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Posted on 11/18/24 at 11:29 am
Posted on 11/18/24 at 11:29 am
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This post was edited on 11/25/24 at 9:44 am
3
Posted on 11/18/24 at 12:23 pm to DrCarlWeiss
People use the term "fee-only" incorrectly all the time. You need to clarify what you mean by this, A vs. B.
(A) Are you looking for someone to pay $500+ per hour to sit with your folks to review and make recommendations?
(B) When you see financial advisors refer to themselves as "fee only," they are referring to taking a percent of AUM as their "fee." Essentially they are telling you they do not make commissions on selling you products, and they make all of their money through the fee
If (A), these people exist but are very difficult to find. I'm not in BR so I can't comment on that, maybe someone here will know. Honestly if I were looking for this, I would use my CPA as a starting point, since a lot of retirement-related questions revolve around tax optimization and tax-advantaged accounts.
(A) Are you looking for someone to pay $500+ per hour to sit with your folks to review and make recommendations?
(B) When you see financial advisors refer to themselves as "fee only," they are referring to taking a percent of AUM as their "fee." Essentially they are telling you they do not make commissions on selling you products, and they make all of their money through the fee
If (A), these people exist but are very difficult to find. I'm not in BR so I can't comment on that, maybe someone here will know. Honestly if I were looking for this, I would use my CPA as a starting point, since a lot of retirement-related questions revolve around tax optimization and tax-advantaged accounts.
Posted on 11/18/24 at 5:59 pm to DrCarlWeiss
Okay. You want a fee only. You hire them. They set up your plan. Thank you. Have a nice life.
What if you don't like it?
You do realize that plan has at best a three month window at being good advice.
The market changes.
What do you do then? You've paid your money but the FA no longer has skin in the game.
If you don't have the skills to invest your own money, pay a FA to actively manage it. Otherwise, you'll always be chasing the dragon.
What if you don't like it?
You do realize that plan has at best a three month window at being good advice.
The market changes.
What do you do then? You've paid your money but the FA no longer has skin in the game.
If you don't have the skills to invest your own money, pay a FA to actively manage it. Otherwise, you'll always be chasing the dragon.
Posted on 11/19/24 at 9:40 am to DrCarlWeiss
Look for an FA with an RICP (Retirement Income Certified Professional) designation. Most of the FA's are not well versed in retirement income planning
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