Good flat-fee financial advisors in Boston suburbs?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
saj
Posts: 26
Joined: Sun Oct 04, 2015 12:57 pm

Good flat-fee financial advisors in Boston suburbs?

Post by saj » Wed Sep 13, 2017 8:17 am

I'm looking for a good flat-fee financial advisor in the Boston suburbs. This is for my Mother. I can help this family member with managing the accounts/funds, but I'd prefer that they get an independent opinion on what to invest in. I am also lacking in my knowledge of RMDs, rolling over retirement accounts for deceased spouse, etc. is not great. Furthermore, my Mother might want to discuss certain financial topics that she might not feel as comfortable discussing with me.

We've spoken with another advisor, but they basically told me that their business model was managing money (at 1% fee). I'd prefer to have her pay a few thousand dollars for an initial consult and then follow-up as necessary. The amount of funds to be invested would make 1% quite a bit more expensive than a few thousand dollar consult, especially when considered over 10-20 or more years.

User avatar
dwickenh
Posts: 770
Joined: Sun Jan 04, 2015 9:45 pm
Location: Illinois

Re: Good flat-fee financial advisors in Boston suburbs?

Post by dwickenh » Wed Sep 13, 2017 8:21 am

Hello saj,

The Garrett Network is often recommended here. I do not have first hand experience with them, but they are hourly fee only advisers.

http://www.garrettplanningnetwork.com/

Best to you,

Dan
The market is the most efficient mechanism anywhere in the world for transferring wealth from impatient people to patient people.” | — Warren Buffett

User avatar
tfb
Posts: 7729
Joined: Mon Feb 19, 2007 5:46 pm
Contact:

Re: Good flat-fee financial advisors in Boston suburbs?

Post by tfb » Wed Sep 13, 2017 11:24 pm

dwickenh wrote:
Wed Sep 13, 2017 8:21 am
The Garrett Network is often recommended here. I do not have first hand experience with them, but they are hourly fee only advisers.
Members of the Garrett Planning Network only have to _offer_ hourly fee, not necessarily wholeheartedly. Many of them still charge asset under management fees.
Harry Sit, taking a break from the forums.

User avatar
dwickenh
Posts: 770
Joined: Sun Jan 04, 2015 9:45 pm
Location: Illinois

Re: Good flat-fee financial advisors in Boston suburbs?

Post by dwickenh » Thu Sep 14, 2017 7:32 am

tfb wrote:
Wed Sep 13, 2017 11:24 pm
dwickenh wrote:
Wed Sep 13, 2017 8:21 am
The Garrett Network is often recommended here. I do not have first hand experience with them, but they are hourly fee only advisers.
Members of the Garrett Planning Network only have to _offer_ hourly fee, not necessarily wholeheartedly. Many of them still charge asset under management fees.
I stand corrected.
The market is the most efficient mechanism anywhere in the world for transferring wealth from impatient people to patient people.” | — Warren Buffett

User avatar
siamond
Posts: 3425
Joined: Mon May 28, 2012 5:50 am

Re: Good flat-fee financial advisors in Boston suburbs?

Post by siamond » Thu Sep 14, 2017 3:46 pm

I consult for free if your mother makes lunch or dinner for me! :wink:

More seriously, I don't know the answer to the OP's question, but I'd be glad to know as two folks from the Metro-Boston chapter asked me the same question and I didn't know what to say...

afan
Posts: 2936
Joined: Sun Jul 25, 2010 4:01 pm

Re: Good flat-fee financial advisors in Boston suburbs?

Post by afan » Thu Sep 14, 2017 4:47 pm

Another option, without an in person meeting: put some money into Vanguard PAS. They will address the questions you mention. They charge a lot less than 1% of assets and there is no need to put all her assets with them. You can see what you think of the advice and continue with them, drop them after whatever the minimum period might be, keep part or all assets with them. It is not hourly fee, but they don't have other commissioned products to sell...
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

CAMD
Posts: 16
Joined: Fri Apr 07, 2017 12:56 pm

Re: Good flat-fee financial advisors in Boston suburbs?

