Ask Terry Questions Financial planner wants Everything!

Financial planner wants Everything!

By Terry Savage on June 19, 2018 | Financial Planning / Retirement

I am looking for a reputable financial planner. My wife and I are retired and although we have pension and 401K plans, we have a sizable savings account that isn’t earning any interest! I qualify for a free consultation with a financial planner, but he wants EVERYTHING brought to the visit:
____Current Statements (CD, Savings, Checking, Money Market, Emergency Fund)
____Income & Expense Worksheets
____401K / IRA Statements (403B, 457)
____Brokerage Statements
____Mutual Fund Statements
____Variable Annuity Statements
____Fixed Annuity Statements
____Life Insurance Statements
____Tax Return
____Social Security Statements
____Long Term Care Information
____Pension Statements or Employer Benefit Summary (if still working)
____Do you have a Will and/or Trust? (not needed for 1st meeting)

I’m old school I guess. I am not comfortable sharing all of this personal information, especially with someone I haven’t met. He must be assuming, we will invest in his company, when this is just a consult. How do I find a reputable financial planner that I can trust with our retirement money?

Terry Says

I definitely understand your reluctance to share all that ainformation at the first meeting! Of course, a financial planner will need to know all of that. But this first meeting should be about whether each of you is comfortable with the other, about asking about your goals, and giving a rough estimate of your net worth. And you should be asking how he/she charges for his or her services — commissions, fee-only, or a combination of both. You can do all that without full disclosure of everything!

You might start by asking him/her for reverences – other clients in your same situation, with roughly your net worth. Asking him for contact info from at least three of his clients — who have been with him/her at least 10 years!

If you’re searching for a fee-only planner, go to — the association of feeonly financial planners.

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