know. First, do they adhere to fiduciary standards, which require them to act in your best interest? Next, you should understand how the advisor is compensated. You want to find an advisor who is obligated to avoid commissions, high investment fees, and hidden costs. You should also understand their credentials, experience, and portfolio strategies. Finally, ask for references and call them.
Fiduciary advisors are legally and morally obligated to put your needs above their own. They must offer objective recommendations that aren’t tied to their own compensation. They are paid directly by clients and not through sales commissions. This eliminates costly conflicts of interest.
When Carol Clark, CFA, founded OnCenter Financial Advisors, her goal was to deliver independent, ethical guidance as a fiduciary advisor to provide clients with the returns they deserve.
There are many investment choices out there. Some have low fees; some have high fees. Many people think paying an extra 1% or 2% per year isn’t very consequential. However, even 1% per year significantly erodes your investment performance.
If you start with a $100,000 account earning 8% per year for 24 years and pay 1% more in fees, you will forego $126,882 of gain.
At the end of 24 years, you will have forfeited more money than you started with. This profound erosion of your returns increases dramatically as the amount of excess fees increase. Often people are not aware of how much they pay in fees. Annuities, as one example, can have fees above 5% per year.
Jack Bogle, the founder of Vanguard, understood the punishing impact of high fees. “The magic of compounded returns is overwhelmed by the tyranny of compounding costs,” he said. He’s right.
Whereas some investment professionals give conflicted advice that favors investments with high commissions, OnCenter designs fully customized financial plans that suit each client’s specific short-term and long-term goals under an independent fiduciary advisory model. OnCenter never receives commissions or hidden fees on any products they select for their clients.
OnCenter puts its clients at the center of all its decision-making, leading with uncompromising ethics to produce optimal financial gains consistent with each client’s risk tolerance and areas of personal interest.
As a fiduciary advisor with a Cornell MBA and 28 years of experience, Carol Clark, CFA is solely focused on driving financial excellence in client portfolios to enrich each client’s financial future. Throughout her career, she has concentrated on identifying investment opportunities that optimize returns and minimize fees and taxes to power financial success and lasting wealth.
On Center Financial Advisors
941-475-5123
oncenterfinancial.com
871 Venetia Bay Blvd, Suite 200
Venice, FL 34285
