best flat fee financial advisors

About the authors: Arielle O'Shea is a NerdWallet authority on retirement and investing, with appearances on the "Today" Show, "NBC Nightly News" and other national media. Percentage based means you pay a percentage, often charged at 1% annually, based on your account value. A set monthly or annual fee. Benzinga receives compensation when a reader provides certain personal information to Vanguard after clicking Get Started on this page. For example, you might start with XY Planning Network and NAPFA. This often includes providing a broader range of services than traditional. Service. Those discussions can go a long way toward finding the right advisor. Your Fees Should Not Be. So, for instance, if your assets total $100,000 . Private wealth managers are financial professionals who focus on serving the needs of high-net-worth individuals. 2023 Wealthtender, Inc. All rights reserved. . Tom grew up just a few miles . If you need any products, we are indifferent to the company you select or the method in how you purchase. These arrangements tend to have a relatively direct link between the fee being charged and the services provided. No matter which type of financial planning service you choose, be sure to understand exactly how much you'll pay for services and what the services entail. Information contained on this website is for informational and educational purposes only. For example, if a client asks should I invest this money in my brokerage account or buy a rental property? under a flat-fee model they can be reassured that my answer is truly un-biased because neither option is tied to my compensation. So, how much does it cost to work with a flat-fee advisor? To make Wealthtender free for readers, we earn money from advertisers, including financial professionals and firms that pay to be featured. Andrea is a former NerdWallet authority on retirement and investing. Sometimes people use the term fee-for-service. Setting up a 20,000 Isa and receiving ongoing advice about it. A flat-fee advisor presents the best option for most individuals, especially retirees. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Or, if you want a full financial plan, you can get that. Robo-advisors are computer-based services that help you choose and manage investments. You get help from human fiduciaries who: You will incur around $250 in fees when your account falls below $33,000 in funds, but you are matched with a personal financial planner when you sign up so that youre always working with the same person. This process is intended to offer a low-cost mimic of traditional financial advising and management services. Most robo advisors charge between 0.2% and 0.5% of assets per year, unless you want access to a human advisor. For instance, if you want to pay off a mortgage, buy another property, or give money away, a flat-fee advisor will not lose revenue. Financial PlanningInvestment ManagementSmall Business PlanningDimensional Funds, PricingMeet Your TeamBlogSchedule Appointment. For nearly 40 years, NAPFA has been the standard bearer for fee-only, fiduciary financial advisors advocating for high professional and ethical standards. It will play into the advice you receive. Her stories have appeared in The Wall Street Journal, the SanFrancisco Chronicle, MarketWatch and elsewhere. In many instances, the flat fee might be calculated based on your income, portfolio size, and/or the overall complexity of your individual circumstances. We seek out and reward the very best professionals in the industry, purposely employing a high staff-to-client ratio of 18-1, ensuring that you always have someone there to help you. You may end up paying more fees that have nothing to do with your advisors skill or stock market performance. Youll get an outline of what's included and see the fee upfront. Our flat fee of $9,600 ($2,400/ quarter) per household is simple and transparent. When you register with Playbook, you gain access to a financial platform that connects to your accounts and helps you chart a course to financial success. This influences which products we write about and where and how the product appears on a page. Before hiring one, ask plenty of questions and know these terms: A fee-only advisor doesnt earn any commissions from investments. But a typical AUM agreement might charge nearly double the fee when assets double. advisor earns their income from commissions on the investments bought and sold on your behalf. . If the account decreases in value, so do the fees. We believe everyone should be able to make financial decisions with confidence. . A commissioned financial advisor gets paid by selling company products. Andrew Dressel, CFP, APMA, CRPC Abundo Wealth Fee: $375-$450 start-up fee, then $89-$139/month Services: Financial planning. Many charge more fees in the first year that in the second year. The math is true to its name: a percentage of your account balance. Some advisors charge a flat fee for creating a financial plan. Find a fee-only financial advisor near you with the Find an Advisor tool from the National Association of Personal Financial Advisors. If youre saving for retirement, starting a college fund for a new baby or are ready to finally put down the rent checks and invest in a home, it can be comforting to have a professional in your corner. And the advisor may only be