How to find a good fudiciary fee only CFP?

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shuresm7b1
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How to find a good fudiciary fee only CFP?

Post by shuresm7b1 » Mon Jun 25, 2018 4:59 pm

What's the best way to find a CFP that will truly have my best interests in mind please? Can't some CFPs sell products and still say they are fee only? I want to avoid any possible conflict of interest. THANKS!
Last edited by shuresm7b1 on Mon Jun 25, 2018 5:12 pm, edited 1 time in total.

livesoft
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Re: How to find a good fudiciary no fee CFP?

Post by livesoft » Mon Jun 25, 2018 5:02 pm

If they don't charge you, how can they pay their expenses? There is no such thing as a no-fee CFP that is trying to make a living. There might be some free CFPs that do volunteer work.

Here is a thread with answers to a similar question: viewtopic.php?f=1&t=252465
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InMyDreams
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Re: How to find a good fudiciary no fee CFP?

Post by InMyDreams » Mon Jun 25, 2018 5:06 pm

shuresm7b1 wrote:
Mon Jun 25, 2018 4:59 pm
Can't some CFPs sell products and still say they are no fee? I want to avoid any possible conflict of interest. THANKS!
I agree - did you mean to say fee-only? I've seen the term, "advice-only" also - meaning they won't manage your money (so no AUM) and they don't sell you products - but they do charge for the time they took drawing up your plan/giving advice.

See also this thread:
viewtopic.php?f=2&t=250446

shuresm7b1
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Re: How to find a good fudiciary fee only CFP?

Post by shuresm7b1 » Mon Jun 25, 2018 5:12 pm

Sorry, i updated my op. I do mean fee only.

startwithtruth
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Re: How to find a good fudiciary fee only CFP?

Post by startwithtruth » Mon Jun 25, 2018 5:22 pm

My understanding is that the service below is run by a boglehead, but I don't know much about it; more experienced members might have some insight.

https://adviceonlyfinancial.com/how-to- ... paign=menu

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Alexa9
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Re: How to find a good fudiciary fee only CFP?

Post by Alexa9 » Mon Jun 25, 2018 5:24 pm

NAPFA and Garret are two networks that might find someone decent in your area depending on the population.

shuresm7b1
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Re: How to find a good fudiciary fee only CFP?

Post by shuresm7b1 » Mon Jun 25, 2018 5:25 pm

I'm in Charleston, SC btw

InMyDreams
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Re: How to find a good fudiciary fee only CFP?

Post by InMyDreams » Mon Jun 25, 2018 5:30 pm

shuresm7b1 wrote:
Mon Jun 25, 2018 5:25 pm
I'm in Charleston, SC btw
do you need face-to-face, or would online/email/mail/skype do the trick?

InMyDreams
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Re: How to find a good fudiciary fee only CFP?

Post by InMyDreams » Mon Jun 25, 2018 5:32 pm

there's this active thread about garrett
viewtopic.php?f=1&t=252472

NotWhoYouThink
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Re: How to find a good fudiciary fee only CFP?

Post by NotWhoYouThink » Mon Jun 25, 2018 5:37 pm

Are you looking for someone to manage your investment portfolio, or someone to give you advice on how to plan your taxes, spending, insurance, and estate? People use terms pretty loosely sometimes, but if you are not clear on what service you are trying to buy it will be hard to find it.

An investment manager might not know whether you are on track to retirement, whether a 529 makes sense for your situation, or in what order you should spend down your accounts if you are already at or close to retirement. A CPA probably won't be able to recommend an appropriate asset allocation for your 401k, IRA, and taxable account.

shuresm7b1
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Re: How to find a good fudiciary fee only CFP?

Post by shuresm7b1 » Mon Jun 25, 2018 5:40 pm

InMyDreams wrote:
Mon Jun 25, 2018 5:30 pm
shuresm7b1 wrote:
Mon Jun 25, 2018 5:25 pm
I'm in Charleston, SC btw
do you need face-to-face, or would online/email/mail/skype do the trick?
It's for my neighbor who went to a free retirement planning dinner and now think a fixed indexed annuity is the hot deal! They might be fine with Skype. I'm trying to show them the terrible features of this annuity. The annuity is by Fidelity & Guaranty and is Safe Income Plus. I also found out they are no relation to Fidelity Investments.

https://home.fglife.com/annuities/safe-income-plus.html

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BL
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Re: How to find a good fudiciary fee only CFP?

