Conrad Seastrunk, Florence Financial Advisor, Florence Financial Planner, Florence fee only financial planner,
What Does It Cost To Hire A Fee-Only Financial Advisor?
How much should you pay for the different financial planning services?
It amazes me how difficult the answer to this question can be to find. Most financial advisors don’t list their pricing on their website, (See our ADV disclosure brochure if you are interested here.
Anyhow, I think one reason most advisors don’t put prices on their websites is because they want to explain their value first.
Another is that every client is different and they don’t know exactly what they will charge until they understand your needs.
Sounds reasonable to me.
But I think you should be able to know what you can expect to pay 90% of the time. So I include 3 levels of service since I know that no two clients have the exact same needs of my time and expertise.
So How Much Does A Financial Advisor/Planner Cost?
It depends on how much help you are looking for. Let’s discuss in more detail below.
First, it is important to know what you are paying for.
In order to know what a reasonable price to pay for financial advice is, you need to decide how much advice you are looking for and who you want to implement the recommendations.
The range of services offered by a financial advisor can go from a one-time meeting to all-inclusive ongoing planning.
The more advice you are looking for, the greater the cost. Additionally, the more service you are looking for beyond the initial planning work, the greater the cost.
When is this a good option?
A one-time meeting works well when you want to address one or two general financial questions.
Maybe you want to have your portfolio validated by a professional, discuss cash flow issues, or make sure you are optimizing your employee benefits.
The one-time meeting will give you access to a financial planner who will tell you what they would do it they were you.
What Does It Cost?
Your first meeting should be free since one meeting is not enough time to gather data.
The cost tends to range from $300-$600. This typically includes an initial one to two hour meeting with the advisor and follow up from them with recommendations and actions items for you to complete.
Ongoing Financial Management
When is this the best option?
Ongoing financial planning works well for people who don’t have the time, knowledge, or desire to manage their finances.
With this service, your financial advisor will ask the questions, listen to you, then provide solutions to help you through your financial life.
Have a financial question, give your advisor a call or email, have them recommend the best course of action, and have them help you implement the recommendations.
This option works well for people who want to have ongoing but limited access to a financial planner at an affordable price.
This is truly full service and typically covers most facets of your financial life such as:
• Estate Planning,
• Insurance Analysis
• Investment Analysis
• Cash Flow/Budgeting
• Employee Benefits Optimization
• Tax Planning
• Retirement Planning
• College Planning
What Does It Cost?
Copyright ® 2020 Seastrunk Financial Management, LLC
Seastrunk Financial Management, LLC and Fidelity Investments are independent companies and are not affiliated. There is no form of legal partnership, agency, affiliation or similar relationship between your financial advisor and Fidelity Investments, nor is such a relationship created or implied by the information herein.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.