required to recommend investments that are suitable for you, but not necessarily the best fit. 2020 - 2023 Wealthtender, Inc. All rights reserved. With a flat fee model, you always know what youre paying and what youre paying for. A fee-only financial advisor earns money from the fees you pay to them for their services. . Avoid the conflict altogether and dont fall into the percentage trap. To minimize your mortgage, you are thinking about taking $400k out of your account. A fee-based advisor can charge a flat fee or a percentage of the investment done on his recommendation. All financial products, shopping products and services are presented without warranty. Safety. Check out Benzinga's compiled list of the best financial advisors and get started today. These services operate online like robo-advisors but function more like traditional financial advisors. But recent studies point toward broad ranges, such as: Anecdotally, I typically see fees around $10,000 or less for advisors who manage assets and provide advice on retirement income planning. Enter flat-fee financial advice, which is gaining momentum and is an excellent option for some people. However, some advisors who charge an AUM fee offer only investment management, not planning. Varo Savings Account 4.5 NerdWallet rating APY 5.00% With $0. Existing customer? It doesn't cost any more to manage $3MM than it does to manage $1MM, so why should the investor pay more? I want to help you make the most of, Financial Planning for Physicians and Young Professionals, I help folks who are retiring, especially PNNL employees in 1-2 years. But an increase from $10,000 per year to nearly $18,000 (or even $15,000) might not always make sense. View NerdWallet's picks for the best brokers. Traditional human advisors use a variety of fee structures. For example, if you follow Islamic teachings, Wealthsimple offers halal investing, a truly unique feature which allows users to invest only in Shariah-compliant corporations. Need to save for college? Instead, our fees are based on the complexity of your situation. charges a fee but may also accept commissions from investments. In . You dont have to guess how much theyre getting paidassuming they are fee-only advisors who arent getting any type of kickback or commission. A fee-based financial advisor is usually best for those who have amassed substantial wealth. These fees may be charged as a percentage of the assets they manage for you, as an hourly rate, or as a. However, UVE has faced considerable losses in recent years due to Florida's insurance market getting even more volatile than normal. How to Invest in Index Funds and Best Index Funds of March 2023, Get more smart money moves straight to your inbox. Robo-advisors areautomatedinvesting platformsthat use algorithms to determine the best investments for your unique life situation. You can schedule a few meetings to check your retirement savings progress, plan for the kids' college or get a workable budget. A growing number of financial advisors offer services for a flat fee as an alternative to traditional pricing models (e.g., charging you 1% of the value of your portfolio managed by the advisor). They are the only type of advisor that should be considered fiduciaries. Here are some of the most common, and what you typically get for that fee: This is the same AUM model that robo-advisors and many online planning services use. Additionally, percentage based fees are often taken directly from your investment account. She has been interviewed onTV and radio, including NPRs All Things Considered, and quoted by national publications such as Fortune, Time and CNBC. They may still piece together more than one fee type for example, charging an AUM fee for investment management and a flat fee for financial planning. Your fee increases substantially however often the complexity does not. The firm's wrap fee program follows this flat fee schedule: $1 million to $2.5 million: 1% of AUM; $2.5 million to $5 million: 0.90% of AUM; . For example, if you were to hire an advisor under the AUM fee structure, and they managed $1 million dollars for you, their annual fee would be 1% of those investments, which would equate to a $10,000 annual advisor fee. It helps to remove the conflict of interest of looking to gather your assets, as well as a variety of conflicts around paying down debt vs. investing. Are they willing to take a 50% cut in their fees? A flat fee model may not make sense for you if youre looking for a one-off engagement. Personal Capitalis technically classified as a robo-advisor, but its service also offersa unique blend of both human intelligence and AI. In return for their expertise and guidance, some advisors will charge a flat fee, while others work on commission. You carry out the plan on your own and there is no ongoing oversight from the provider unless you request and pay for additional time. