Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   Investment Talk (https://www.talkofthevillages.com/forums/investment-talk-158/)
-   -   Anyone use an advisor who works on an hourly basis. (https://www.talkofthevillages.com/forums/investment-talk-158/anyone-use-advisor-who-works-hourly-basis-343673/)

Robbb 09-18-2023 09:07 PM
Quote:
Originally Posted by Gigi3000 (Post 2250551)
I know one in Ohio. She is under the Garret Planning network and came highly recommended. She gave me exactly what i asked for. She does phone consults. Lemme know if you would like her info. She is a fiduciary. I investigated all this last year. I'll go ahead and put her name here as i may not be online for a few days. Its Som Hanvanich in Kettering Ohio.
Tks

Caymus 09-19-2023 05:48 AM
I notice a Garrett advisor that quotes a rate of $300/hr for the first two hours. I have no idea if that is a "fair" price.

retiredguy123 09-19-2023 05:59 AM
Quote:
Originally Posted by Caymus (Post 2258416)
I notice a Garrett advisor that quotes a rate of $300/hr for the first two hours. I have no idea if that is a "fair" price.
Way too high

retiredguy123 09-19-2023 06:37 AM
Any financial advice that you pay money for should include a product, such as a written financial plan.

Caymus 09-19-2023 06:46 AM
Quote:
Originally Posted by retiredguy123 (Post 2258437)
Any financial advice that you pay money for should include a product, such as a written financial plan.
Most of them indicate that they charge a fixed price for a plan. I only noticed one that listed a hourly rate in their profile.

I also assume that "you get what you pay for".

Caymus 10-02-2023 09:52 AM
As of now, I contacted about 20 advisors (mostly by email). I am considering this a retirement hobby:angel:

Some that were recommended to me or look promising are either not accepting new clients or are only registered in their home states. Most of the others work on an AUM structure, which I don't want. A few want monthly retainers or other type of commitments. The hourly fee types are quoting $200 to $300/hr

So far, I have found three that will develop one-time financial plans with a range of $1,000 to $3,800. The lower cost one "hedges" when I question if they are a fiduciary. I assume they are quoting a lower price and will eventually try to sell me higher cost "investments".

The other two are fiduciaries and have shared sample plans which appear to meet my current needs. The middle one quoted $1,800 and I am obtaining more details from them.

So far, I haven't had a "rubber chicken: dinner.:a20:

retiredguy123 10-02-2023 09:58 AM
Quote:
Originally Posted by Caymus (Post 2262048)
As of now, I contacted about 20 advisors (mostly by email). I am considering this a retirement hobby:angel:

Some that were recommended to me or look promising are either not accepting new clients or are only registered in their home states. Most of the others work on an AUM structure, which I don't want. A few want monthly retainers or other type of commitments. The hourly fee types are quoting $200 to $300/hr

So far, I have found three that will develop one-time financial plans with a range of $1,000 to $3,800. The lower cost one "hedges" when I question if they are a fiduciary. I assume they are quoting a lower price and will eventually try to sell me higher cost "investments".

The other two are fiduciaries and have shared sample plans which appear to meet my current needs. The middle one quoted $1,800 and I am obtaining more details from them.

So far, I haven't had a "rubber chicken: dinner.:a20:
Any advisor who claims to be a fiduciary, should send you a letter stating it in writing, including any conditions or limitations that may apply.

petsetc 10-02-2023 10:04 AM
My addition to investment advice - take time to read Paul Merriman’s 3 FREE ebooks.
1. First-Time Investor
2. 101 Investment Decisions
3. Get Smart or Get Screwed (read this first!)

Found at paulmerriman.com

Also on his site are recommended portfolios for using Vanguard, Fidelity, T.Rowe Price or Schwab for DYI'ers. Much good info, ignore the puffery and sales pitches.

Also, if you want to know too much about annuities, listen to Stan The Annuity Man® | Brutally Honest Facts About Annuities podcasts.

