Our CFP results for the year

[unclemick]

One can only speculate in hindsight:

1966 - a fee only CFP versus my actual investment learning curve via the school of hard knocks/reading would have definately improved my retirement.

A grey haired(believable gravitas) mentor type versus a hot young(but intelligently convincing sweetie) female graduate.

I was single and 21 in 1966.

heh heh heh heh heh - I'm thinking. I'm thinking

 

[2B]

Callie,

I think you need to take care of your own money and investing. It is not difficult.

If you insist on using a CFP or any of the other designations, go with a planner that is "fee only." The "only 1%" is a guaranteed rip off. For one, they are also negotiable and a fee only planner will cost you much less.

In general, planners add little value to those willing to do a modest amount of learning.

2B

 

[FinanceDude]

Callie,

I think you need to take care of your own money and investing. It is not difficult.

If you insist on using a CFP or any of the other designations, go with a planner that is "fee only." The "only 1%" is a guaranteed rip off. For one, they are also negotiable and a fee only planner will cost you much less.

In general, planners add little value to those willing to do a modest amount of learning.

2B

I think you meant "hourly fee" versus "yearly fee for investing". Many advisors do a flat 1%, but a lot more do different schedules for different asset mixes, etc.

 

[2B]

I think you meant "hourly fee" versus "yearly fee for investing". Many advisors do a flat 1%, but a lot more do different schedules for different asset mixes, etc.

I meant avoid giving a % of assets. 1% sounds so "trivial" but when you really see how many $$$ are involved it can get outrageous. I've heard different terms used but "hourly rate" or a "fixed $$$ fee" will involve the physical payment of cash to the planner when the service is rendered.

It's so much more painful that magically have money deducted from the account every month (only 1/12 of 1% -- barely noticeable ) . That will make the value proposition be reviewed more carefully.

Callie may not get concerned about the 1/12 of 1% every month on her $500K portfolio (amount for example purposes only) -- only $416 that is lost in all the clutter. At the end of the year she's out $5,000. If she had to hand that over in a check one time, she'd probably stop and think about whether she can do this on her own a little more seriously.

 

[Nords]

Callie may not get concerned about the 1/12 of 1% every month on her $500K portfolio (amount for example purposes only) -- only $416 that is lost in all the clutter. At the end of the year she's out $5,000.

Lifetime tuition at the school of experience...

 

[FinanceDude]

Callie may not get concerned about the 1/12 of 1% every month on her $500K portfolio (amount for example purposes only) -- only $416 that is lost in all the clutter. At the end of the year she's out $5,000. If she had to hand that over in a check one time, she'd probably stop and think about whether she can do this on her own a little more seriously.

Management fees are deducted on a quarterly basis, so she will see $1250 out of her balance every 3 months.

Why are you being so hard on her? If she wants to hire a CFP, it's not like it's affecting your portfolio? Maybe in time she will do it herself, and wants someone who is taking steps she is not emotionally or mentally ready to take..........it's NOT laziness.............