Fee Only Financial Advisor

[emanon1501]

Fee Only Financial Advisor is turning out to be an expensive option. One charges $150 per hour and the minimum is 7 hours. The other one is $180 per hour. Is this normal?

[disneysteve]

I'm not sure but that's probably pretty typical. $1,000 for a professional to review everything and counsel you on how to proceed isn't really all that much when you think about it. If you really feel you need professional advice, it's probably a good investment if you find the right person.

I would definitely want to sit down with him/her first for a FREE consultation though just to make sure you like the person and their style. I wouldn't commit to paying $1,000 without meeting them first.

[snafu]

Try putting 'Financial Planner' in the search box and have a look at previous discussions, worries, questions and responses. Since every Mutual Fund has fees and percentages silently swept out of your account why not pay a CFP?

[jIM_Ohio]

I have worked at two firms.

Waddell and Reed is Fee Based, $500 minimum for a basic written plan
Sequoia Wealth Counsel was Fee Only and minimum was $2000

Find people which do financial workshops if you want cheaper advice

[moneysma]

I would suggest you meet with a couple for a free initial consultation just to make sure you feel comfortable with them. From there, you can start to weigh the fees they charge. What you list isn't out of this world.

While an advisor isn't for everyone, they are worth the money for many investors as they are able to help investors keep their emotions in check and thereby stick to a plan and stay invested.

I used to work at a high net worth advisor who charged 1% of assets under management. We had a client who was with us for over 20 years. He totaled up all of the fees he paid in and they totaled over $100K. He said it was the best money he ever spent because he couldn't have done it without us. Too many people focus on the fee and don't look at the benefits of having a professional help them out. With that said, you do have to find a good one and one that you can trust and work with.

[DisciplinedSaver101]

Best way to invest

Skip the adviser altogether. Professionals cannot beat the S&P 500, and they charge you money on top of that. Open an on-line account at Schwab and put your money in their S&P 500 Index Fund. This will maximize your return.