Post by BL » Mon Jun 25, 2018 6:34 pm

Perhaps FINRA has some good suggestions on what to look for:
http://www.finra.org/investors/highligh ... do-i-start

They have a "broker check" which may spot some very bad apples.

Vanguard has an annuity connection that has a much better annuity than most that are sold (for their commissions) by insurance agents. They don't seem to have surrender charges and have lower internal costs, but still are more expensive than simply investing in mutual funds. Not recommending these, but some folks stuck with other annuities sometimes exchange for Vanguard's as a lower cost alternative.

Perhaps a SPIA would be suitable for this person, especially if age 70 or older. Check immediateAnnuities.com to find out what you can get. They are much simpler than other annuities so can be compared by your local independent insurance agent.

Spending down income to hold off Social Security up to age 70 would be buying a COLA-enhanced SS annuity. SS is probably the best available annuity anywhere.

Vanguard PAS could be a good choice. At least they won't sell you expensive funds or other money-makers (for them), and cost only 0.3%/year.

JoeRetire
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Re: How to find a good fudiciary fee only CFP?

Post by JoeRetire » Mon Jun 25, 2018 7:30 pm

shuresm7b1 wrote:
Mon Jun 25, 2018 4:59 pm
What's the best way to find a CFP that will truly have my best interests in mind please? Can't some CFPs sell products and still say they are fee only? I want to avoid any possible conflict of interest. THANKS!
Start here:

http://www.letsmakeaplan.org

InMyDreams
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Re: How to find a good fudiciary fee only CFP?

Post by InMyDreams » Mon Jun 25, 2018 7:50 pm

shuresm7b1 wrote:
Mon Jun 25, 2018 5:40 pm

It's for my neighbor who went to a free retirement planning dinner and now think a fixed indexed annuity is the hot deal! They might be fine with Skype. I'm trying to show them the terrible features of this annuity.
There's lotsa threads that talk about trying to advise friends/family/neighbors about a better way to invest - generally, the advice is to stand back.

Would your friend be willing to read a book? Jane Bryant Quinn's book, How to make your money last was a good read, pretty easy. I'd suggest reading it before meeting with an advisor, anyway, and maybe he'd decide he didn't need an advisor if he read it.

Long distance relationships widen the field of choices...

Or persuade him to watch the Frontline program?
http://www.pbs.org/wgbh/pages/frontline ... nt-gamble/

Thing is, it's kinda depressing, but it does emphasize that the "advisors" more often have their own welfare ahead of yours.

InMyDreams
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Re: How to find a good fudiciary fee only CFP?

Post by InMyDreams » Mon Jun 25, 2018 7:58 pm

And, most of all, maybe you can persuade him that this is a decision that can affect the rest of his life, and the decision should be carefully considered - avoiding giving into high pressure, gotta buy now sales pitches.

amateurnovice
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Re: How to find a good fudiciary fee only CFP?

Post by amateurnovice » Mon Jun 25, 2018 8:03 pm

If you need to have that face-to-face, or if this is for a relative or just in case something happens to you, then you should maybe call your state securities agency or division to see what state registered entities there are. You may be able to find some by googling ("state name" "investment advisory firms"). "Good" is relative but make sure they don't have any regulatory dings - check FINRA BrokerCheck or ask your state securities agency.

shuresm7b1
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Re: How to find a good fudiciary fee only CFP?

Post by shuresm7b1 » Tue Jun 26, 2018 8:00 am

InMyDreams wrote:
Mon Jun 25, 2018 7:50 pm
shuresm7b1 wrote:
Mon Jun 25, 2018 5:40 pm

It's for my neighbor who went to a free retirement planning dinner and now think a fixed indexed annuity is the hot deal! They might be fine with Skype. I'm trying to show them the terrible features of this annuity.
There's lotsa threads that talk about trying to advise friends/family/neighbors about a better way to invest - generally, the advice is to stand back.

Would your friend be willing to read a book? Jane Bryant Quinn's book, How to make your money last was a good read, pretty easy. I'd suggest reading it before meeting with an advisor, anyway, and maybe he'd decide he didn't need an advisor if he read it.

Long distance relationships widen the field of choices...

Or persuade him to watch the Frontline program?
http://www.pbs.org/wgbh/pages/frontline ... nt-gamble/

Thing is, it's kinda depressing, but it does emphasize that the "advisors" more often have their own welfare ahead of yours.
That book is fantastic. Easiest read I have found that has a lot of great information. I've read it a few times. Thanks.

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