Podcast - Have Fun With Annuities(R) | The Annuity Man

Last recommendation is FIRECalc: A different kind of retirement calculator , a Monte Carlo simulation of your future.

FWIW

Robbb 10-02-2023 11:33 AM
Quote:
Originally Posted by Caymus (Post 2262048)
As of now, I contacted about 20 advisors (mostly by email). I am considering this a retirement hobby:angel:

Some that were recommended to me or look promising are either not accepting new clients or are only registered in their home states. Most of the others work on an AUM structure, which I don't want. A few want monthly retainers or other type of commitments. The hourly fee types are quoting $200 to $300/hr

So far, I have found three that will develop one-time financial plans with a range of $1,000 to $3,800. The lower cost one "hedges" when I question if they are a fiduciary. I assume they are quoting a lower price and will eventually try to sell me higher cost "investments".

The other two are fiduciaries and have shared sample plans which appear to meet my current needs. The middle one quoted $1,800 and I am obtaining more details from them.

So far, I haven't had a "rubber chicken: dinner.:a20:
Keep us posted on your progress. I recently contacted a guy who lives in Illinois on the Ganet (sic) website, I sent him a bunch of financial info and never hear back from him. Moral of the story don't trust them just because they are on a reputable website.

Gigi3000 10-02-2023 12:25 PM
Quote:
Originally Posted by Boomer (Post 2252417)
Thank you. She has an impressive and detailed website. From reading through it, it looks like she is the real deal.

I looked for a fee-only advisor several years ago. I finally found one who claimed to be, but he wanted to be paid on a retainer basis. I did not want to do that.

I remember you had a lot of questions a while back. I am glad to know you found an actual fee-only advisor. Looks like they really do exist.

Boomer
Yeah, Som is great. I was nervous going in.

Robbb 10-02-2023 12:35 PM
Quote:
Originally Posted by Gigi3000 (Post 2262078)
Yeah, Som is great. I was nervous going in.
Unfortunately she can only work in a limited number of states, she said she can't practice in Minnesota.

Boffin 10-02-2023 02:28 PM
Free of charge
 
Take a look at etf symbol: JAAA
Sell when Fed starts easing.

Boomer 10-02-2023 05:52 PM
Quote:
Originally Posted by Caymus (Post 2262048)
As of now, I contacted about 20 advisors (mostly by email). I am considering this a retirement hobby:angel:

Some that were recommended to me or look promising are either not accepting new clients or are only registered in their home states. Most of the others work on an AUM structure, which I don't want. A few want monthly retainers or other type of commitments. The hourly fee types are quoting $200 to $300/hr

So far, I have found three that will develop one-time financial plans with a range of $1,000 to $3,800. The lower cost one "hedges" when I question if they are a fiduciary. I assume they are quoting a lower price and will eventually try to sell me higher cost "investments".

The other two are fiduciaries and have shared sample plans which appear to meet my current needs. The middle one quoted $1,800 and I am obtaining more details from them.

So far, I haven't had a "rubber chicken: dinner.:a20:


Caymus,

fwiw — Sounds to me like you are navigating just fine, as in……

“Leave the rubber chicken. Take the cannoli.”

Boomer

Caymus 10-29-2023 09:05 AM
Quote:
Originally Posted by Robbb (Post 2262066)
Keep us posted on your progress. I recently contacted a guy who lives in Illinois on the Ganet (sic) website, I sent him a bunch of financial info and never hear back from him. Moral of the story don't trust them just because they are on a reputable website.
One of the podcasts I listen to had links to advice only flat fee advisors.

Advice-Only Network
Flat Fee Advisors

I haven't investigated them in detail, but they seem to charge about $300/hr on average.

retiredguy123 10-29-2023 09:11 AM
Quote:
Originally Posted by Robbb (Post 2262081)
Unfortunately she can only work in a limited number of states, she said she can't practice in Minnesota.
It sounds like she is an insurance agent and/or salesperson. Otherwise, I don't know why she couldn't provide financial advice in any state.


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