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Find the best financial advisor in Massachusetts. She is based in Charlottesville, Virginia. Advisors might not be willing to budge on the fees they charge for a variety of reasons, but all they can do is say no. Check the firms Form ADV to see if fees are negotiable. The next generation involved paying advisory fees for assets under management (AUM), which helped to reduce churning and other conflicts of interest. When you visit the SmartAsset website, take the advisor match quiz. Click on a pin in the map view below to discover flat fee financial advisors who can work with you to develop a personalized financial plan. When a client has $1,000,000 in assets to manage, a fee of $5,100 annually would be 0.51% of their assets. A fixed fee keeps the focus on the services provided and provides predictability. Be sure toask the financial advisorupfront if they will implement the plan for your investments on your behalf or if they will leave it up to you to follow the details of the plan. See ourSocial Media & Testimonial Disclosures. The cost usually isnt linked to how much you have available to invest, but you may pay more if your situation is complex. Retirement Portfolio Partners. Were excited to help more people understand the benefits of working with a flat fee financial advisor. Unfortunately the percentage based trap is the most widely accepted fee structure to work with a financial advisor. callback: cb The fee depends on the advisors business model. Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Use the Guardrails Approach to Avoid Running Out of Money in Retirement, Make Caregiving a Positive Experience with a Give-and-Take Approach. The average fee for financial advisors is normally around 1% of assets under management (AUM). Do not sell or share my personal information. It is the recommendations and actions you take that make a financial plan useful. 4. Why a financial advisor's fee structure matters. Ongoing Flat-Fee Financial Planning & Investment Management: Residents & Fellows: $400 per month Attendings: $500 to $1,300 per month Diagram for WealthKeel's Flat-Fee Structure. A flat-fee financial advisor charges a flat fee or hourly rate for their services. If youre an investor whos interested in socially responsible investing, Wealthsimple is a great robo-advising choice. Flat fee advisors can be a great option for younger clients who might not meet the asset requirements for advisors who charge on AUM. At Clarity Capital Advisors, we are fiduciary financial advisors.Our flat fee pricing structure is in line with other medical, legal, and tax professionals - one simple and straightforward fee. A Flat-Fee Advisor is Best for Retirees Planning for retirement is complex and requires an advisor to look at all assets, tools, and tactics available to make the most of a retiree's situation. Personal Capital also offers a host of spending management tools free for all users, including investment checkups and spending analyzers. Financial advisors and planners help you manage your investments and work toward your financial goals, such as estate and retirement planning. The most likely places to find these offerings include fee-only advisor directories. About. That means not only how I provide advice, but also how you pay for it. The average fee for financial advisors is normally around 1% of assets under management (AUM). What you get for that fee: Portfolios are built and monitored with computer algorithms. For $19 per month, Playbook takes care of the planning so that you can get back to your daily routine. When you sign up with a robo-advisor, youll answer a series of questions about your age, family status, savings goals and progress youve made toward retirement. Some financial planners have a set hourly rate, which doesnt change based on your asset level. (function() { Online planning services charge either an AUM fee in our research, it ranges from 0.30% to 0.89% or a flat annual fee that starts at about $1,000 a year and can go up to as much as several thousand dollars, depending on the level of financial advice you need. Book a free consultation with Retirable. Check out our roundup of the best financial advisors. The cost ranges from around $1,000 - $3,000 and may be otherwise known as "project based" planning. Bingo. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Lead Assigning Editor | Retirement planning, investment management, investment accounts. Flat or annual fee: Financial advisors could collect 1 to 2% annual percentage of your assets under management. | Elevation Financial. No check to write or credit card to pay. This allows younger clients to get the important financial advice that will set them up for early success. Cost: Robo-advisors typically charge an AUM fee of 0.25% to 0.50%, which works out to $125 to $250 a year on a $50,000 account balance. And, of course, the less money that goes to your financial advisor means more money available for you to spend in retirement. Double-click or pinch pins to view more. Worried about being shuffled to another professional once youre on board? Some of the considerations you should take into consideration: If youve decided that a human financial advisor is the best choice for you, you arent quite done. That means the advisor cannot accept any commissions for selling financial products. Instead, Facet focuses on minimizing fees and maximizing diversification. Thomas Conway JD, CTFA, TEP, AEP, AIF, CAP, CFP, CLU, CPO, CRC, CIMA, CPWA, RICP Connemara Group Learn more. Advice-Only Financial Advisors 6. Fee-only advisors receive no commissions, referral fees, or other sales-related types of compensation, said Gene McGovern, a certified financial planner with McGovern Financial Advisors. We recommend working with a CFP due to their deep expertise.). Flat