Personal Finance Advisor - how to find

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Fortune
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Personal Finance Advisor - how to find

Post by Fortune »

Wise members.
I am looking for a Personal Finance Advisor to get some advice on my investments and tax issues. Consultation with them is not to manage my funds.
How can I find a fee based advisor.
How much we pay for such service.

Any traps to avoid and best practices to follow are welcome.

Thanks much!
Last edited by Fortune on Wed Apr 21, 2021 11:41 am, edited 1 time in total.
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retired@50
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Re: Personal Finance Advisor - how to find

Post by retired@50 »

Before signing anything, consider this article by Jason Zweig, which includes the 19 questions you should ask your adviser (In Advance).

Link: https://jasonzweig.com/the-19-questions ... l-adviser/

Regards,
This is one person's opinion. Nothing more.
mikejuss
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Re: Personal Finance Advisor - how to find

Post by mikejuss »

My recommendation--which is based in listening to many hours of Rick Ferri's "Bogleheads on Investing" podcast--is, if you're someone whose investments are in a simple 3-fund portfolio, be careful not to hire someone who actually manages money. It's perfectly reasonable, especially around the age of retirement, to hire a financial planner to provide you with advice on taxes, drawdown strategies, and whatnot. But you do not need to talk with anyone who sells financial products, if you understand the basics of asset allocation, fund selection, and capital gains. In fact, I believe that Mr. Ferri is just such a financial planner in the strict sense. Perhaps you can look him up and see what you think.
Last edited by mikejuss on Wed Apr 21, 2021 12:32 pm, edited 1 time in total.
pkcrafter
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Re: Personal Finance Advisor - how to find

Post by pkcrafter »

[OT comment removed by admin LadyGeek]

Here's some help on finding an advisor

https://investingroadmap.wordpress.com/ ... n-advisor/

Garrett Financial Network

https://www.garrettplanningnetwork.com/

A review and recommendations will probably cost ~$400-$500.


Paul
Last edited by pkcrafter on Wed Apr 21, 2021 12:40 pm, edited 1 time in total.
When times are good, investors tend to forget about risk and focus on opportunity. When times are bad, investors tend to forget about opportunity and focus on risk.
mikejuss
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Re: Personal Finance Advisor - how to find

Post by mikejuss »

pkcrafter wrote: Wed Apr 21, 2021 12:24 pm [OT comment removed by admin LadyGeek]

Here's some help on finding an advisor

https://investingroadmap.wordpress.com/ ... n-advisor/

Garrett Financial Network

https://www.garrettplanningnetwork.com/

A review and recommendations will probably cost ~$400-$500.


Paul
FYI: Rick interviewed the founder of the Garrett network.
Katietsu
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Re: Personal Finance Advisor - how to find

Post by Katietsu »

pkcrafter wrote: Wed Apr 21, 2021 12:24 pm
A review and recommendations will probably cost ~$400-$500.


Paul
$400-$500 Total? This seems very low. Allan Roth charges that for one hour. I think I recall that a typical client might need 8-10 hours, but that might be a faulty memory. I am sure that you can find advise for less per hour. But unless you already have simple finances and a focused question, there will need to be some time to understand the whole picture.

PlanVision keeps their price cheap by having the client do all the data entry. The first year price that starts with a one hour review is $189.

I think you can still ask Harry Sit to help you find the right person. And whitecoatinvestor has a list of advisors.
Last edited by Katietsu on Wed Apr 21, 2021 3:38 pm, edited 2 times in total.
anil686
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Re: Personal Finance Advisor - how to find

Post by anil686 »

I think that is to start. I have heard Rick on a podcast last year (maybe it was Morningstar) - he does not push anything - but he just will give an idea of his thoughts with a plan for the investor to implement - that's it. If the investor needs follow up or more help - he can help but the fee will be more. He seemed to imply that the second option was not that common - that people just need the advice and can do it themselves...
pkcrafter
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Re: Personal Finance Advisor - how to find

Post by pkcrafter »

Katietsu wrote: Wed Apr 21, 2021 2:15 pm
pkcrafter wrote: Wed Apr 21, 2021 12:24 pm
A review and recommendations will probably cost ~$400-$500.


Paul
$400-$500 Total? This seems very low. Allan Roth charges that for one hour. I think I recall that a typical client might need 8-10 hours, but that might be a faulty memory. I am sure that you can find advise for less per hour. But unless you already have simple finances and a focused question, there will need to be some time to understand the whole picture.

PlanVision keeps their price cheap by having the client due all the data entry. The first year price that starts with a one hour review is $189.

