Terry my husband and I are retired and we are now considering hiring a financial planner. We have been handling our finances and have done well. Now that we retired on fixed incomes we wonder if we should hire a financial planner. I wonder if the cost of a planner is worth it, please let me know your thoughts.
Terry Says: Well, there are several ways a financial planner can be helpful. First, a planner will look at the overall picture of your financial situation –not only investments, but insurance, estate planning, taxes, etc. Second, the planner can give you oversight on your investments, Third, a good planner can help you create a path to managing not only investments but withdrawals, to give you the best chance of making your money last as long as you do. And typically, the first meeting is free — so you can trust your instincts about the person you are meeting. Go to www.CFPBoard.org or www.PlannerSearch.org –and make sure you are dealing with a fee-only planner (one who is not trying to sell you products). Or go to www.feeonly.org — the Association of Fee Only financial planners.