fee-for-service financial planning?

[hugo]

Does anyone have an opinion/experience on using fee-for-service financial planning? How is this type of service structured – quarterly meetings?

I’d be interested in a recommendation if you’ve had a good experience.

Thanks

[desmond]

I have a great planner to recommend, just send me $75.00 and …….

[desmond]

I have a great planner to recommend, just send me $75.00 and …….

[desmond]

I have a great planner to recommend, just send me $75.00 and …….

[desmond]

I have a great planner to recommend, just send me $75.00 and …….

[desmond]

I have a great planner to recommend, just send me $75.00 and …….

[34f3f3f]

This is area I spent some time looking into. I was looking for impartial financial advise on a fee only basis, in order to avoid the obvious conflict of interest. However, you need to ask yourself, if the advise you are given is going to be any different if commissions and management fees are removed from the equation. What someone sells if often what they know best, whether it’s commissions or beliefs. There are people out there, and Rich maybe able to help you with this, but your best guide is always going to come from an investment in educating yourself, before approaching anyone.

Yes it can work, but a lot will depend on finding the right person and making clear your objectives.

[34f3f3f]

This is area I spent some time looking into. I was looking for impartial financial advise on a fee only basis, in order to avoid the obvious conflict of interest. However, you need to ask yourself, if the advise you are given is going to be any different if commissions and management fees are removed from the equation. What someone sells if often what they know best, whether it’s commissions or beliefs. There are people out there, and Rich maybe able to help you with this, but your best guide is always going to come from an investment in educating yourself, before approaching anyone.

Yes it can work, but a lot will depend on finding the right person and making clear your objectives.

[34f3f3f]

This is area I spent some time looking into. I was looking for impartial financial advise on a fee only basis, in order to avoid the obvious conflict of interest. However, you need to ask yourself, if the advise you are given is going to be any different if commissions and management fees are removed from the equation. What someone sells if often what they know best, whether it’s commissions or beliefs. There are people out there, and Rich maybe able to help you with this, but your best guide is always going to come from an investment in educating yourself, before approaching anyone.

Yes it can work, but a lot will depend on finding the right person and making clear your objectives.

[34f3f3f]

This is area I spent some time looking into. I was looking for impartial financial advise on a fee only basis, in order to avoid the obvious conflict of interest. However, you need to ask yourself, if the advise you are given is going to be any different if commissions and management fees are removed from the equation. What someone sells if often what they know best, whether it’s commissions or beliefs. There are people out there, and Rich maybe able to help you with this, but your best guide is always going to come from an investment in educating yourself, before approaching anyone.

Yes it can work, but a lot will depend on finding the right person and making clear your objectives.

[34f3f3f]

This is area I spent some time looking into. I was looking for impartial financial advise on a fee only basis, in order to avoid the obvious conflict of interest. However, you need to ask yourself, if the advise you are given is going to be any different if commissions and management fees are removed from the equation. What someone sells if often what they know best, whether it’s commissions or beliefs. There are people out there, and Rich maybe able to help you with this, but your best guide is always going to come from an investment in educating yourself, before approaching anyone.

Yes it can work, but a lot will depend on finding the right person and making clear your objectives.

[jmrrobbie1]

A few points in this thread I strongly agree with -some I do not…

1)”best guide is an investment in educating yourself” – the single most important fundamental. It is your financial future – take charge of it. Reading thru a few of the “gold standard” books is a good starting point – see the other forums here at Piggs of “reading list”! This takes time and you can get very in-depth… after getting thru some of the books try some of the software and computer simulations, then get into the “Morningstar” site – again another self educating process that can go very in-depth and takes time.

2) I disagree with “if the advise you are given is going to be any different if commissions and management fees are removed from the equation. What someone sells if often what they know best, whether it’s commissions or beliefs.”… Although some brokerage financial advisors serve their clients base interest – I would generalize this is a small minority. An independent advisor free from the limitations of a corporation they work for is far more likely to work with their client & in their best interest… just my view from personal experience.

I invested with one of the larger brokerage firms for years and finally put in the effort & time to gain more insight to what I was paying for and to educate myself in where/how my portfolio was managed. I was amazed at what I found and how fees added up over time… I was shocked at how much fees add/take away over time. I developed enough understanding to decide a large brokerage firm was not in my best interest. I felt I could manage my portfolio myself but just wanted a sounding board as I made the transition …. after tons of research I found an independent fee-based advisor. We agreed on the fee upfront and what I wanted – a resource/sounding board to insure I was not making any significant mistakes, especially with long-term tax considerations. I felt the fee-based advisor was working specifically for me and was attentive to my unique situation.

