Ask Terry Questions financial planning review

financial planning review

By Terry Savage on February 12, 2019 | Financial Planning / Retirement

I will be retiring next year at age 61 and my husband is self employed. Currently we are clients of Edelman Financial and they have helped get us to a good place. However, our concern is that the management fees are high. Are there alternative types of financial planning or consultation we should be considering?

Terry Says

First, it’s always worthwhile to pay for good advice!  I have no idea what fees you are paying, but as you transition into retirement it might be the time to discuss those fees with them.  If you have basically a “set it and mostly forget it” plan, there is no reason to pay annual fees that are more than 50 basis points a year (one-half of one percent).  Certainly, if you rolled all your money to Fidelity or Vanguard, and took their asset allocation and withdrawal advice, that’s what you would pay.

But a financial planner can and should do more.  First, there’s the plan.  Then there’s the hand-holding in times of crisis when you might tend to panic.  And there are other planning issues — estate planning, tax planning, insurance, long term care, etc.  If your planner is helping you with all these issues — and doesn’t charge any commissions on products sold — then it might justify a higher annual fee.

But it’s up to you to ask about these issues.  And you certainly might benefit from a one-session overview with a Certified Financial Planner who is also a FIDUCIARY — signing a pledge to put your interests ahead of his/her own –and to fully disclose all fees, commissions, and benefits he/she receives for recommending a certain investment.  Find one of these planners in your area at

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