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I met the financial planner

August 21st, 2009 at 09:29 am

I took an hour off today to meet with the prospective financial planner. I think it's going to be a good fit for us. He seems reasonable about his investment strategies and able to adjust to our risk levels. I definately liked that he will be able to put together and review the entire portfolio from all our sources and examine the income/growth ratios globally. He has no issue with the fact that we've got investments that I'm not willing to change right now.

I liked that he had different compensation methods (fee and comission based) and we can choose which way works best for us and change at any time. No charge for phone calls, consulations, portfolio reviews and the like.

One of the things I liked best was that he didn't talk over my head, wasn't condesending and didn't make me feel like we'd wasted the last 10 years of our lives. He's also perfectly comfortable with the fact that we'll be investing small sums for a while while we work on our other financial priorities -the credit card debt, for one.

I took all the information he had, and I'll research more over the weekend, but my gut feeling is that this is the right guy for us right now.

4 Responses to “I met the financial planner”

  1. Broken Arrow Says:

    Now, when you say fees and compensations, is it something that would work in your favor as well, or only in his favor? Just wondering, but either way, I'm glad that you like your new planner!

  2. MomEsq Says:

    BA: This person works for a full service brokerage firm. They offer different investment and financial products. As I understood it (and I'll more carefully review the documents he gave me this weekend), we can choose to compensate him through comissions on products he offers (which he fully disclosed and explained his relationship), which would be assessed once a year on the total amount of funds held by his firm (by a sliding scale); or a fee based system which would charge per transaction.

  3. baselle Says:

    Sounds good - now the research turns to googling, checking out his credentials, and seeing whether there's a skeleton in the closet. Smile

  4. stepbystepbaok Says:

    You may want to research fee-only financial planners in your area before you take the dive into working with a full service broker. You can find local fee-only advisors at www.napfa.org.

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