Find someone who charges hourly. Rick Ferri and Allan Roth do. The Finance Buff created a service to find you local ones, too. https://adviceonlyfinancial.com/
Consultation from a CFP
- Thread starter Toddtheformeraccountant
- Start date
I have learned about and managed our finances since we had money to save. 1987 was the year we finally had a cushion and I learned what a 401k was. Fast forward to 2012 I had never had a professional look at our plan.
A close friend was retiring and signed up with a local Wells Fargo agent who he really liked. He was offering free assessments and consultations to this friend's friends.
As I felt we had enough for DH to quit if he desired I thought a second opinion would be reassuring . DH still liked the job and the perks were nice , but just in case.......
So we went to see him having filled out much paperwork. We reviewed everything. He said I was the most prepared person he had ever met, having looked at the contingencies and that we should be fine for our more conservative spending plan. He offered to manage the assets for us, ( For what I consider high fees) but admitted I was doing fine but if I changed my mind.....
As luck would have it that fall DH had a change of Boss, now an individual he never wanted to work for. So handing in his resignation was easier to do. Right after he gave notice (turning down offers from the new boss) he was called by and old contact who waned to hire him as a consultant. He still works part time at short usually 1-4 day engagements that interest him . Yes, he is paid less than if he hunted for his own gigs, but he does it for fun, not for the hustle. Some of the work is travel, some from home. Nice tax benefits, padding the savings and I often travel with him to fun locations.
We will probably let Vanguard give us a free review in a few years before we need to decide, at age 65 ,what to do with the lump of pension money we can annuitize or roll over to the IRA.
Every few years we meet with the firm that did our will and trust. They review things like insurance and legal risks, and will manage our investments too......for a fee. I don't like their investment style, too complex many layers of fees!
A close friend was retiring and signed up with a local Wells Fargo agent who he really liked. He was offering free assessments and consultations to this friend's friends.
As I felt we had enough for DH to quit if he desired I thought a second opinion would be reassuring . DH still liked the job and the perks were nice , but just in case.......
So we went to see him having filled out much paperwork. We reviewed everything. He said I was the most prepared person he had ever met, having looked at the contingencies and that we should be fine for our more conservative spending plan. He offered to manage the assets for us, ( For what I consider high fees) but admitted I was doing fine but if I changed my mind.....
As luck would have it that fall DH had a change of Boss, now an individual he never wanted to work for. So handing in his resignation was easier to do. Right after he gave notice (turning down offers from the new boss) he was called by and old contact who waned to hire him as a consultant. He still works part time at short usually 1-4 day engagements that interest him . Yes, he is paid less than if he hunted for his own gigs, but he does it for fun, not for the hustle. Some of the work is travel, some from home. Nice tax benefits, padding the savings and I often travel with him to fun locations.
We will probably let Vanguard give us a free review in a few years before we need to decide, at age 65 ,what to do with the lump of pension money we can annuitize or roll over to the IRA.
Every few years we meet with the firm that did our will and trust. They review things like insurance and legal risks, and will manage our investments too......for a fee. I don't like their investment style, too complex many layers of fees!
ncbill
Thinks s/he gets paid by the post
Yes, I also used Harry's service.
Haven't selected between them yet, but they all look solid.
I see an analogy here with trying to hire a contractor or trades person. Trying to find someone with expertise in different disciplines (AA, tax planning, estate planning) could be difficult. No doubt they exist, but seems most prefer to specialize. If my plumber also patched the drywall holes he creates that would be a great 'value add' IMO, but he's not interested.
Also, as others have noted OP is already quite expert himself which could be a turn-off to potential advisors. As David Sedaris noted in his book "Naked..."I'd learned to be wary of people forced to pay others for a job they used to do themselves. As a rule they tended to be hypercritical." Not saying that OP is critical, but other financial pros may not want deal with someone who could challenge them, if inadvertently.
Also, as others have noted OP is already quite expert himself which could be a turn-off to potential advisors. As David Sedaris noted in his book "Naked..."I'd learned to be wary of people forced to pay others for a job they used to do themselves. As a rule they tended to be hypercritical." Not saying that OP is critical, but other financial pros may not want deal with someone who could challenge them, if inadvertently.