I think you can still ask Harry Sit to help you find the right person. And whitecoatinvestor has a listed of advisors.
Ketietsu, you may be right. Here's what I found when I looked it up

https://duckduckgo.com/?q=cost+of+hourl ... 3-1&ia=web

Paul
When times are good, investors tend to forget about risk and focus on opportunity. When times are bad, investors tend to forget about opportunity and focus on risk.
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Sandi_k
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Re: Personal Finance Advisor - how to find

Post by Sandi_k »

I heard a fantastic interview with Dana Anspach, CFP and founder of Sensible Money - on The New Retirement podcast. She's in Scottsdale, AZ, and I am convinced that if my FIL passes first, I am paying for a plan by Dana's firm for my MIL.

Podcast here:
https://www.newretirement.com/retiremen ... -planning/

Anspach's firm here:
https://www.sensiblemoney.com/independe ... -planners/
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ruralavalon
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Re: Personal Finance Advisor - how to find

Post by ruralavalon »

pkcrafter wrote: Wed Apr 21, 2021 12:24 pm [OT comment removed by admin LadyGeek]

Here's some help on finding an advisor

https://investingroadmap.wordpress.com/ ... n-advisor/

Garrett Financial Network

https://www.garrettplanningnetwork.com/

A review and recommendations will probably cost ~$400-$500.


Paul
Also:
1) www.napfa.com; and
2) https://adviceonlyfinancial.com/.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started
palaheel
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Re: Personal Finance Advisor - how to find

Post by palaheel »

About a year ago we contracted with an advisor to put a second pair of eyes on my calculations about when I could retire. I found several groups that would do a one-time consultation. I'm sure they all offered that service in hopes of signing up new AUM customers.

I chose a group with an investment philosophy close to mine. (I started with the trev h portfolio and tweaked things from there; I didn't want someone pushing growth funds from American.) It cost around $1500. I'm sure they would have taken us as ongoing customers, but didn't push it.

Anyway, if you look around, I think you'll find several advisors who will do a one-time analysis and consultation. Pick one with good sounding specialties and philosophy, and email them "I need a one-time consultation for the following questions...." I expect you'll find someone fairly easily.
Nothing to say, really.
NativeTxn
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Re: Personal Finance Advisor - how to find

Post by NativeTxn »

Also, search for a fee-only advisor. S/he will likely have a AUM type of fee for clients where they manage the investments, but they'll also have an hourly rate for project work, or a "once over" of someone's portfolio, financial plan, etc. As with any professional, this fee will vary but you can find excellent planners in the $150-$300/hour range. You don't have to pay $400-$500+ an hour.

Be up front with them that you do not want them to manage your money but you want them to review your situation, help with tax questions, drawdown, or whatever else. Most will be very willing to do so and because they are fee-only, they will not have products to push on you.

You mention fee based in your OP, but this term too often gets used interchangeably with fee only and they are not the same.

A fee only planner only receives payment from the client, usually in the form of an AUM fee, an hourly fee, or a retainer/subscription type of fee that has started to become more popular in certain instances. They cannot and do not receive commissions from the sale of load funds, annuities, life insurance, or any other sources.

A fee based advisor can charge a fee to clients but also make commissions from front end loads on mutual funds, annuities, insurance policies, etc. So, if you go to a fee based advisor, they may honor your request to simply look things over for an hourly or flat fee, but you are also more likely to get a sales pitch for why you should convert some of your assets to an annuity or a paid up whole life policy or something like that.

I think someone posted a link to a list of questions to ask, but definitely ask:

1) If they're a fiduciary

2) How they are compensated

3) If they sell any types of products

I would also suggest interviewing at least 3 to make sure that you find someone you feel comfortable with. Your situation where you're just wanting them to look things over is a little less "risky" in the sense that it's easier to walk away mid-project if you don't like them and you're only out a few hundred dollars most likely versus hiring a planner to do everything and then find out you're not a fan after they've already invested all of your money, etc. But you still want to try to find the right person up front so you're not wasting your time and money.
Sweetbriar
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Re: Personal Finance Advisor - how to find

Post by Sweetbriar »

Sandi_k wrote: Wed Apr 21, 2021 6:23 pm I heard a fantastic interview with Dana Anspach, CFP and founder of Sensible Money - on The New Retirement podcast. She's in Scottsdale, AZ, and I am convinced that if my FIL passes first, I am paying for a plan by Dana's firm for my MIL.

