independent advisor

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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SSM1
Posts: 1
Joined: Wed Sep 26, 2018 2:47 pm

independent advisor

Post by SSM1 » Thu Oct 11, 2018 10:02 pm

Looking to work with a new independent hourly advisor. credentials are CFP EA CPA.
Early retirement advice re: unemployed x 1.75 yrs at age 61, asset allocation, tax-efficiency distributions, possible Roth conversion vs.proceeds from taxable acct., LTC planning, social index fund, etc. What do you think?
Hourly rate = $150
Initial exploratory meeting = N/C
First meeting to collect and sign documents = $75 ( ? )
What should I look for in the contract?
Any concerns about providing paper copies of statements and prior financial plans including VG?
Thank you.

bloom2708
Posts: 4773
Joined: Wed Apr 02, 2014 2:08 pm
Location: Fargo, ND

Re: independent advisor

Post by bloom2708 » Fri Oct 12, 2018 9:20 am

Why not spend time here? Ask your questions (as many as you want for $0).

Those fees will add up. Fast. Nobody knows your scenarios like you. It will be difficult to find someone not selling something with higher fees than you should be paying. There are threads on virtually all topics here that can be searched.

Why not spend 30-60 days reading and following threads, watching the videos, reading the Wiki entries and Getting Started.

See if a plan you control starts to form. Low cost, broad based market index funds. Just a few funds. Tax efficient.

Welcome and hop on board. $0/hour. Thousands of advisors at your service.
Last edited by bloom2708 on Fri Oct 12, 2018 11:04 am, edited 1 time in total.
Where to spend your time: | 1. You completely control <--spend your time here! | 2. You partially control <--spend your time here! | 3. You have no control <--spend no time here!

123
Posts: 3700
Joined: Fri Oct 12, 2012 3:55 pm

Re: independent advisor

Post by 123 » Fri Oct 12, 2018 9:38 am

SSM1 wrote:
Thu Oct 11, 2018 10:02 pm
...First meeting to collect and sign documents = $75 ( ? ) ...
This would concern me greatly. Sounds like he may intend to take over your money and accounts and then just bill you.

f you use this financial advisor you pay $150 an hour for one person. If you ask here you pay $0 for hundreds of eyeballs, quite a few of who may comment. We don't sell anything except self-sufficiency.

The preferred way to post your situation is at viewtopic.php?t=6212

Most of the questions asked in our preferred posting format is the same stuff your financial advisor will ask anyway, if he doesn't ask in the same detail there may be something wrong, he may prefer to sell you something versus working with you.
The closest helping hand is at the end of your own arm.

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djpeteski
Posts: 634
Joined: Fri Mar 31, 2017 9:07 am

Re: independent advisor

Post by djpeteski » Fri Oct 12, 2018 9:43 am

I would agree with the other posts. What is so uncommon about your situation? From what you posted so far, nothing.

The first thing you need to do is to figure out if you can retire. If the answer to that is "No", you need to find a way to get working again. While not easy in execution, those are pretty strait forward questions and commonly asked here and responded to with excellent advice.

User avatar
goingup
Posts: 3206
Joined: Tue Jan 26, 2010 1:02 pm

Re: independent advisor

Post by goingup » Fri Oct 12, 2018 10:01 am

Based on what I've read on the forum, a financial planning "work up" usually runs $1000-$2000. Are you prepared for that? It's also not uncommon for the advisor to try to convince you to let him manage your assets aka an AUM arrangement.

That said, many people find meeting with a financial planner worthwhile. Personally, I'm really hesitant to share personal/financial info. I'd use retirement calculators, this forum, my existing investment firm advisor, and our CPA before I'd employ a new advisor. Maybe that's too cautious.

Dottie57
Posts: 4455
Joined: Thu May 19, 2016 5:43 pm

Re: independent advisor

Post by Dottie57 » Fri Oct 12, 2018 10:04 am

Never sign a contract befor you read and understand the contract.

moehoward
Posts: 169
Joined: Mon Mar 05, 2018 10:16 am

Re: independent advisor

Post by moehoward » Fri Oct 12, 2018 10:14 am

SSM1 wrote:
Thu Oct 11, 2018 10:02 pm
Looking to work with a new independent hourly advisor. credentials are CFP EA CPA.
Early retirement advice re: unemployed x 1.75 yrs at age 61, asset allocation, tax-efficiency distributions, possible Roth conversion vs.proceeds from taxable acct., LTC planning, social index fund, etc. What do you think?
Hourly rate = $150
Initial exploratory meeting = N/C
First meeting to collect and sign documents = $75 ( ? )
What should I look for in the contract?
Any concerns about providing paper copies of statements and prior financial plans including VG?
Thank you.
Hourly rate $150? Wow. Tell you what, I will do the same for you and not charge you anything. Hmm, maybe a beer.

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