Post by CAMD » Thu Sep 14, 2017 5:26 pm

http://www.commonscapitaladvisors.com

Not sure of the fee-model (you will need to check), but Jonathan Straus is a stand-up guy who knows his stuff.

gclancer
Posts: 425
Joined: Sat Apr 27, 2013 10:34 am

Re: Good flat-fee financial advisors in Boston suburbs?

Post by gclancer » Thu Sep 14, 2017 5:45 pm

tfb will provide you vetted leads for what you're looking for in the Boston metro area https://adviceonlyfinancial.com

Hug401k
Posts: 191
Joined: Fri Mar 28, 2014 7:49 pm

Re: Good flat-fee financial advisors in Boston suburbs?

Post by Hug401k » Thu Sep 14, 2017 7:24 pm

If you don't find a good fee for service suggestion, I've received some pretty good service from the Fidelity beneficiary line. My mother's IRA was at Merrill and my brother and I inherited it. When I asked Merrill for assistance determining an MRD, they told me to see a tax advisor. Well, I know enough to know that it's not that hard. It's a calculation based on a few variables. When I transferred to Fidelity, they told me what I needed to do in the legal time frame, calculated my MRD, post it on my Fidelity home page each year, and let me choose the date of distribution automatically. I no longer have to think or remember anything. They seemed very knowledgable about my options as the beneficiary. This was all complementary when I moved the account over and I invested as I wanted- which was basically all index funds. I did already have an account there but I don't think this impacted the service.

texaspapas
Posts: 96
Joined: Tue Jul 15, 2014 7:03 pm

Re: Good flat-fee financial advisors in Boston suburbs?

Post by texaspapas » Thu Sep 14, 2017 8:06 pm

Why not just use the Vanguard service? They have excellent choices and all their advisors are salaried without bonus for up-selling.

tj
Posts: 1954
Joined: Thu Dec 24, 2009 12:10 am

Re: Good flat-fee financial advisors in Boston suburbs?

Post by tj » Fri Sep 15, 2017 10:43 am

texaspapas wrote:
Thu Sep 14, 2017 8:06 pm
Why not just use the Vanguard service? They have excellent choices and all their advisors are salaried without bonus for up-selling.
Presumably because they charge 30 bps. That can be substantial on a large account.

elrobin
Posts: 15
Joined: Thu May 04, 2017 12:40 pm

Re: Good flat-fee financial advisors in Boston suburbs?

Post by elrobin » Sat Sep 16, 2017 8:12 am

You can look at the NAPFA website (National Association of Personal Financial Advisors), which has a database of fee-only advisors by location: https://www.napfa.org/ Find someone who is near you, then call and ask about their fees and approach.
I have consulted with Charlo Maurer of Peace of Money (found via that site), who charges $200/hr flat fee for advice (or will manage assets for 0.9%), but I don't think she is taking new clients anymore.

MikeG62
Posts: 503
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: Good flat-fee financial advisors in Boston suburbs?

Post by MikeG62 » Sat Sep 16, 2017 8:37 am

I am not endorsing him (because I do not know him), but recently Harry Sit (over at The Finance Buff) offered to help people find three fee only advisors in their area for a very modest ($200) fee.

https://adviceonlyfinancial.com/

If you decide to try it out you should post your experience here.

User avatar
BL
Posts: 7331
Joined: Sun Mar 01, 2009 2:28 pm

Re: Good flat-fee financial advisors in Boston suburbs?

Post by BL » Sat Sep 16, 2017 8:47 am

I would give Vanguard a call and ask what advice they can give for investing without PAS, which might be a reliable alternative anyway for some or all of her unknown amount.
I don't know what services are available based on the amount invested there at the 1 million level for instance.

I do have an IRA on which they calculate the RMD, and would also withdraw the proper amount if desired.

There is always some risk elsewhere that they might take advantage of the client at some time.

It is true that we older folks like face-to-face consults, but that doesn't mean it is best for us. As we get older we get more susceptible to bad advice, I believe.

Post Reply