Podcast here:
https://www.newretirement.com/retiremen ... -planning/

Anspach's firm here:
https://www.sensiblemoney.com/independe ... -planners/
$12,500 for $1,000,000 portfolio.... a one time plan?? :shock:
BabaWawa
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Re: Personal Finance Advisor - how to find

Post by BabaWawa »

pkcrafter wrote: Wed Apr 21, 2021 12:24 pm [OT comment removed by admin LadyGeek]

Here's some help on finding an advisor

https://investingroadmap.wordpress.com/ ... n-advisor/

Garrett Financial Network

https://www.garrettplanningnetwork.com/

A review and recommendations will probably cost ~$400-$500.


Paul
Didn't realize he was not taking on new clients. In that case glad I got in with a portfolio review with Rick last year. Well worth the money. I had a very Boglehead's approach so Rick only recommended a few changes moving forward. It gave me a boost in confidence that I'm not screwing things up too bad. I'll probably check in every few years.
ann_l
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Re: Personal Finance Advisor - how to find

Post by ann_l »

I just recommended facet wealth management to my mother. they work with clients around the country via phone and maybe like zoom. They cost $1800-$6k/year.

https://facetwealth.com/

I'm afraid she'll end up going with the advisor that charges 1% down the street from her, however. I couldn't find a financial advisor that charges an hourly rate in her small town. I had a hard enough time finding one that wasn't going to be trying to sell her anything for commissions...

Good luck.
Gabelli2020
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Re: Personal Finance Advisor - how to find

Post by Gabelli2020 »

I’m very biased.
Whenever I hear the term fiduciary or see CFP bandied about, I run for the hills. Oxymoron?
Whether it’s the 1% management fees or the ornately bound financial plans that I have received over the years that makes me a cynic, I’m not entirely certain.
Or maybe it’s the newly minted 23 year old mbas that occasionally try to advise me.
Save your money. Spend time reading the pertinent Boglehead info. Ask questions here as necessary. And eventually get a good accountant ( one who does not manage money)
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ruralavalon
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Re: Personal Finance Advisor - how to find

Post by ruralavalon »

Fortune wrote: Wed Apr 21, 2021 9:07 am Wise members.
I am looking for a Personal Finance Advisor to get some advice on my investments and tax issues. Consultation with them is not to manage my funds.
How can I find a fee based advisor.
How much we pay for such service.

Any traps to avoid and best practices to follow are welcome.

Thanks much!
I think you want a "fee only" planner, not a "fee based" advisor.

Here are three links as resources for finding a fee only planner:
https://www.garrettplanningnetwork.com/
https://www.napfa.org
https://adviceonlyfinancial.com/

A book chapter about this: "chapter 10 on your own or hire an advisor",
link.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started
afan
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Re: Personal Finance Advisor - how to find

Post by afan »

You want an HOURLY fee only planner. Or "advice only". Not someone who will sell anything, not insurance not annuities, not investments. NOTHING but advice. Someone who does not manage money.

Just advice.
We don't know how to beat the market on a risk-adjusted basis, and we don't know anyone that does know either | --Swedroe | We assume that markets are efficient, that prices are right | --Fama
FoolStreet
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Re: Personal Finance Advisor - how to find

Post by FoolStreet »

Sandi_k wrote: Wed Apr 21, 2021 6:23 pm I heard a fantastic interview with Dana Anspach, CFP and founder of Sensible Money - on The New Retirement podcast. She's in Scottsdale, AZ, and I am convinced that if my FIL passes first, I am paying for a plan by Dana's firm for my MIL.

Podcast here:
https://www.newretirement.com/retiremen ... -planning/

Anspach's firm here:
https://www.sensiblemoney.com/independe ... -planners/
Does not appear to pass the Bogleheads test.

“ Investment management and Juicing Plus services are structured as a percentage of assets. Rates are 1.25% on the first $1M. The rate goes down as asset size increases. ”
Tattarrattat
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Re: Personal Finance Advisor - how to find

Post by Tattarrattat »

The Anspach sensiblemoney company will also do a fixed rate one-time plan for about 6,900, according to the website. So doesn't have to be an AUM arrangement. Seems expensive to me but perhaps worth it to some and certainly cheaper than AUM. You can also spend about 10 bucks for her book, control your retirement destiny, which actually is excellent. Start with that.
Tdubs
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Re: Personal Finance Advisor - how to find

Post by Tdubs »

Katietsu wrote: Wed Apr 21, 2021 2:15 pm
pkcrafter wrote: Wed Apr 21, 2021 12:24 pm
A review and recommendations will probably cost ~$400-$500.


Paul
$400-$500 Total? This seems very low. Allan Roth charges that for one hour. I think I recall that a typical client might need 8-10 hours, but that might be a faulty memory. I am sure that you can find advise for less per hour. But unless you already have simple finances and a focused question, there will need to be some time to understand the whole picture.

