Do any of you use a CFP or other financial professional?

[disneysteve]

I emailed our accountant (who is a good friend who I trust implicitly) the other day with a few questions about some retirement planning. He answered with some info but also said that it really isn't his area of expertise and told me about the CFP he uses for his own personal planning (and serves as that guy's CPA). If Jim trusts this guy, I have zero doubt that I can trust him as well. I am not interested in retaining anyone on an ongoing basis and paying a % of assets but it might be good to sit down with a pro on a pay-as-you-go basis and have him look over everything and give us his thoughts.

Have any of you done that? If you have, how was your experience? Do you think it was worth it?

[ua_guy]

About 2 years ago we did a one-off consult with a CFP. I was really concerned that we hadn't had anyone look holistically at our retirement goals and planning. Biggest thing I wanted to know was, since calculators and their assumptions are extremely variable, was understanding if we are on track for our goals. Also, is our risk and assortment of retirement vehicles generally appropriate. If we need to catch up, how do we strategize that. It was well worth the money, and although it provided more relief than prescriptive advice, because we are generally on track. We will do another consult here probably next year as a check-in and to ask some more focused questions on strategy.

[cypher1]

Simple answer: no. I'd rather get various opinions on this forum. I've had friends recommend some to talk to, but I was never impressed with their input. Or some would push some life insurance investment package (whole?) when I'd explain I have no interest in any life insurance (even term) given my circumstances. Or I'd question them on why they recommend certain funds,only to find out they get more commissions.

I have no doubt there are some great CFPs out there. But if I did need one, I'd focus on one with hourly rate for fees.

[LivingAlmostLarge]

nope. Why not do it here? Save a couple of bucks and holistically I'd bet you'd get a lot of good advice.

[disneysteve]

I was never impressed with their input. Or some would push some life insurance investment package (whole?) when I'd explain I have no interest in any life insurance (even term) given my circumstances. Or I'd question them on why they recommend certain funds,only to find out they get more commissions.

Yeah, I don't want anybody who is going to try to sell us anything at all, investments or insurance or anything. I strictly want advice, and primarily tax-planning advice. I think my CPA may have misunderstood my question and thought I was looking for more detailed retirement planning advice. I have to circle back to him to clarify that. I'm pretty sure he can answer the questions I have at the moment.

[LivingAlmostLarge]

Yeah, I don't want anybody who is going to try to sell us anything at all, investments or insurance or anything. I strictly want advice, and primarily tax-planning advice. I think my CPA may have misunderstood my question and thought I was looking for more detailed retirement planning advice. I have to circle back to him to clarify that. I'm pretty sure he can answer the questions I have at the moment.

So start by asking us. I think it might be a fun endeavour

[disneysteve]

So start by asking us. I think it might be a fun endeavour

I actually have a call scheduled with our CPA tomorrow morning. He had missed my point in my first email and thought I was looking for more retirement planning info when that wasn't really what I meant.

My main issue is that I'd like to start consolidating accounts. We have an assortment of orphaned retirement accounts from previous jobs that I want to get rolled over. I just want to be sure which ones can be lumped together and which can't. I also want to talk about the pros and cons of opening a donor advised fund to avoid taxes on some appreciated assets to then use for our charitable giving. I'm going to start a thread about the DAF to see what experience folks here have.

[Like2Plan]

I actually have a call scheduled with our CPA tomorrow morning. He had missed my point in my first email and thought I was looking for more retirement planning info when that wasn't really what I meant.

My main issue is that I'd like to start consolidating accounts. We have an assortment of orphaned retirement accounts from previous jobs that I want to get rolled over. I just want to be sure which ones can be lumped together and which can't. I also want to talk about the pros and cons of opening a donor advised fund to avoid taxes on some appreciated assets to then use for our charitable giving. I'm going to start a thread about the DAF to see what experience folks here have.

The DAF might be a good vehicle to achieve your goal. Especially if you put your appreciated stocks into the DAF and then put what you would have otherwise cash donated to charity back into stocks. I looked into Fidelity because they have a lower funding threshold than Vanguard, but I got cold feet when looking at the fees (they are not that high, but they do cost something more than zero-that the charity would otherwise receive). But, it would seem like your CPA would be the best person to advise you since he will know your entire tax situation.

https://www.fidelitycharitable.org/g...E&gclsrc=aw.ds

[Like2Plan]

here's Vanguard's fees:

https://www.vanguardcharitable.org/giving-with-vc/fees-and-minimums

Also, your CPA should be able to tell you what you can combine.

[disneysteve]

I looked into Fidelity because they have a lower funding threshold than Vanguard

Huge difference there. 25K minimum at VG and 0 minimum at Fidelity. Though then Fidelity hits you with the $100 annual fee to compensate for the lower balances.

I'm not sure how much we would put in initially but I think 25K would be more than we'd be going for. That's too bad since the bulk of our money is with Vanguard. It would be nice to keep this there, too. It would be nice if they would offer better terms for existing customers with substantial accounts.

[corn18]

I have talked to one CFP. Three of my closest friends use him. He was very good. Knew his stuff, but nothing more than what I already knew. Fee was 1% AUM, if I hired him. I learned everything I know on here, bogleheads and early-retirement.org. There are a lot of complex issues that I have sorted out by asking questions on those fora. But, my wife knows nothing about how to manage our investments and doesn't want to, so he will be her goto guy if I die.

As far as what you are looking at, I would ask here and also on bogleheads. There is nothing we/they can't figure out.

[LivingAlmostLarge]

Same. I do it. And I have all these friends trying to get me to use their "person" who charges 1%. I can do as badly as their advisors are doing now for 0% instead of 1%. LOL.

[disneysteve]

Same. I do it. And I have all these friends trying to get me to use their "person" who charges 1%. I can do as badly as their advisors are doing now for 0% instead of 1%. LOL.

I don't see us ever using a professional that charges for assets under management. I can see sitting down with someone who charges a flat hourly rate to review a withdrawal strategy, discuss options regarding Social Security, etc. But in the end, we will maintain full control and final decision making.

[moneybags]

I actually have a call scheduled with our CPA tomorrow morning. He had missed my point in my first email and thought I was looking for more retirement planning info when that wasn't really what I meant.

My main issue is that I'd like to start consolidating accounts. We have an assortment of orphaned retirement accounts from previous jobs that I want to get rolled over. I just want to be sure which ones can be lumped together and which can't. I also want to talk about the pros and cons of opening a donor advised fund to avoid taxes on some appreciated assets to then use for our charitable giving. I'm going to start a thread about the DAF to see what experience folks here have.

Are all the accounts retirement accounts? If so, you can roll similar accounts together. For example, a 401k, Simple, or traditional IRA can all roll together (since they will be taxed similarly in retirement). I use Vanguard for most of my accounts and have a "Rollover IRA" there that I've rolled old 401Ks and Simples into. Vanguard also sets ups donor advised funds. I think there is a minimum to open. I have not set one up yet, but with the current tax law, you may benefit from itemizing with a large contribution to one (so discuss that piece with your CPA).

If you have a list of account types, I can tell you what can be combined. You could also call Vanguard and they can walk you through it. There are forms to fill out to get the money moved properly. You don't want to create a taxable situation by accident.

[bjl584]

I have a financial advisor and a CPA

I'd probably save if I did things myself, but I like the convenience