A Fee-Only Firm
Bergland Wealth Management, Inc. was founded over 30 years ago for the specific purpose of creating a Fee-Only, independent, fiduciary firm where we could help clients make informed decisions that would help them achieve everything that is most important to them. We are proud to be one of the few Fee-Only firms in Mississippi, as it allows us to treat you like we would want to be treated – like family, with honesty and integrity.
Many assume that a Fee-Only firm and a Fee-Based firm are the same. They are not. They are very different. The CFP Board draws this important distinction quite clearly:
Commission: In the Standards of Professional Conduct, CFP Board defines “Commission” as “compensation generated from a transaction involving a product or service and received by an agent or broker, usually calculated as a percentage on the amount of his or her sales or purchase transactions. This includes 12(b)1 fees, trailing commissions, surrender charges and contingent deferred sales charges."
Fee-Only: In the Standards of Professional Conduct, CFP Board states that “a CFP® professional may describe his or her practice as 'fee-only' if, and only if, all of the certificant’s compensation from all of his or her client work comes exclusively from the clients in the form of fixed, flat, hourly, percentage or performance-based fees."
A Fee-Based firm may offer some ‘fee-only’ services, but may also charge commissions based on the products they sell, such as investments or insurance. Since they are not Fee-Only, they generally do not have a duty to disclose their method of compensation, which can confuse you (the consumer), as you (the consumer) may not realize what you (the consumer) are paying.
As a Fee-Only firm, Bergland Wealth Management’s compensation earned and received comes from you, the client, without exception. We do not work for, receive money from, or pay money to banks, broker-dealers, or insurance companies. There are no hidden fees (all fees are disclosed) and our process is fully transparent.
By working with a Fee-Only firm, you can feel more confident knowing your best interests always come first.