PlanVision keeps their price cheap by having the client do all the data entry. The first year price that starts with a one hour review is $189.

I think you can still ask Harry Sit to help you find the right person. And whitecoatinvestor has a list of advisors.
PlanVision has been mentioned on other threads by BHers. Anyone have recent experience with them, pro or con?
Cyanide123
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Re: Personal Finance Advisor - how to find

Post by Cyanide123 »

Fortune wrote: Wed Apr 21, 2021 9:07 am Wise members.
I am looking for a Personal Finance Advisor to get some advice on my investments and tax issues. Consultation with them is not to manage my funds.
How can I find a fee based advisor.
How much we pay for such service.

Any traps to avoid and best practices to follow are welcome.

Thanks much!
Mark zorill aka plan vision. I pay about $100/year for any questions here and there. Hardly need him though, but i appreciate his input every now and then. Plus the emoney account he sets you up with is probably worth the $100/year
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sleepysurf
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Re: Personal Finance Advisor - how to find

Post by sleepysurf »

Tdubs wrote: Mon May 17, 2021 6:01 am PlanVision has been mentioned on other threads by BHers. Anyone have recent experience with them, pro or con?
FYI, the Tampa Bay and South FL Chapters hosted a joint Zoom meeting with Mark Zoril (Planvision's founder) and colleague Jason Lynch in April, where they discussed a variety of investing topics. The meeting was recorded, and will be available for viewing soon (along with various other BH Local Chapter Zoom recordings).

For our next joint meeting (June 22, 8 PM EDT) we invited Mark and Jason back for a full demo of the Planvision service (again on Zoom). Keep checking the BH Calendar of Events for more details, including the Zoom link, as we get closer to that date.
Retired 2018 | ~50/45/5 (partially sliced and diced)
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Sandi_k
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Re: Personal Finance Advisor - how to find

Post by Sandi_k »

FoolStreet wrote: Sun May 16, 2021 5:28 pm
Sandi_k wrote: Wed Apr 21, 2021 6:23 pm I heard a fantastic interview with Dana Anspach, CFP and founder of Sensible Money - on The New Retirement podcast. She's in Scottsdale, AZ, and I am convinced that if my FIL passes first, I am paying for a plan by Dana's firm for my MIL.

Podcast here:
https://www.newretirement.com/retiremen ... -planning/

Anspach's firm here:
https://www.sensiblemoney.com/independe ... -planners/
Does not appear to pass the Bogleheads test.

“ Investment management and Juicing Plus services are structured as a percentage of assets. Rates are 1.25% on the first $1M. The rate goes down as asset size increases. ”
As noted in two other posts, her firm will also do a one time fee assessment. For my 84 year old MIL, who has relied on my declining FIL for these things, it will be worth it to have a compassionate female advisor. She wouldn't do well with a "hotshot" man.
Tdubs
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Re: Personal Finance Advisor - how to find

Post by Tdubs »

sleepysurf wrote: Mon May 17, 2021 7:51 am
Tdubs wrote: Mon May 17, 2021 6:01 am PlanVision has been mentioned on other threads by BHers. Anyone have recent experience with them, pro or con?
FYI, the Tampa Bay and South FL Chapters hosted a joint Zoom meeting with Mark Zoril (Planvision's founder) and colleague Jason Lynch in April, where they discussed a variety of investing topics. The meeting was recorded, and will be available for viewing soon (along with various other BH Local Chapter Zoom recordings).

For our next joint meeting (June 22, 8 PM EDT) we invited Mark and Jason back for a full demo of the Planvision service (again on Zoom). Keep checking the BH Calendar of Events for more details, including the Zoom link, as we get closer to that date.
Thanks, I'm interested in these zoom events. Have a friend who used Planvision and was happy.
NativeTxn
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Re: Personal Finance Advisor - how to find

Post by NativeTxn »

Duplicate
Last edited by NativeTxn on Mon May 17, 2021 9:43 pm, edited 1 time in total.
afan
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Re: Personal Finance Advisor - how to find

Post by afan »

The problems are that
1. Fee only can mean AUM fees, which can be huge

And

2. Some "fee only" planners have declared this to mean that they take AUM fees but not commissions when doing that part of planning, but the same person or someone sitting next to them will sell you commissioned products.

You want "advice only". Someone who does not sell anything else. No products of any kind. No investment management. No insurance. No unique investments opportunities. Nothing but advice.

