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Old 09-26-2012, 08:12 PM   #21
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Cheesehead, I absolutely agree with you that you should read and learn about investing. Even if later you want to hire a fee only planner to give your portfolio a look over, you will still need to know this stuff.

I hired someone from Garrett to get a second opinion. There were so many errors in the financial plan that I actually got a refund. Even without the errors, the report was sloppy and didn't offer much at all in the way of depth. If I hadn't studied this stuff, I would not have found the errors.

The firecalc program was far more useful than the information kicked out by the planner.

-helen
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Old 09-27-2012, 07:34 AM   #22
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..............
The firecalc program was far more useful than the information kicked out by the planner.

-helen
Yea, but it's free. Kinda reminds me of Twain's definition of an expert - someone that lives at least 50 miles away.
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Old 09-27-2012, 09:40 AM   #23
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Helpful.

I was responding to the disbelief that a rep would not give references. I was merely stating that FINRA maintains that it is an invasion of client privacy. So, in effect, the rep would be violating FINRA policy, which is NOT a good way to stay in business. I will add that it was NOT this way not too many years ago. I gave references numerous times back in the day. But, the world has changed, which is why I stated that in an increasing number of situations, it doesn't matter what the rep would like to do, it matters what FINRA wants us to do.
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Old 09-27-2012, 01:50 PM   #24
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I was about to sign a contract with a fee only FP who is a member of NAPFA and the Garrett Network, and also is a CFP. He's a nice guy who knows his stuff but when I asked for references he gave the excuse that his attorney said he can't because they could be considered "testimonials" and put him in a legal bind. We are in Illinois if that matters.
Oh, yeah, he sounds hungry for your business. Run away fast.

If you must consult a financial advisor, and you're living in Illinois, then take a look at Jeff Rose's website: Good Financial Cents | Financial Planning and Retirement Blog

But he works just as well online as he does in person.
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Old 09-27-2012, 03:41 PM   #25
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Just got a response from the NAPFA regarding if a member planner can give references and they said NO, it's a regulatory requirement of The Securities Exchange Commission, in accordance with the Investment Adviser Act of 1940.

So I guess the planner is correct but that places me in a position of not knowing much about him.
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Old 09-27-2012, 03:50 PM   #26
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Just got a response from the NAPFA regarding if a member planner can give references and they said NO, it's a regulatory requirement of The Securities Exchange Commission, in accordance with the Investment Adviser Act of 1940.

So I guess the planner is correct but that places me in a position of not knowing much about him.
Have you met with this person? Looked at their resume? Checked for any complaints lodged with regulators? Interviewed this person? Reviewed certifications?
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Old 09-27-2012, 03:58 PM   #27
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Yes all the above. 90 minute meeting. He is telling the truth in terms of testimonials. I guess the problem is I did not find him by word of mouth or referral from someone I know, I was just in the audience at a small seminar he gave at the continuing adult education at the local high school regarding social security strategies. Being married to a wife with a teacher's pension makes SS more complex, especially in terms of survivorship. That's why I am interested in a hourly advisor who does not sell anything. But by nature, I trust no one I can't verify.
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Old 09-28-2012, 12:40 PM   #28
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Cheese, perhaps you could poll among your wife's associates, former and current, for the "smartest tools in the shed" and ask them for recommendations. A CPA might be of benefit, as well. Just like I avoid taking advice from the guy on the boat dock who goes to all those get-rich-quick real estate seminars and buys gold, I try to pay attention to the suggestions made by folks I consider bright and successful.
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Old 09-28-2012, 04:51 PM   #29
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FYI, we are working with a NAPFA fee only provider, who will deliver our results on October 20th.

1. She also gave us the same story about references. There's something in the paperwork about it - privacy concerns, obviously. She did give me the name of a past co-worker to contact.

2. Our fee is about $1,000 less than what you're paying, so this made me feel good.

Keep us posted.
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Old 09-28-2012, 08:43 PM   #30
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Hi Sarah,

We met and will meet in the future a counselor who is at the teacher's retirement system organization. But they don't know anything about tax issues, SS, etc. Also, unbelievably, they aren't available for consultations on days that teachers have off.

And Melbay, wow, I guess I should shop around for price!
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Old 09-29-2012, 09:29 AM   #31
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Cheesehead, ours is also a CPA, and will do our taxes annually for a pretty fair rate. I may or may not take her up on that.

And also, she charges $500 for a "tune-up" after the first fee. We're in the Midwest, where things tend to be a little less expensive, which may explain the difference.
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Old 09-29-2012, 03:25 PM   #32
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Hi Sarah,

We met and will meet in the future a counselor who is at the teacher's retirement system organization. But they don't know anything about tax issues, SS, etc. Also, unbelievably, they aren't available for consultations on days that teachers have off.

And Melbay, wow, I guess I should shop around for price!
I guess I was thinking of other teachers in the system that y'all might know, and respect. Asking someone in a similar situation how they handled it, or who they used to help develop their plan, was what I had in mind.

I know that my boss did an eval for a friend of my parent's on how he should structure a military pension, because the boss was fairly familiar with how they worked and volunteered to give some advice.

Can your wife take a personal day to meet with them? Or can you meet with them and take stuff home to share with your wife?
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