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seeking referral for Texas based CFP
Old 11-15-2018, 11:01 AM   #1
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seeking referral for Texas based CFP

Looking for a professional fee-only wholistic financial checkup and drawdown plan. Texas is a unique beast so someone in Texas. Does anyone use anyone or have a name?

Ive made a couple calls and an hourly plan in-person is now becoming somewhat rare? The hourly folks for the most part now like to work virtual? Id like to look someone in the eye if possible.


Thanks in advance.
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Old 11-15-2018, 11:55 AM   #2
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Be a little careful; "CFP" is a designation purchased from a private company after the buyer has completed some educational requirements and passed a test. It is not necessarily a bad thing; probably it is a good thing, but it has no legal standing. The guy that runs the business (a nonprofit) makes $1M per year, so clearly has a conflict of interest between the quality of the certificate holders and the quantity of money the company rakes in.

The word you want is "fiduciary." This word has legal teeth and (at least theoretically) ensures that the person is working in your best interest and not his/her own. The CFP designation does not, on its own, guarantee that.

Edit: You might try interviewing some FAs from a https://www.napfa.org/ list. I also have a favorable impression of the FAs that have qualified to sell Dimensiional funds (https://www.dimensional.com/). The DFA advisors are generally AUM guys, but some (maybe many) are willing to do a one-time consultation for a fee.
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Old 11-15-2018, 01:10 PM   #3
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Texas is a big place so that would depend on where you are located. In my area I have heard positive comments on the work this firm does which is located in Southlake, TX:Clintsman Financial Planning - Fee-Only Financial Planning and Advice for All Wealth Levels
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Old 11-15-2018, 07:18 PM   #4
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I've never used this firm, so I have no opinion of their ability, but someone mentioned this firm to me n the past as a place that has done hourly engagements. This seems consistent with the info on their page:



https://lsggroup.com/what-we-do/second-opinion/


I've also looked at Kent Smetter's website. He is a Univ of Penn professor who hosts a radio show on Sirius. He says his site lists only fee only and that he further scans to make sure they favor low cost index investing. Many are AUM only, but you can search by location and then check their website to see if they also offer hourly services, He also says he gets no referral or other fees from anyone listed and that he runs the site at his own cost.


Kent On Money


Again, I have no personal info about any of the firms listed.
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Old 11-15-2018, 07:37 PM   #5
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Quote:
Originally Posted by Katiek View Post
He says his site lists only fee only and that he further scans to make sure they favor low cost index investing. Many are AUM only, .....


Im confused by this statement. How can it list fee only and many are AUM only?
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Old 11-17-2018, 01:31 PM   #6
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Quote:
Originally Posted by jazz4cash View Post
Im confused by this statement. How can it list fee only and many are AUM only?
AUM is considered as a form of fee-only. Hourly service at a place that also does AUM can become a hook for AUM upsell. Both places in this thread also do AUM.
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