Otherwise, you get sucked into ever more misleading characterizations of what fee only means.
We don't know how to beat the market on a risk-adjusted basis, and we don't know anyone that does know either | --Swedroe | We assume that markets are efficient, that prices are right | --Fama
banook
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Re: Personal Finance Advisor - how to find

Post by banook »

In addition to the good replies here (particularly a fiduciary that doesn't sell or even recommend particular products and is transparent in their fee structure) - I would say, in the first meeting test their knowledge outside of just investing. A good fiduciary should be concerned about and able to speak to tax efficiency, tax strategy, familial trusts, insurance, and just answering general financial questions. Watch for temperament too - mine has talked me out of crazy things - and tried to get us to focus on what we want to be doing with our lives.

Any time a recommendation for an outside service was made - for e.g. firms specializing in trusts, or complicated tax issues relating to LLCs, at least ten were provided, but none ever recommended. If we asked for a recommendation - he would say - "I can't recommend." If we asked him to vet something outside of his recommendations he would too, honestly/critically. Also, a test - ask what they think of passive investing and Bogle's strategies - run away if they don't have a favorable or view of evidence. And yes, he said he won't touch crypto or advise on it, but delicately added - if we did go there - do so cautiously, and only with money you will never see again.

We also meet with ours quarterly - if we want to or need to. He is prompt to return email - and if there's an emergency where cash needs to be moved, it is done without question or delay (not that there's been anything major, but it happens). I also recommend someone local - that isn't always necessary, but it's nice to be in the same timezone.
tibbitts
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Re: Personal Finance Advisor - how to find

Post by tibbitts »

banook wrote: Mon May 17, 2021 6:09 pm In addition to the good replies here (particularly a fiduciary that doesn't sell or even recommend particular products and is transparent in their fee structure) - I would say, in the first meeting test their knowledge outside of just investing. A good fiduciary should be concerned about and able to speak to tax efficiency, tax strategy, familial trusts, insurance, and just answering general financial questions. Watch for temperament too - mine has talked me out of crazy things - and tried to get us to focus on what we want to be doing with our lives.

Any time a recommendation for an outside service was made - for e.g. firms specializing in trusts, or complicated tax issues relating to LLCs, at least ten were provided, but none ever recommended. If we asked for a recommendation - he would say - "I can't recommend." If we asked him to vet something outside of his recommendations he would too, honestly/critically. Also, a test - ask what they think of passive investing and Bogle's strategies - run away if they don't have a favorable or view of evidence. And yes, he said he won't touch crypto or advise on it, but delicately added - if we did go there - do so cautiously, and only with money you will never see again.

We also meet with ours quarterly - if we want to or need to. He is prompt to return email - and if there's an emergency where cash needs to be moved, it is done without question or delay (not that there's been anything major, but it happens). I also recommend someone local - that isn't always necessary, but it's nice to be in the same timezone.
I don't think I'd want your adviser, because I'd want product recommendations, especially for complicated products like annuities. But even with an index fund, I wouldn't want him to say to buy a total international fund, without explaining the subtle differences between "total" international products. It would be okay if he said "with Vanguard I prefer fund X, or Fidelity fund Y, or Schwab fund Z." Also I feel he should have said "may never see again" with regard to crypto; it's not a sure thing that you'll lose all your investment.
CrazyCatLady
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Re: Personal Finance Advisor - how to find

Post by CrazyCatLady »

BabaWawa wrote: Sun Apr 25, 2021 2:00 pm
pkcrafter wrote: Wed Apr 21, 2021 12:24 pm [OT comment removed by admin LadyGeek]

Here's some help on finding an advisor

https://investingroadmap.wordpress.com/ ... n-advisor/

Garrett Financial Network

https://www.garrettplanningnetwork.com/

A review and recommendations will probably cost ~$400-$500.


Paul
Didn't realize he was not taking on new clients. In that case glad I got in with a portfolio review with Rick last year. Well worth the money. I had a very Boglehead's approach so Rick only recommended a few changes moving forward. It gave me a boost in confidence that I'm not screwing things up too bad. I'll probably check in every few years.
Does Rick give any type of tax planning advice? He is on my list, but I wasn't sure if taxes were his area of expertise. I'm also looking at Jeff Levine who I follow on Twitter and seems quite knowledgeable. Does anyone have any experience with him?
banook
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Re: Personal Finance Advisor - how to find

Post by banook »

tibbitts wrote: Mon May 17, 2021 6:32 pm
banook wrote: Mon May 17, 2021 6:09 pm In addition to the good replies here (particularly a fiduciary that doesn't sell or even recommend particular products and is transparent in their fee structure) - I would say, in the first meeting test their knowledge outside of just investing. A good fiduciary should be concerned about and able to speak to tax efficiency, tax strategy, familial trusts, insurance, and just answering general financial questions. Watch for temperament too - mine has talked me out of crazy things - and tried to get us to focus on what we want to be doing with our lives.

