Finding a financial planner

[RosieTR]

Any advice? Any red flags? I contacted the 3 closest NAPFA firms (fee-only, of course!). One works with specific clients that are a reasonable bit different from us-much higher net worth clients, etc. Another replied that says he works with all types. The third hasn't gotten back to me. So, do I just jump on the one that works with all types? I haven't broached the fee schedule yet though possibly the website has a guide. I'd prefer a flat fee vs percentage of assets, but not sure how it works. If you see a planner, how often? I'm thinking once every 3-5 yrs, or just prior/after a large life change (having a kid, getting married/divorced, big job change, nearing retirement. Does this sound about right? We have never seen a professional FP, but since we're now in our late 30s/early 40s I think it's a good time to assess where we are. My job is a little shaky since it depends on federal funds, so there's a possibility that I'll be needing to assess my options in that respect as well.
Anyway, I'd appreciate whatever experience you care to share, or advice. Thanks in advance!

[Kevin]

I've got some experience in this area and actually considered opening up a business with a CFP friend of mine. We decided against it because of the onerous regulation. Be careful, those are shark infested waters. The Garrett Planning Network (http://garrettplanningnetwork.com/home/find-an-advisor/) is pretty good. I believe they have a requirement for at least 50% of their business to be fee-only. With respect to time, it all depends on how complex your situation is. If it's straight-forward, one or two meetings and passing over a lot of paperwork should take care of it. Figure $1000 to $2500 for a plan. Revising your plan prior / after large changes (and significant economic events) is correct. If things are stable you can easily go 3-5 years without making a change, especially if you're doing the rebalancing of your portfolio and actually making the investments yourself. If you want someone else to do that, then they will usually charge you an AUM fee which eats into your returns.

I would stay away from a percentage of assets and go with a flat fee. There is no need to jump at the first one. Interview them and make sure you are comfortable with them as a person.

Here are two helpful articles:

http://guides.wsj.com/personal-finance/managing-your-money/how-to-choose-a-financial-planner/
http://money.cnn.com/magazines/moneymag/money101/lesson15/index.htm

[frugal-one]

I went about 6 months ago to a fee-based financial planner that was recommended to me. He charged only $250 and gave excellent advice, showed ways to streamline how I was doing things, and made general recommendations and said I definitely was on track. He told me I didn't need his service... that I knew what I was doing. That totally blew me away! The question is... are you looking for someone to do your investing or just looking to see if you are on track? That would be the gauge as to how much you should pay.

[RosieTR]

Just someone to see that we are on track. DH thinks I could do this, but sometimes meeting with a professional gives reassurance and/or brings up stuff you hadn't thought about.

[RosieTR]

OK, so we did. First hour was free (we went over but that was OK). Anyway, the fee is not unreasonable and the guy said a lot of stuff I already knew. He thinks we're in a great spot....I just get worried because my job depends on federal funds and that's not looking too great. I think we'd be OK but not putting much into savings if it was only DH working. Anyway, there are some details to figure out which is good for us to do. Also, this guy is focused not only on financial independence (he's familiar with YMOYL) but also the emotional side of finances, which I think a lot of planners forget. BTW, napfa is an association of fee-only financial planners, which is the only kind I'd want to work with.

[clara24]

It is really hard to find a financial planner and as an accountant inFinland many of my friends experience having difficulties and that fact even i am accountant i can't help them for some reason.