Referral for Financial Planner

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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shukaistudio
Posts: 1
Joined: Tue Jun 17, 2014 10:50 am

Referral for Financial Planner

Post by shukaistudio » Mon Jul 15, 2019 3:26 pm

Hi Everyone!
I would like to seek out a financial planner to help me and my husband look at the next 15 years and how we can retire in 15 years.
Mostly we would like someone who is neutrual and unbiased to help with with strategies to reach out retirement goal and come up with a plan. We have a healthy 401 K but don't have millions of $$ so not looking for wealth management. Just simple couple who can use some solid advice and planning. Appreciate your advice on no frill financial planner who can offer solid advice and help us come up with a plan.

Thank you
Christina

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Sandtrap
Posts: 8088
Joined: Sat Nov 26, 2016 6:32 pm
Location: Hawaii No Ka Oi , N. Arizona

Re: Referral for Financial Planner

Post by Sandtrap » Mon Jul 15, 2019 3:52 pm

Welcome.

One option is to do the following (if you care to do so and are comfortable, it is unnanimouse).

1. Read.
GETTING STARTED
https://www.bogleheads.org/wiki/Getting_started

2. Post for a portfolio review in this format. Make a list of your goals and any questions you think pertinent.
The expert forum "Portfolio Reviewers" can make suggestions.

Portfolio Review Request
https://www.bogleheads.org/forum/viewt ... =1&t=6212

Otherwise. For very low cost Financial Planning.
Vanguard VPAS services.
https://personal.vanguard.com/web/c1/fi ... al-advisor
Give them a call for an initial no charge consult. No contracts.

Here is the forum "Wiki" on "Financial Planners" to read:
https://www.bogleheads.org/wiki/Financial_planner

You can also "google search" the forum past threads on "Financial Advisor" to get an idea of the positives, negatives, pitfalls, and hazards, of the Financial Advisor in the industry.
Last edited by Sandtrap on Mon Jul 15, 2019 3:55 pm, edited 1 time in total.
Wiki Bogleheads Wiki: Everything You Need to Know

barnaclebob
Posts: 3778
Joined: Thu Aug 09, 2012 10:54 am

Re: Referral for Financial Planner

Post by barnaclebob » Mon Jul 15, 2019 3:52 pm

This forum generally recommends a DIY approach because even good financial planners are very expensive over the long run when their fees are added up.

If you post your situation in the standard format you can get a lot of neutral and unbiased help for free right here. Investing and retirement planning is really easy for a vast majority of the population. The only hard part is discipline. If you can't stick to your plan then you are better off paying a financial advisor.

The vanguard PAS program mentioned above will set you up with a basic index fund portfolio that's perfectly fine but don't expect any meaningful retirement planning from vanguard.

retiredjg
Posts: 37221
Joined: Thu Jan 10, 2008 12:56 pm

Re: Referral for Financial Planner

Post by retiredjg » Mon Jul 15, 2019 3:57 pm

shukaistudio wrote:
Mon Jul 15, 2019 3:26 pm
Hi Everyone!
I would like to seek out a financial planner to help me and my husband look at the next 15 years and how we can retire in 15 years.
Mostly we would like someone who is neutrual and unbiased to help with with strategies to reach out retirement goal and come up with a plan. We have a healthy 401 K but don't have millions of $$ so not looking for wealth management. Just simple couple who can use some solid advice and planning. Appreciate your advice on no frill financial planner who can offer solid advice and help us come up with a plan.

Thank you
Christina
Welcome to the forum.

-Many people here are do it yourselfers. And we help others to do the same. If you want help from here, see the link at the bottom of this message for how to present your information in a way that people can help you. The closer you follow the format, the easier it is to help. If you have any questions, just ask.

-Vanguard offers a Personal Advisor Service for the very low cost of .3% a year. They would help you set up your portfolio and manage it for you using a very simple list of Vanguard funds. If you decide it is easy enough to do on your own, you can cancel their service any time and just manage it yourself. Vanguard CFPs to not have any incentive to sell you something that is not in your best interest. They are the only people I am comfortable recommending for that reason.