The down side to this is finding the right person … it is a difficult search. I would search high & low and ask hard questions regarding the advisors investment beliefs & style, would they outline their own personal portfolio and explain why they allocated as such – what investment mistakes have they made (if they say none then head for the door), ask for client referrals, how long they have been in finance, other areas of knowledge (my guy was a tax CPA for a large city for 15 years), educational background, and of course what do get for your fee! Some of the more well known and “experienced” advisors only work with larger portfolios – Bernstein requires individuals with a minimum of $25 million to invest … ok – I did not use him but have gained great insight from his website and free software simulators. Others with lower requirements such as Dodge & Cox also have certain restrictions – so it takes some digging to find the right match.

After finally finding the right person – I could not have been more pleased with the outcome. I will use the same guy in the future for small tune ups to my portfolio or life changes. The best part is my investment portfolio has the lowest fees possible – more of it working for me over time. Send your e-mail to me in the private remarks and I will forward his site to you.

A good resource and starting point for an independent fee based advisor is http://www.garrettplanningnetwork.com

Of course I am sure Rich would be happy to talk to you!

J

[jmrrobbie1]

A few points in this thread I strongly agree with -some I do not…

1)”best guide is an investment in educating yourself” – the single most important fundamental. It is your financial future – take charge of it. Reading thru a few of the “gold standard” books is a good starting point – see the other forums here at Piggs of “reading list”! This takes time and you can get very in-depth… after getting thru some of the books try some of the software and computer simulations, then get into the “Morningstar” site – again another self educating process that can go very in-depth and takes time.

2) I disagree with “if the advise you are given is going to be any different if commissions and management fees are removed from the equation. What someone sells if often what they know best, whether it’s commissions or beliefs.”… Although some brokerage financial advisors serve their clients base interest – I would generalize this is a small minority. An independent advisor free from the limitations of a corporation they work for is far more likely to work with their client & in their best interest… just my view from personal experience.

I invested with one of the larger brokerage firms for years and finally put in the effort & time to gain more insight to what I was paying for and to educate myself in where/how my portfolio was managed. I was amazed at what I found and how fees added up over time… I was shocked at how much fees add/take away over time. I developed enough understanding to decide a large brokerage firm was not in my best interest. I felt I could manage my portfolio myself but just wanted a sounding board as I made the transition …. after tons of research I found an independent fee-based advisor. We agreed on the fee upfront and what I wanted – a resource/sounding board to insure I was not making any significant mistakes, especially with long-term tax considerations. I felt the fee-based advisor was working specifically for me and was attentive to my unique situation.

The down side to this is finding the right person … it is a difficult search. I would search high & low and ask hard questions regarding the advisors investment beliefs & style, would they outline their own personal portfolio and explain why they allocated as such – what investment mistakes have they made (if they say none then head for the door), ask for client referrals, how long they have been in finance, other areas of knowledge (my guy was a tax CPA for a large city for 15 years), educational background, and of course what do get for your fee! Some of the more well known and “experienced” advisors only work with larger portfolios – Bernstein requires individuals with a minimum of $25 million to invest … ok – I did not use him but have gained great insight from his website and free software simulators. Others with lower requirements such as Dodge & Cox also have certain restrictions – so it takes some digging to find the right match.

After finally finding the right person – I could not have been more pleased with the outcome. I will use the same guy in the future for small tune ups to my portfolio or life changes. The best part is my investment portfolio has the lowest fees possible – more of it working for me over time. Send your e-mail to me in the private remarks and I will forward his site to you.

A good resource and starting point for an independent fee based advisor is http://www.garrettplanningnetwork.com

Of course I am sure Rich would be happy to talk to you!

J

[jmrrobbie1]

A few points in this thread I strongly agree with -some I do not…

1)”best guide is an investment in educating yourself” – the single most important fundamental. It is your financial future – take charge of it. Reading thru a few of the “gold standard” books is a good starting point – see the other forums here at Piggs of “reading list”! This takes time and you can get very in-depth… after getting thru some of the books try some of the software and computer simulations, then get into the “Morningstar” site – again another self educating process that can go very in-depth and takes time.

2) I disagree with “if the advise you are given is going to be any different if commissions and management fees are removed from the equation. What someone sells if often what they know best, whether it’s commissions or beliefs.”… Although some brokerage financial advisors serve their clients base interest – I would generalize this is a small minority. An independent advisor free from the limitations of a corporation they work for is far more likely to work with their client & in their best interest… just my view from personal experience.