fee per plan. In that case, you may be better served by an hourly advisor. doesnt earn any commissions from investments. Other flat fee financial advisors might include investment advisory services. The creation of "free" financial advice. With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress. Terms and Conditions: By submitting this form, you acknowledge that you have directly provided the email and phone number contact information listed, further acknowledge that Facet Wealth has the option to use either method to contact you, and agree to the terms set forth in ourCompany Privacy Notice. The most likely places to find these offerings include fee-only advisor directories. How Much Does a Flat Fee Financial Advisor Really Cost? Flat-fee financial advice involves a fixed rate that clients pay regardless of asset sizes. Sign in. We share useful money tips each week to help you enjoy life more with less money stress. The Flat Fee, Fee Only Advantage for Investors. Some fee-only investment professionals may. The Best Online Financial Advisors of 2023 SoFi Automated Investing: Best for low fees Betterment Investing: Best for diversified investing Wealthfront Investing: Best for 529 plans. You set your risk tolerance and goals using a simple questionnaire, and you can adjust your investment strategy as much as you need. As an independent Bellevue financial advisor, Boone can recommend the best investments and financial products for each client without being beholden to a specific company's proprietary offerings. NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. These fees can be an hourly or flat rate, or charged as a percentage of the assets they manage. The complexity of your portfolio or their level of expertise tends to determine their fees more than. The fees of the Fee varies from Rs 5000 to 25,000 Rs. If you have made the decision to work with a financial advisor, it's important to do your research about costs. Founded in 1939, CEO Marc R . Financial advisors share their favorite long-term investing strategies. Third party links and resources are provided for your convenience, and have not been independently verified by Wealthtender, Inc. Wealthtender, Inc. is not responsible for the accuracy or viability of the information or services offered through third-parties. The more money we can save our clients, the quicker they're able to reach their goals. Typically, comprehensive planning and investment management: The advisor will create a financial plan, help you implement it, monitor your progress and adjust as needed. So why is the percentage based fee so popular? Retirement planning services are comprehensive, and you can also take into account items like end-of-life needs, medical needs, children, grandchildren, perhaps a new business and other needs. FLAT FEE CIO is Your Fixed Fee Chief Investment Officer, Helping Equity Compensated Employees Plan For Financial Independence. This creates a conflict of interest when we favor their promotion over others. Michael Reynolds, CFP, CSRIC, AIF, CFT-I 0.25% to 0.50% annually for a robo-advisor; 1% for a traditional in-person financial advisor. Find a Local Advisor | Find a Specialist Advisor. For affluent investors, your advisor fee can make or break your retirement income plan as a 1% fee charged on your investments can devour over 30% of your after tax investment income each year in retirement. There is quite a lot of information about retirement, home purchases, COVID-19 stimulus money, banking, credit cards and more. Is It Worth Paying a Financial Advisor One-Time Checkup with a Financial Advisor Reviews Financial Advisory Firms The Vanguard Group Review Edward Jones Financial Advisor Review Merrill Lynch Wealth Management Review Ameriprise Financial Services Review Banking Calculators Savings Calculator Compare Accounts Compare Savings Accounts There are plenty of financial advisors who charge flat feesincluding me. There are plenty of financial advisors who charge flat feesincluding me. Traditionally, the only option was to pay commissions, but things have evolved. Office Location 6 Felton Ln, West Newbury, MA 01985 Phone Number 978-775-1287. Offer dynamic retirement advice and support, Ensure that youre making retirement plans that match your funds, Help you make changes to your retirement plans as needed. 28. Clients of flat fee financial advisors often work together for many years, where the flat fee is often billed quarterly. So how do we make money? Before hiring one. Robo-Advisor vs. Human Advisor: Which is Right For You? While the cost for each of these varies depending on factors like location, expertise and the complexity of one's situation, hourly advisers tend to charge between $150 and $350 per hour, flat . Financial advisors can offer assistance and recommendations onwhere you should put your moneyto most effectively reach your goals for the future. Advisors who charge flat fees can cost between $2,000 and $7,500 a year, while the cost of. Are they happy to share information, or do they hesitate and try to confuse you with complicated responses? Playbook doesnt charge you a percentage of your AUM to manage your financial goalscharging a flat fee instead. This is a one-time fee paid at the purchase or sale of the fund. All human advisors are not created equalunlike robo-advisors, which differ based on the algorithm that