Any time a recommendation for an outside service was made - for e.g. firms specializing in trusts, or complicated tax issues relating to LLCs, at least ten were provided, but none ever recommended. If we asked for a recommendation - he would say - "I can't recommend." If we asked him to vet something outside of his recommendations he would too, honestly/critically. Also, a test - ask what they think of passive investing and Bogle's strategies - run away if they don't have a favorable or view of evidence. And yes, he said he won't touch crypto or advise on it, but delicately added - if we did go there - do so cautiously, and only with money you will never see again.

We also meet with ours quarterly - if we want to or need to. He is prompt to return email - and if there's an emergency where cash needs to be moved, it is done without question or delay (not that there's been anything major, but it happens). I also recommend someone local - that isn't always necessary, but it's nice to be in the same timezone.
I don't think I'd want your adviser, because I'd want product recommendations, especially for complicated products like annuities. But even with an index fund, I wouldn't want him to say to buy a total international fund, without explaining the subtle differences between "total" international products. It would be okay if he said "with Vanguard I prefer fund X, or Fidelity fund Y, or Schwab fund Z." Also I feel he should have said "may never see again" with regard to crypto; it's not a sure thing that you'll lose all your investment.
He's not an adviser - he's a fiduciary. Different strokes for different folks, I get it. He lists the pros and cons of each of the big 5 funds for say index of total market, but if there isn't much difference he will also say so - SCHB vs VTI, for example, yeah not much difference, TLH'ed in the dip of 2020. For annuities, he managed to get us out of one from an inheritance that was extremely predatory - we then used that money that was finally free to put a new roof on a property. In any case, it's not so much as largely comparable low ER index funds/ETFs as asset categories. Small tilts in small cap and global REITs, a couple of MUNIs for tax advantages, but otherwise Bogle as heck, boring as heck. We have land, assets beyond the typical 3 fund. And, I still put 2% of our net worth in crypto, modeled it myself, and asked him to model it if it were lost. Second opinions are great, so are third opinions in financial health and physical health. Your situation may not be as complicated. I wish you luck, and you may not even need an adviser or a fiduciary. BH is pretty darn good for diverse feedback.
BabaWawa
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Re: Personal Finance Advisor - how to find

Post by BabaWawa »

CrazyCatLady wrote: Mon May 17, 2021 7:45 pm
BabaWawa wrote: Sun Apr 25, 2021 2:00 pm
pkcrafter wrote: Wed Apr 21, 2021 12:24 pm [OT comment removed by admin LadyGeek]

Here's some help on finding an advisor

https://investingroadmap.wordpress.com/ ... n-advisor/

Garrett Financial Network

https://www.garrettplanningnetwork.com/

A review and recommendations will probably cost ~$400-$500.


Paul
Didn't realize he was not taking on new clients. In that case glad I got in with a portfolio review with Rick last year. Well worth the money. I had a very Boglehead's approach so Rick only recommended a few changes moving forward. It gave me a boost in confidence that I'm not screwing things up too bad. I'll probably check in every few years.
Does Rick give any type of tax planning advice? He is on my list, but I wasn't sure if taxes were his area of expertise. I'm also looking at Jeff Levine who I follow on Twitter and seems quite knowledgeable. Does anyone have any experience with him?
Yes, we talked quite a bit about retirement tax implications involved with timing of social security, Roth conversions, realized capital gains, IRMAA, etc. It was very thorough.
tibbitts
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Re: Personal Finance Advisor - how to find

Post by tibbitts »

banook wrote: Mon May 17, 2021 7:47 pm He's not an adviser - he's a fiduciary. Different strokes for different folks, I get it.
An adviser can't be a fiduciary?
Tattarrattat
Posts: 239
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Re: Personal Finance Advisor - how to find

Post by Tattarrattat »

In the recent Bogleheads educational series interview, Christine Benz interviews Kara Beth Vance, a financial advisor from a strictly hourly-fee only company in the Chicago ares, who offered that a pre- retirement financial plan of typical complexity may take 20-30 hours at 300$ per, or 6000-9000$. I think if you want a truly independent fiduciary, who is totally conflict free, you to some degree have to pay for it, because these folks need to make a livelihood. If they're not getting commissions and they're not getting AUM, they need to bill at rates like a lawyer in order to keep the lights on. No personal interest in this issue, as I am DIY, but it should be a realistic expectation to pay adequately for quality service. And of course, it comes out much cheaper than AUM fees, which may be that much every year, not just one time.
Superleaf444
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Re: Personal Finance Advisor - how to find

Post by Superleaf444 »

Also adding:

https://www.xyplanningnetwork.com

Similar to Garrett planning, but focused on Gen X and Millennials. (Not really a big difference, just branding.)