-One of the poster's here offers a service to help people find "advice only" financial planners (people who help you make a plan but do not parcitipate in implementing it). His information can be found here.

https://adviceonlyfinancial.com


Even if you decide on option 2 or 3, you can still post your information here and combine the knowledge you get from different sources.

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Peter Foley
Posts: 4925
Joined: Fri Nov 23, 2007 10:34 am
Location: Lake Wobegon

Re: Referral for Financial Planner

Post by Peter Foley » Mon Jul 15, 2019 4:23 pm

While not an approach for everyone, we used Ameriprise Financial for a one time plan a few years before we retired.

We made it clear than we were interested in a one time plan and that we were only interested in investing in low-cost, broad based index funds.

We paid somewhere around $500 for this one time plan. There was no push to move assets to Ameriprise. A couple takeaways from the plan were that while we were well diversified there was a bit of overlap and that we could self insure for long term care expenses based on their models.

I think setting expectations with the planner in advance was very important.

retiredjg
Posts: 37221
Joined: Thu Jan 10, 2008 12:56 pm

Re: Referral for Financial Planner

Post by retiredjg » Mon Jul 15, 2019 6:12 pm

Peter Foley wrote:
Mon Jul 15, 2019 4:23 pm
While not an approach for everyone, we used Ameriprise Financial for a one time plan a few years before we retired.
Very interesting. I would not have predicted they would do that. :happy

InMyDreams
Posts: 596
Joined: Tue Feb 28, 2017 11:35 am

Re: Referral for Financial Planner

Post by InMyDreams » Mon Jul 15, 2019 7:40 pm

I think that this recent thread covers the topic?
viewtopic.php?f=2&t=285203

averagedude
Posts: 674
Joined: Sun May 13, 2018 3:41 pm

Re: Referral for Financial Planner

Post by averagedude » Mon Jul 15, 2019 7:54 pm

Garrett Planning Network may be a good choice for you. Fee only with nothing to sell that acts as a fiduciary. Usually costs $300 an hour.

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StormShadow
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Joined: Thu Feb 09, 2012 6:20 pm

Re: Referral for Financial Planner

Post by StormShadow » Mon Jul 15, 2019 8:01 pm

Peter Foley wrote:
Mon Jul 15, 2019 4:23 pm
While not an approach for everyone, we used Ameriprise Financial for a one time plan a few years before we retired.
Umm, no offense... but I do not recommend using Ameriprise nor Edward Jones.

I recommend leaning to do it yourself. It is not hard at all. My rec’s...

1) Keep it simple.
2) Minimize/eliminate fees (low expense ratios, no load, no 12b1 fee, no AUM fee)
3) Minimize your tax burden.

That’s basically it.

Welcome to Bogleheads.

nestorius
Posts: 11
Joined: Sun Mar 19, 2017 11:57 pm

Re: Referral for Financial Planner

Post by nestorius » Mon Jul 15, 2019 8:21 pm

Another option is to check out the website of the National Association of Personal Financial Advisors (NAPFA) a leading professional association of fee-only financial advisors. Their website is https://www.napfa.org/. You can search for fee-only advisors near you, including bios, accreditation, specializations, etc.

ausmatt
Posts: 103
Joined: Sun Jan 02, 2011 1:53 pm

Re: Referral for Financial Planner

Post by ausmatt » Mon Jul 15, 2019 10:16 pm

I recently used Rick Ferri’s new fee only advisor service and thought he did a great job. He’s a contributor to bogleheads and has written a few related books as well.

tj
Posts: 2506
Joined: Thu Dec 24, 2009 12:10 am

Re: Referral for Financial Planner

Post by tj » Wed Jul 17, 2019 2:25 am

Planvisonmn.com he charges $96 per year

Katietsu
Posts: 2165
Joined: Sun Sep 22, 2013 1:48 am

Re: Referral for Financial Planner

Post by Katietsu » Wed Jul 17, 2019 8:01 am

The XY Planning Network is another resource for finding a fee only advisor.

retiredjg
Posts: 37221
Joined: Thu Jan 10, 2008 12:56 pm

Re: Referral for Financial Planner

Post by retiredjg » Wed Jul 17, 2019 8:21 am

I wish we had a better term than "fee only". People think that means "doing a limited project for a fee" but there is more to it than that.

