Can I hire a fee-only financial planner for a one-time consultation?
June 13, 2021 6:14 PM Subscribe
I am pretty comfortable DIYing my own investments and money management, but I do want someone to give me some impartial advice on anything I should consider doing differently, and maybe push me to take a little bit more risk, as I tend to be extremely risk-averse.
I am not willing to work with anyone who makes a commission by selling me financial products. "Fee-only" is extremely important to me. But most of the fee-only planners I have looked into seem to get their compensation as a fee based on the amount of assets I have under management with them. I do not want any assets under management. I don't want to hand off active control of any of my finances to someone else, and I don't really want an ongoing engagement. Are these folks willing to accept an hourly consultation fee, and if so, do you have any advice on how to approach that with them if they are used to working with the AUM model?
I am not willing to work with anyone who makes a commission by selling me financial products. "Fee-only" is extremely important to me. But most of the fee-only planners I have looked into seem to get their compensation as a fee based on the amount of assets I have under management with them. I do not want any assets under management. I don't want to hand off active control of any of my finances to someone else, and I don't really want an ongoing engagement. Are these folks willing to accept an hourly consultation fee, and if so, do you have any advice on how to approach that with them if they are used to working with the AUM model?
Response by poster: Yes, I should have clarified that point. I enjoy doing it, and do not wish to outsource it, even though most people with as much money to invest as we have does so. I am familiar with fiduciary. What I mean by "impartial" is not me, or my spouse. Maybe not the best term. I just mean an outside fresh perspective. If I can't find someone who will give me advice without taking over the whole thing, I will choose to not get any advice rather than let someone take over the whole thing...
posted by primethyme at 7:04 PM on June 13, 2021 [1 favorite]
posted by primethyme at 7:04 PM on June 13, 2021 [1 favorite]
I recently met with a financial advisor from Raymond James who absolutely does this — she has some clients she does active ongoing asset management for, and others who have the kind of arrangement I gather you want, where she gives occasional advice to for a flat fee each time. I didn't get the impression that that arrangement was at all unusual.
posted by nebulawindphone at 7:04 PM on June 13, 2021
posted by nebulawindphone at 7:04 PM on June 13, 2021
"Fee for Service Financial Advisor" is your key term. I've done that every 5 years to have someone else review my retirement planning. I give them a couple of hundred dollars and my financial information, they give me a printed overview and, "Attaboy!"
It's a good thing to do.
posted by ITravelMontana at 7:09 PM on June 13, 2021 [10 favorites]
It's a good thing to do.
posted by ITravelMontana at 7:09 PM on June 13, 2021 [10 favorites]
My dad does this sort financial advising. There are definitely people out there. If you want my dad's info, memail me. Otherwise, ask your friends/colleagues for a referral.
posted by sulaine at 8:17 PM on June 13, 2021
posted by sulaine at 8:17 PM on June 13, 2021
About five years ago I hired someone to do a thorough, one-time analysis of my investments. Same as you, I've been doing my own investing for a long time, and I wanted an extra pair of eyes on it before I took a big career leap. He determined that I was too heavy on domestic investments and so over the following year I reblanaced to more international. The whole analysis cost $700, as I recall, and I have a binder full of results :) And multiple consultation sessions.
posted by intermod at 9:00 PM on June 13, 2021 [2 favorites]
posted by intermod at 9:00 PM on June 13, 2021 [2 favorites]
The website of the National Association of Personal Financial Advisors has a "find an advisor" function.
posted by yclipse at 2:05 AM on June 14, 2021 [2 favorites]
posted by yclipse at 2:05 AM on June 14, 2021 [2 favorites]
Yes you can, because I did. You want someone who is a fee-only fiduciary financial planner who also will give you a plan but will leave the details of implementation up to you. If you're in the Boston area I can give you a very strong recommendation for someone like that. Otherwise, are there local forums you trust that you can ask this question in? Then set up an intro call and figure out their methodology. You want someone who will give you advice but then let you implement it, rather than taking any of your assets under management etc. It should be possible to figure out in the intro call whether this is the case. There was no possibility for my financial planner to financially benefit other than through the fee we gave her because her advice was of a general sort not about specific funds to invest in (we just agreed on an appropriate combo of index funds etc. and left it at that). Her advice was more about whether we were on track for retirement goals, saving appropriately, whether we should pre-pay our mortgage (no), how to handle elderly parents' potential needs, saving for our kids' college appropriately, where to stash funds after funding our 401Ks fully - that kind of thing.
posted by peacheater at 6:22 AM on June 14, 2021 [1 favorite]
posted by peacheater at 6:22 AM on June 14, 2021 [1 favorite]
Yes, I’ve had two advisors that fit that description. I found both through NAFPA. Sorry that I don’t have anyone in particular to recommend now, because the one I liked has retired. But just confirming that yes, this is possible.
posted by daisyace at 7:41 AM on June 14, 2021 [2 favorites]
posted by daisyace at 7:41 AM on June 14, 2021 [2 favorites]
Oops, make that NAPFA, sorry.
posted by daisyace at 2:12 PM on June 14, 2021 [1 favorite]
posted by daisyace at 2:12 PM on June 14, 2021 [1 favorite]
I'm pretty sure the advisors in the Garrett Planning Network do exactly what you're looking for. I know about them because they're often recommended on the Bogleheads forum (and in that thread, there are also recommendations for PlanVision).
I am acquainted with someone who's used a Garrett planner and has been very happy with him; she just goes to talk to him when she has specific questions about what to do with her finances.
The Garrett folks are just part of a network, though, so some are like better than others; but it might be a good place to start.
posted by kristi at 4:20 PM on June 16, 2021
I am acquainted with someone who's used a Garrett planner and has been very happy with him; she just goes to talk to him when she has specific questions about what to do with her finances.
The Garrett folks are just part of a network, though, so some are like better than others; but it might be a good place to start.
posted by kristi at 4:20 PM on June 16, 2021
This thread is closed to new comments.
You want (I think) someone who has fiduciary duty to you. That's a key phrase I'd recommend you ask about before you hire anyone.
But also. If you have enough money for it to matter how you invest, you probably have enough money to not mind paying some fees as an ongoing basis. All the rich people I know do that. I'm not even that rich and I do that. I could In theory earn a few more dollars a year if I managed all my own investments, but my time is worth more than that to me, ymmv.
posted by SaltySalticid at 7:00 PM on June 13, 2021