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Financial Planner

June 30th, 2011 at 09:37 pm

I have been kicking the tire around meeting with a financial planner for a while now. I finally decided to make an appointment for my husband and I to meet with one to have a consultation. He told us the initial consultation was free and they determine how much they charge you based on how much money you make. I asked him what I needed to bring and he said to just bring a few figures like debit, mortage, salary, etc. And I assumed he would be interested in my budget too...but that wasnt the case. I haven't been to one before so I wasn't sure what to expect...but I was a little disappointed when I left. So we were told everything that would be part of his package, which sounded good but then I was told the fee was going to be $850....which shocked me. While I didnt expect it to be free or 'cheap' necessarily but I wasn't expecting that much money!! I could see maybe $50 +/- an hour/per session or something along those lines but not a flat fee of that much money!! On top of that, we didn't even really discuss my situation at all -- which I would have thought he could have atleast done some sort of mini-assessment or SOMETHING that would make me think I would be getting a good value on my money. But it wasn't to be - it was a very short session to tell me what I would get and what it would cost and that was it. Soooooo....I'm thinking I will pass and it makes me a little sad. I was looking forward to the experience and insight. Maybe I just need to find someone else and interview a couple of people to find one I like.

any of you have experience with financial planners? and what makes a good one??

3 Responses to “Financial Planner”

  1. creditcardfree Says:

    Well, I had one experience with Edward Jones. It was primarily focused on retirement savings. He did calculations on how much we should be putting away to achieve our goals. (Now can't remember the amount) It was free, and we never did use his services. He would have been paid if we made investments with him, since he sold mutual funds and bonds. And boy, he called often asking us to invest in different bonds. In the end, we have chosen our own mutual funds to invest in and invest regularly 15% of our gross income.

    Please remember that all financial planners do have some bit of interest in selling you a product. They have to make money. It might be a flat fee for services, or commissions from selling mutual funds. Many, in my opinion, are more interested in their earnings first.

    You might look at Dave Ramsey's website and look for a link for his Investing ELP. These individuals have been screened and would definitely be interesting in your current financial situation.

  2. Jerry Says:

    I think that this is an area in which it is important to have the insurance of your own research, and maybe let your interest lead to a bit of comparison shopping... if you decide to use a planner at all. There can be a lot of difference between individuals.

  3. Ima saver Says:

    I too, would reccommend that you try it on your own. I went to an Edward Jones investment firm and found out that I knew more than the guy running it. He wants you to buy investments that he makes a commission on. I would suggest you do some reading first. Try the book, the wealthy barber. It is easy to read and understand. Also, Smart couples finish rich.

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