Most planners will give you a free consultation, but good advice will probably require more than that.
By the Mole, Money Magazine’s undercover financial planner
May 14, 2008
I am reluctant to get a financial planner. Will they do an analysis of your portfolio? Does that commit me to use them? How do you get their advice without hiring them as a financial planner?
If you want good advice from a financial planner, don’t expect to get it for free. And, yes, that means you will need to hire the planner. Though as I’ll explain later, that doesn’t mean you need to keep paying her year after year.
I have written about those instances where financial planners take advantage of their clients to sell them products that are much better for the planner than they are for their client. There are also instances where the consumer takes advantage of the planner. That’s when the consumer requests the free initial consultation most of us planners offer with no intent of actually moving forward. They’re just looking for some free advice.
Since your question was specific to advice on your portfolio, I’ll address this issue.
I also give a free initial consultation to a prospective client. However, I’m very picky with whom I take the time to meet with. I don’t in the least screen prospective clients by the size of their portfolio, but I do require them to invest an hour of their time by filling out a client profile and getting it to me in advance. I also have them spend some time on my Web site to make sure they know what I’m about…
My Advice: If you’re looking for free advice from a financial planner, let them know ahead of time. They may still be willing to meet with you. But if they are, be warned that you will probably be in for a sales pitch meant to play on, and prey on, your emotions. I think you’d be far better off educating yourself by reading Money Magazine and CNNMoney.com.
