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Old 04-20-2015, 11:14 AM
 
Location: Wisconsin
670 posts, read 1,226,702 times
Reputation: 706

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Did you choose the person from one of the CFP websites, or from someone's recommendation?

I'm interested in hiring a "fee based" CFP, and was wondering what the average fee is? Does a fee based CFP normally charge by the hour? If so, what's an average hourly fee?

Thanks.
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Old 04-20-2015, 11:31 AM
 
761 posts, read 637,263 times
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Just so happens that my advisor at Fidelity Investments is now a CFP. He is a sharp man and I trust him.
Deciding whether or not to have Fidelity do a Portfolio Advisory Service at a fee for me.

I also am looking at Edward Jones. That person is not a CFP but is also sharp and has some great investment advice. They have a PSA service there at a higher fee than Fidelity, however.
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Old 04-20-2015, 01:59 PM
 
753 posts, read 705,846 times
Reputation: 1175
I found my own through the Garrett Planning Network. He is a fee only certified financial planner and I have been very happy with the service.

Just please remember that fee based is not the same as fee only.
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Old 04-20-2015, 02:15 PM
 
Location: Naples, FL
339 posts, read 319,419 times
Reputation: 485
I have an advisor through Ameriprise via a referral of a friend. I pay an annual fee for a financial plan as well as loads (commissions) for certain products. He is a CFP.

The advice I have received from my advisor has been invaluable. Even though I am knowledgeable about investments, I would never be able to achieve on my own the risk/return ratio that I currently have. I simply don't have the interest or the time. I would highly recommend an advisor for both currently working and retired people.
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Old 04-20-2015, 02:18 PM
 
708 posts, read 501,365 times
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I just went with Fidelity Managed Accounts. Fee is more reasonable and they have been very good in talking to me via phone calls one on one. You can pull your money out at any time with no penalties. Online Fidelity is excellent and easy to view and figure out.
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Old 04-20-2015, 03:44 PM
 
1,226 posts, read 1,258,081 times
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I found mine through Garrett Planning Network also.

Before him I spoke with a CFP at Edward Jones, a CFP at Northwestern Mutual, and a CFP at TransAmerica.

The Edward Jones CFP was very knowledgeable but I felt that his recommendations were based upon the commission he would earn. I didn't like that he didn't take into account information that I was giving him. I felt like a number. When I questioned some of his recommendations he told me not to come back.

The TransAmerica guy was a fool, kept telling me how he doesn't know a thing about finances and was more interested in signing me up for his pyramid scheme than in anything else.

The Northwestern Mutual guy was really sweet but he too was trying to sell me something that had a high commission and he would never answer my questions. He had a way of talking around the issue and trying to distract me.

I called Vanguard and got quotes from them so that I would know how to compare what the commission-based people were selling.

I have just started working with the CFP through the Garrett Planning Network. I keep giving him the same information over and over again and he keeps asking the same questions repeatedly. We are both feeling frustrated with each other. I don't know that I will use him past this one project.
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Old 04-20-2015, 07:33 PM
 
Location: Bay Area, California
118 posts, read 127,916 times
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I use a CFP as I approach retirement. My 403B is in both Lincoln & Fidelity & I am comfortable with their advise over the years, however they understandably recommend only their own products.

Our parks & rec department offered a "Retirement Planning" that was 7 hours long. And boy, did he cover a lot of material fast, very comprehensive!! He produced a 200 page text book of his power point that he was talking from. I have a healthy degree of skepticism and read 2 financial books (not recommended by him) during the weeks of the class and the books agreed with him exactly. So after that 7 hour interview (the class) I hired him.

He takes control of all my funds, and actively manages them and charges the customary 1% annually of the entire value of the portfolio.

Most all studies show that a CFP can earn more return on your portfolio than you can. And of course the more $$ he makes for me, the more he earns... a win, win situation.
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Old 04-20-2015, 07:44 PM
 
1,734 posts, read 1,947,792 times
Reputation: 3901
Quote:
Originally Posted by mamasplace View Post
I found my own through the Garrett Planning Network. He is a fee only certified financial planner and I have been very happy with the service.

Just please remember that fee based is not the same as fee only.
OH NO!!! Another mystery to untangle! Can you please tell us the difference between "fee-based" and "fee-only"? Does a fee-based guy (woman) have a "fiduciary duty"?

My nightmare is hiring one of these people and winding up with a real estate salesman, used car salesman or builder looking to make some quick bucks on the off-season.

--

BTW - one of the other posters (can't remember which one) who is active on the financial discussions in Retirement forum, sometimes posts links to Mike Kitces' columns. I've found them sufficiently authoritative that I emailed the guy about how to find a CFP. He also recommended Garrett Planning Network.

Thought the other readers would like to know that THAT company has a thumbs-up for CFPs from a guy who is extremely knowledgeable.
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Old 04-20-2015, 07:58 PM
 
Location: Wisconsin
670 posts, read 1,226,702 times
Reputation: 706
Thanks all. I meant to say "fee only" CFP.

I never heard of Garrett Planning Network. Our money is all at Vanguard now. Has anyone used Vanguard's financial planning service?

Last edited by Jim Mac; 04-20-2015 at 08:07 PM..
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Old 04-20-2015, 08:34 PM
 
238 posts, read 544,260 times
Reputation: 135
Jim, I'm interested in finding out how vanguard's financial planning service is too. I met with some estate planners - they were suitability agents, not what I was looking for.
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