Fee Only Advisor More than I Thought

[DOMINO]

Well just got off the phone with a local Fee Only Advisor who told me the min initial consult fee was $7500. I was thinking this was going to be more of an hourly type thing

My situation: 55, married, looking to retire at the end of this year. Have everything planned out with several online planners but would like someone to look over what I have, a second opinion if you will.

Also have a bunch of questions written out on several topics ranging from drawn dawn strategies, second home write off for RV, etc.

Does anyone have a recommendation for a service or person that would just spend a couple hours with me to make sure I have all the bases covered and charge me appropriately?

 

[joeea]

Keep looking. There are plenty of others who don't have a minimum like that.

 

[bloom2708]

Post your portfolio on Bogleheads.org.

Ask unlimited questions. $0 fees.

You could use Vanguard Personal Advisory Service (.3% fee) for one year if you must have an advisor in place. How many hours would an advisor have to spend with you to understand you better than you? Too many.

 

[bingybear]

you likely found one that wants to invest all you $ and charges % of AUM. You, I think are looking for one that does fee for service. check out

there are others too. You can get some help from brokers (vanguard. fidelity, schwab), but you do have to be on your toes

 

[RE2Boys]

What info are you looking for concerning "second home write off for RV" If you start a new thread with the particulars, I'm sure you'd get responses!
Quick stab: If the RV has permanent cooking, toileting, and sleeping facilities, it can be considered a second home meaning any acquisition debt interest payments can be deductible (with some limitations). The RV would need to secure the loan. Same for property tax if your state has one for RVs.
Are you looking to rent the RV or some other special situation.

 

[SumDay]

I've been going to ours for 5+ years, and I haven't paid 1/2 that collectively. Keep shopping. I'd rather save that $$ for us to go on vacation, rather than the planner.

 

[Helen]

I'd rather save that $$ for us to go on vacation, rather than the planner.

But does the OP want to go with you?

 

[DOMINO]

Thanks for all the replies everyone, I've emailed another local one I found and have set up a call for today so will see how that goes. I'll also check out some of the online ones you guys suggested.

As far as the second home write off it's a little different I think because we'll be renting an apartment where my wife will be staying most of the time, while I travel in a small class B RV. She'll join me on certain legs of the trip but doesn't want to be away from 'home' base for super long periods. The Class B is fairly expensive at 60-100k so am trying to figure out if financing or paying cash is the best option.

 

[HarveyS]

I hired a CPA to do a review of my tax returns (personal and business). I just wanted to have a second opinion as a few items were not straight forward. He charged $200/hr and it took 2 hrs. He had a few suggestions but no major differences in opinion (thankfully).
If you can't find a financial planner, try the CPA route.

 

[VanWinkle]

you likely found one that wants to invest all you $ and charges % of AUM. You, I think are looking for one that does fee for service. check out

there are others too. You can get some help from brokers (vanguard. fidelity, schwab), but you do have to be on your toes

+1 on Garrett Planning but make sure to ask about minimums and all inclusive costs prior to hiring a fee only adviser. A one time plan that gives you confidence to complete without on going expenses will be your best bet.

 

[Jerry1]

Before I went with a CFP, he did a very thorough analysis and recommendation for $1,500. $7,500 is rediculous.

 

[ckelly78z]

$7500 is a non starter. I didn't realize that they charged so much.