As I understand it, an AUM agreement (assets under management) is also considered "fee only". And some of the people on these "fee only" networks mentioned in this thread do exactly that - AUM. :shock:

I think this is one of the reasons that tfb (thefinancebuff) has coined the term "advice only"- because that describes what some people are looking for.

When calling these planners, you need to be very specific about what you want. Otherwise you might end up wasting your time with an AUM planner when that is not what you actually are looking for.

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friar1610
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Joined: Sat Nov 29, 2008 9:52 pm
Location: MA South Shore

Re: Referral for Financial Planner

Post by friar1610 » Wed Jul 17, 2019 3:34 pm

averagedude wrote:
Mon Jul 15, 2019 7:54 pm
Garrett Planning Network may be a good choice for you. Fee only with nothing to sell that acts as a fiduciary. Usually costs $300 an hour.
"The Long View", Morningstar's podcast, had Sheryl Garrett, founder of the Garrett Planning Network, as a guest on today's edition. Another highly respected fee-only advisor, Rick Ferri, was the guest on the July 3 edition. Listening to these may be helpful.
Friar1610

Bratbill
Posts: 7
Joined: Fri Mar 15, 2019 8:45 pm

Re: Referral for Financial Planner

Post by Bratbill » Wed Jul 17, 2019 4:14 pm

I don’t need advice on my actual investments, I’m very comfortable with that end of things.
Where I consider a planner is retirement issues like when to rollover 401k or not, roth rollover ?
Which funds to draw from 1st. Tax efficiency as well as how I’d like to give my kids some while I’m still alive rather than waiting til I die..
Thoughts on using a planner for these types of things?

Thanks

retiredjg
Posts: 37221
Joined: Thu Jan 10, 2008 12:56 pm

Re: Referral for Financial Planner

Post by retiredjg » Wed Jul 17, 2019 4:31 pm

Bratbill wrote:
Wed Jul 17, 2019 4:14 pm
Thoughts on using a planner for these types of things?
No opinion on the planner, but you can also get a lot of good information about those things here.

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nedsaid
Posts: 12177
Joined: Fri Nov 23, 2012 12:33 pm

Re: Referral for Financial Planner

Post by nedsaid » Wed Jul 17, 2019 5:02 pm

StormShadow wrote:
Mon Jul 15, 2019 8:01 pm
Peter Foley wrote:
Mon Jul 15, 2019 4:23 pm
While not an approach for everyone, we used Ameriprise Financial for a one time plan a few years before we retired.
Umm, no offense... but I do not recommend using Ameriprise nor Edward Jones.

I recommend leaning to do it yourself. It is not hard at all. My rec’s...

1) Keep it simple.
2) Minimize/eliminate fees (low expense ratios, no load, no 12b1 fee, no AUM fee)
3) Minimize your tax burden.

That’s basically it.

Welcome to Bogleheads.
I had Ameriprise do some financial planning for me as well and like StormShadow, I did not invest with them. Want to make it clear that Ameriprise does this because they want to manage your assets. So I don't recommend folks use Ameriprise for this purpose. I learned a lot from the process, I thought they did a good job and made sensible recommendations. It was comprehensive financial planning, it went well beyond asset allocation within a portfolio. They covered such things as insurance as well. The reason I didn't invest with them is that they are a very expensive place to invest. I haven't had a relationship with Ameriprise for about five years.
A fool and his money are good for business.

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