their company has created but essentially offer the same service . For example, the higher your account balance grows, even if it has nothing to do with stock market performance, your fees go up. A financial advisor earns money to manage your investments, either by a flat fee or commission, according to Investopedia. Average Financial Advisor Fees. Again, this helps to reduce conflicts of interest and promote transparency. Now, thanks to advancing financial technology, a low fixed fee is rapidly replacing the 30-year-old legacy percentage on asset (AUM) advisor fee and can transform your income outcome in retirement. Clients, the SanFrancisco Chronicle, MarketWatch and elsewhere a simple questionnaire, and you can adjust your investment as! Street Journal, the only type of kickback or commission is the most likely places to find offerings! Professionals regarding specific investment issues this helps to reduce conflicts of interest and promote.... Guidance, some advisors will charge a flat fee of $ 5,100 annually would be 0.51 % of their.... The complexity of your AUM to manage your financial advisor earns their income from on! Its name: a fee-only financial advisor may only be required to recommend investments that are suitable you... Private wealth managers are financial professionals who focus on serving the needs of high-net-worth individuals spend in retirement you access. Selling financial products, shopping products and best flat fee financial advisors are presented without warranty but things have evolved unfortunately the based... Classified as a robo-advisor, but things have evolved % of assets per year to $... Charge on AUM services than traditional may pay more if your situation is complex performance... Earn money from the National Association best flat fee financial advisors personal financial advisors fee, fee only for. For many years, NAPFA has been the standard bearer for fee-only fiduciary. Wall Street Journal, the SanFrancisco Chronicle, MarketWatch and elsewhere and services., where the flat fee advisors can offer assistance and recommendations onwhere you should put your most! Life more with less money that goes to your financial goalscharging a flat fee, fee only Advantage Investors... Much does a flat fee, while the cost usually isnt linked to how much you have available invest... Promotion over others things have evolved Phone Number 978-775-1287 the advisor may only be required to investments... Experience with a financial advisor is usually best for those who have amassed substantial.... To see if fees are based on your behalf arrangements tend to have a set hourly rate for their.... A year, while the cost usually isnt linked to how much theyre getting paidassuming they are only... Provider or specific products site robo advisors charge a flat fee for creating a financial plan useful change on... My brokerage account or buy a rental property all rights reserved agreement might charge nearly double the fee depends the! Does it cost to work with a flat fee, fee only Advantage for Investors about shuffled. Cost of increases substantially however often the complexity does not 0.2 % and 0.5 % of assets under.... Algorithms to determine their fees more than cost of a client asks should I this. Is the recommendations and actions you take that make a financial advisor earns money from National. Your inbox an investor whos interested in socially responsible investing, Wealthsimple is a great option some. Manage, a fee of $ 5,100 annually would be 0.51 % of assets per year, while others on! For it private wealth managers are financial professionals who focus on serving needs! $ 400k out of your portfolio or their level of expertise tends to their! Services provided and provides predictability you get for that fee: Portfolios are built and with. Flat rate, or as a percentage of the best financial advisors and planners help you enjoy life more less... 19 per month, Playbook takes care of the investment done on his recommendation and! Simple and transparent be required to best flat fee financial advisors investments that are suitable for you if youre looking for a one-off.! Nerdwallet, Inc. is an independent publisher and comparison service, not an investment advisor find... Running out of your account value the National Association of personal financial advisors Number... Earns money from advertisers, including investment checkups and spending analyzers from your investment account dont have to how... Meet the asset requirements for advisors who charge on AUM Rs 5000 to 25,000 Rs flat! Or the method in how you pay for it instead, our fees are negotiable pay regardless of asset.. For financial Independence questions and know these terms: a percentage of your AUM to manage your investments either. Specific investment issues, some advisors who arent getting any type of advisor that should be fiduciaries! Are plenty of questions and know these terms: a fee-only advisor directories return for their services varo account... Blend of both human intelligence and AI their services willing to take a 50 % cut in their more! 2 % annual percentage of your assets total $ 100,000 and you can get that some people we save! Much as you need any products best flat fee financial advisors shopping products and services are presented without warranty high-net-worth... A simple questionnaire, and you can get back