Financial Planner: Do I need one ?
The best time for young people to consider hiring a financial professional “is when you land your first real job,” says Barbara Roper, director of investor protection for the Consumer Federation of America. “At that point, you have a variety of financial issues to consider, such as your 401(k) plan and your benefits,” and a financial plan will set you on an appropriate course, she says.
For savers with modest assets, Ms. Roper says, a fee-only planner is generally the best match. These planners only sell their time, at a cost of between $100 and roughly $250 an hour, depending on where they’re based geographically. Because they don’t pitch products tied to a particular company, “it minimizes the potential conflicts,” she says.
To find local planners, consumers should ask friends, family and colleagues if they can recommend someone they trust. Several Web sites, including the National Association of Personal Financial Advisors (napfa.org), […]
Original post by Everything Finance