Selecting a Financial Planner: Fee v. Commission
March 18, 2008 8:11 AM Subscribe
How should I select a financial planner? Should I find a fee-only or commission-based planner? $150-$200/hour seems like a lot of money to me.
posted by mshields to work & money (9 answers total) 4 users marked this as a favorite
My husband and I are looking for a financial planner in the Boston, MA-Portland, ME area.
We live and work in Boston right now. He is an internal medicine resident and I am a holistic health professional. He will finish residency in June of '09 and at that point, we plan to move home to Maine and buy our first home. While we both have student loan debt (consolidated at a low rate), we have also been setting money aside so that we can hopefully come up with a 20% downpayment.
We are good savers, but have been very timid about investments. We are looking to find a certified financial advisor who:
a) can help us reach our short-term goals (move, house purchase, pay of student loan debt);
b) help us set up a solid system for when our income increases significantly;
c) won't charge us crazy amounts of money.
I am hoping to establish a long-term relationship with this financial advisor.
Do you use a financial planner? If so, would you recommend using a fee-only professional ($150-$200/hour seems like A LOT of money to me...) or would you recommend a commission-based professional? And lastly, can someone recommend a CFP in the northeast?
Thanks for your suggestions!