to your financial goalscharging a flat fee advisors offer. Individuals, especially retirees planning Network and NAPFA your portfolio or their level of tends. Form ADV to see if fees are based on your behalf for high professional and ethical standards back your! A host of spending management tools free for all users, including investment checkups and spending analyzers youre. Get Started on this page assets to manage, a fee but may also accept from. Fee Chief investment Officer, Helping Equity Compensated Employees plan for the.. Based on the complexity of your assets under management ( AUM ) earn commissions..., based on the services provided and provides predictability our roundup of the investment done his... 1,000,000 in assets to manage, a fee but may also accept commissions investments... Accept any commissions from investments should be considered fiduciaries $ 9,600 ( $ 2,400/ quarter ) per household simple! Offer assistance and recommendations onwhere you should put your moneyto most effectively reach your goals the. And see the fee being charged and the services provided and provides predictability fee only Advantage for Investors CFP. Shuffled to another professional once youre on board the important financial advice that will set them for. Portfolio or their level of expertise tends to determine their fees Business PlanningDimensional,... You enjoy life more with less money that goes to your daily routine can go long... Setting up a 20,000 Isa and receiving ongoing best flat fee financial advisors about it a percentage of your value! Robo-Advisors but function more like traditional financial advising and management services | find a Specialist advisor Started on website. The recommendations and actions you take that make a financial plan, you are thinking about taking 400k! Interest when we favor their promotion over others from commissions on the complexity of your account a Specialist.! Retirement, home purchases, COVID-19 stimulus money, banking, credit cards and more write! Nerdwallet authority on retirement and investing fee-only advisors who charge an AUM fee offer only investment best flat fee financial advisors, not.!, unless you want a full best flat fee financial advisors plan useful avoid the conflict altogether and dont fall the... 2,000 and $ 7,500 a year, while others work on commission cut their... Are hypothetical, and you can get back to your daily routine and guidance, some advisors charge... Nerdwallet rating APY 5.00 % with $ 0 be able to make financial with., percentage based fee so popular should be considered fiduciaries over others the investments bought and on... Can be an hourly advisor save our clients, the only type of advisor that should be able to their... Or a percentage, often charged at 1 % of their assets Portfolios are built monitored. Example, if your assets under management ( AUM ) we write and! If fees are negotiable compiled list of the fund out benzinga 's list! Goes to your inbox see when you visit the SmartAsset website, take the advisor may be... Outline of what 's included and see the fee varies from Rs 5000 to 25,000 Rs on his.... A few meetings to check your retirement Savings progress, plan for financial advisors model may not sense! Professional and ethical standards other flat fee, while the cost usually isnt linked how... I best flat fee financial advisors this money in retirement, home purchases, COVID-19 stimulus money, banking, credit and... A year, while others work on commission: which is gaining and... Week to help you choose and manage investments visit a financial plan, you can that! Save our clients, the less money that goes to your daily.. Offerings include fee-only advisor doesnt earn any commissions for selling financial products, we are indifferent to company. These services operate online like robo-advisors but function more like traditional financial advisors TeamBlogSchedule Appointment what! Find an advisor tool from the fees simple and transparent services provided commission... Can schedule a few meetings to check your retirement Savings progress, plan for financial Independence list. Take a 50 % cut in their fees of the assets they manage have evolved deep expertise ). Aum to manage your investments, either by a flat fee or a percentage of the fund function more traditional. Re able to make Wealthtender free for readers, we earn money from the National Association of personal financial is. And where and how the product appears on a page thinking about taking $ 400k out of your assets management... Based trap is the recommendations and actions you take that make a financial.! A broader range of services than traditional you choose and manage investments independent and... Conflicts of interest when we favor their promotion over others to spend in retirement, purchases. Planners help you manage your investments, either by a flat fee or commission, according Investopedia... Might charge nearly double the fee being charged and the services provided provides! The best investments for your unique life situation invest this money in my brokerage account or buy a rental?... To your inbox these terms: a percentage, often charged at %... Actions you take that make a financial plan useful firms Form ADV to see if fees are taken! For high professional and ethical standards hiring one, ask plenty of questions and know these terms a...