I interviewed a few people from both Garrett and XY, found good options and mediocre ones. I def recommend interviewing a few and see who you jive with and ideals you agree with.

I don't have an advisor, but I totally can appreciate them. I think they get a bad name in the DYI community. Sure there are bad ones, but the good ones will also talk you down from making a mistake when you life blows up. Not to mention, if you are just lazy, they also help out. Also, they help those that don't have an interest.
NativeTxn
Posts: 140
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Re: Personal Finance Advisor - how to find

Post by NativeTxn »

Tattarrattat wrote: Tue May 18, 2021 1:48 am In the recent Bogleheads educational series interview, Christine Benz interviews Kara Beth Vance, a financial advisor from a strictly hourly-fee only company in the Chicago ares, who offered that a pre- retirement financial plan of typical complexity may take 20-30 hours at 300$ per, or 6000-9000$. I think if you want a truly independent fiduciary, who is totally conflict free, you to some degree have to pay for it, because these folks need to make a livelihood. If they're not getting commissions and they're not getting AUM, they need to bill at rates like a lawyer in order to keep the lights on. No personal interest in this issue, as I am DIY, but it should be a realistic expectation to pay adequately for quality service. And of course, it comes out much cheaper than AUM fees, which may be that much every year, not just one time.
I'm not arguing that is what she said, but I would argue the point that a financial plan of "typical complexity" would not take anywhere near 20-30 hours to complete.

I used to work as financial planner, and the leg work is in the up front discussion, data collection, inputting numbers (much of which can be automated these days with the software), etc., which admittedly can take a fair amount of time. But once that is done, it's literally letting the software do its thing, tweaking numbers to see how it changes the results, etc.

We had complex clients where a plan from scratch would barely take 20-30 hours all in.

I also don't disagree with the "livelihood" argument. However, I feel like planners such as this are going to need to go to a flat fee method, similar to the way most estate planning attorneys have done over the years. Because once you gather and input the data, it's pretty much a push of the button these days.
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1030danielle
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Location: Sunshine State

Re: Personal Finance Advisor - how to find

Post by 1030danielle »

This thread is helpful. I’ve been looking for a fee-only or pay-by-the-hour advisor who can help me with logistics. I spoke to someone today who charges between 0.8 and 1 percent for assets under management. When I asked if I could get hourly advice, she said FNRA rules say she can’t charge by the hour. That surprised me. I’m sure there’s some more information about that that I don’t know. I thought she said it was because she was a fiduciary.

I’m looking forward to checking out some of the links people here have posted.

Cheers,

Danielle
Three-funder with a tech tilt.
Soon2BXProgrammer
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Re: Personal Finance Advisor - how to find

Post by Soon2BXProgrammer »

1030danielle wrote: Thu May 20, 2021 9:49 am This thread is helpful. I’ve been looking for a fee-only or pay-by-the-hour advisor who can help me with logistics. I spoke to someone today who charges between 0.8 and 1 percent for assets under management. When I asked if I could get hourly advice, she said FNRA rules say she can’t charge by the hour. That surprised me. I’m sure there’s some more information about that that I don’t know. I thought she said it was because she was a fiduciary.

I’m looking forward to checking out some of the links people here have posted.

Cheers,

Danielle
The rule is... a RIA Series 65 advisor can only charge the way that it lists in their ADV (compliance document approved by the regulators), if she never listed hourly, it would be a violation for her to charge hourly.

However, hourly is not against the rules in general.

Using this link you should be able to find people, navigate to the firm, and pull the ADV up:
https://adviserinfo.sec.gov/

the part2 is supposed to be mostly human readable.
Chartered Financial Consultant (ChFC®) -- However I am not your advisor.
ScottyDog
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Re: Personal Finance Advisor - how to find

Post by ScottyDog »

I have been looking for an hourly advisor in the Raleigh area and have not been very successful. Garrett has only 1 option close to me...been in the business only 2 years..concern about this option is what if they aren't around down the road when you really need them? Trying to get wife more up
to speed on finances and have prepared letter of last instruction. Still confused on PAS options with VG...you may have a $1m account but are able to only turn , say, $100,000 in one of your funds but still get advise on your entire account? Like others, can't see where the .3% fee on a fairly large account is worth it if a person is already happy with their funds and allocation.
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thursdaysd
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Re: Personal Finance Advisor - how to find

Post by thursdaysd »