I invested with one of the larger brokerage firms for years and finally put in the effort & time to gain more insight to what I was paying for and to educate myself in where/how my portfolio was managed. I was amazed at what I found and how fees added up over time… I was shocked at how much fees add/take away over time. I developed enough understanding to decide a large brokerage firm was not in my best interest. I felt I could manage my portfolio myself but just wanted a sounding board as I made the transition …. after tons of research I found an independent fee-based advisor. We agreed on the fee upfront and what I wanted – a resource/sounding board to insure I was not making any significant mistakes, especially with long-term tax considerations. I felt the fee-based advisor was working specifically for me and was attentive to my unique situation.

The down side to this is finding the right person … it is a difficult search. I would search high & low and ask hard questions regarding the advisors investment beliefs & style, would they outline their own personal portfolio and explain why they allocated as such – what investment mistakes have they made (if they say none then head for the door), ask for client referrals, how long they have been in finance, other areas of knowledge (my guy was a tax CPA for a large city for 15 years), educational background, and of course what do get for your fee! Some of the more well known and “experienced” advisors only work with larger portfolios – Bernstein requires individuals with a minimum of $25 million to invest … ok – I did not use him but have gained great insight from his website and free software simulators. Others with lower requirements such as Dodge & Cox also have certain restrictions – so it takes some digging to find the right match.

After finally finding the right person – I could not have been more pleased with the outcome. I will use the same guy in the future for small tune ups to my portfolio or life changes. The best part is my investment portfolio has the lowest fees possible – more of it working for me over time. Send your e-mail to me in the private remarks and I will forward his site to you.

A good resource and starting point for an independent fee based advisor is http://www.garrettplanningnetwork.com

Of course I am sure Rich would be happy to talk to you!

J

[jmrrobbie1]

A few points in this thread I strongly agree with -some I do not…

1)”best guide is an investment in educating yourself” – the single most important fundamental. It is your financial future – take charge of it. Reading thru a few of the “gold standard” books is a good starting point – see the other forums here at Piggs of “reading list”! This takes time and you can get very in-depth… after getting thru some of the books try some of the software and computer simulations, then get into the “Morningstar” site – again another self educating process that can go very in-depth and takes time.

2) I disagree with “if the advise you are given is going to be any different if commissions and management fees are removed from the equation. What someone sells if often what they know best, whether it’s commissions or beliefs.”… Although some brokerage financial advisors serve their clients base interest – I would generalize this is a small minority. An independent advisor free from the limitations of a corporation they work for is far more likely to work with their client & in their best interest… just my view from personal experience.

I invested with one of the larger brokerage firms for years and finally put in the effort & time to gain more insight to what I was paying for and to educate myself in where/how my portfolio was managed. I was amazed at what I found and how fees added up over time… I was shocked at how much fees add/take away over time. I developed enough understanding to decide a large brokerage firm was not in my best interest. I felt I could manage my portfolio myself but just wanted a sounding board as I made the transition …. after tons of research I found an independent fee-based advisor. We agreed on the fee upfront and what I wanted – a resource/sounding board to insure I was not making any significant mistakes, especially with long-term tax considerations. I felt the fee-based advisor was working specifically for me and was attentive to my unique situation.

The down side to this is finding the right person … it is a difficult search. I would search high & low and ask hard questions regarding the advisors investment beliefs & style, would they outline their own personal portfolio and explain why they allocated as such – what investment mistakes have they made (if they say none then head for the door), ask for client referrals, how long they have been in finance, other areas of knowledge (my guy was a tax CPA for a large city for 15 years), educational background, and of course what do get for your fee! Some of the more well known and “experienced” advisors only work with larger portfolios – Bernstein requires individuals with a minimum of $25 million to invest … ok – I did not use him but have gained great insight from his website and free software simulators. Others with lower requirements such as Dodge & Cox also have certain restrictions – so it takes some digging to find the right match.

After finally finding the right person – I could not have been more pleased with the outcome. I will use the same guy in the future for small tune ups to my portfolio or life changes. The best part is my investment portfolio has the lowest fees possible – more of it working for me over time. Send your e-mail to me in the private remarks and I will forward his site to you.

A good resource and starting point for an independent fee based advisor is http://www.garrettplanningnetwork.com

Of course I am sure Rich would be happy to talk to you!

J

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