@scottydog - You might check this person out - he's in RTP: https://sycamorefinancialplanning.com/

I had him do a basic review for me a couple of years ago. I didn't find anyone else in the Triangle area I liked.
Thursday's child has far to go
palaheel
Posts: 490
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Re: Personal Finance Advisor - how to find

Post by palaheel »

ScottyDog wrote: Fri Jun 04, 2021 2:21 pm I have been looking for an hourly advisor in the Raleigh area and have not been very successful. Garrett has only 1 option close to me...been in the business only 2 years..concern about this option is what if they aren't around down the road when you really need them? Trying to get wife more up
to speed on finances and have prepared letter of last instruction. Still confused on PAS options with VG...you may have a $1m account but are able to only turn , say, $100,000 in one of your funds but still get advise on your entire account? Like others, can't see where the .3% fee on a fairly large account is worth it if a person is already happy with their funds and allocation.
It's not clear if you want a one-time shot or an ongoing relationship.

Pre-Covid I used Financial Symmetry (https://www.financialsymmetry.com/) for a pre-retirement sanity check. They use DFA funds, and most of my 401k is DFA, so they were a good match for me.

Both Fidelity and Schwab have local offices, and both offer a range of services, from DIY to robo to hybrid to full-blown personal advisor. Maybe you want to go partially DIY/partially hybrid with one of them, and that would give your wife a known backup should you not be around.

NAPFA (https://www.napfa.org/) lists several advisors in the area.
Nothing to say, really.
Outer Marker
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Re: Personal Finance Advisor - how to find

Post by Outer Marker »

Fortune wrote: Wed Apr 21, 2021 9:07 am I am looking for a Personal Finance Advisor to get some advice on my investments and tax issues. Consultation with them is not to manage my funds.
How can I find a fee based advisor.
How much we pay for such service.
Why not post your questions here and see what you get? The vast knowledge of the board far exceeds that of most "advisors." If you have a complicated tax situation, consider hiring an accountant, which is really a separate discipline when you get deep into the weeds.
HeelaMonster
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Re: Personal Finance Advisor - how to find

Post by HeelaMonster »

For us, finding advisor came through reading the newspaper (back when we got a newspaper). There was a weekly columnist who wrote on personal finance, answering reader questions, breaking down tax scenarios, and the like. I was impressed with her obvious knowledge base, clarity of explanations and lack of any salespitches. I contacted her directly, explained what I was after, which was to give a once-over to entire investment portfolio and then help me think through a set of quite specific questions (e.g., "should we sell off these high expense funds we have held for 30 years, and consolidate into Vanguard.... should I move multiple TIAA/CREF accounts into federal TSP, now that I have access... etc?"). To be honest, the kinds of questions I might ask here, and have since... but I hadn't found "here" yet! But it was time and money well spent. I made it clear we were not after ongoing management. She did that one time consultation for $250, about 6-7 years ago now.
ScottyDog
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Re: Personal Finance Advisor - how to find

Post by ScottyDog »

Had a good phone chat with Fidelity rep here in Raleigh, NC and will probably set up an in person appointment to look into further.
Local office rep available for service/advise without the PAS type fee at VG. Looks like comparable funds available with lower/no ER's.
The local in-person service would be of benefit to a new widow who is not much into finances vs. a phone call to PAS at VG.
Outer Marker
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Re: Personal Finance Advisor - how to find

Post by Outer Marker »

ScottyDog wrote: Thu Jun 17, 2021 2:10 pm Had a good phone chat with Fidelity rep here in Raleigh, NC and will probably set up an in person appointment to look into further.
Local office rep available for service/advise without the PAS type fee at VG. Looks like comparable funds available with lower/no ER's.
The local in-person service would be of benefit to a new widow who is not much into finances vs. a phone call to PAS at VG.
Fidelity is not going to beat vanguard on cost. Their advisory service is 2-5x more than vanguard pas at 0.3% and fund fees are not materially different…

“ Wealth Management
Through Fidelity® Wealth Services

Planning & advice from a dedicated advisor
Customized planning, advice, and investment management, led by a dedicated advisor

Gross advisory fee:
0.50%–1.50%

General eligibility:
$250,000 managed through Fidelity® Wealth Services11
althea
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Re: Personal Finance Advisor - how to find

Post by althea »

Great info here. Def. will need something for tax purposes in the future
ScottyDog
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Re: Personal Finance Advisor - how to find

Post by ScottyDog »

Local rep claims-will see if true when we meet-that he gets compensated by Fidelity for bringing in new funds and I am not having to pay advisory fees.
I had asked him that question, as I had seen their normal fees were .35% .
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