I Don't Know What A Financial Planner Does

Most people have a family physician. Many, especially business owners, also have an accountant and an attorney. Fewer, however, have financial planners. Some of the reasons they give include: I am not sure what a financial planner does, I don't know how to find a competent financial planner, I don't have enough money to need financial planning. Rick Kahler, CFP, resides in Rapid City, South Dakota and is a fee-only financial planner. He is the co-author of "The Financial Wisdom of Ebenezer Scrooge" and "Conscious Finance," both available on Amazon.com. You can learn more about Rick at wwww.kahlerfinancial.com.

Category:

News & Politics

Tags:

• financial
• planner
• cfp
• rick
• kahler
• rapid
• city
• black
• hills
• integrated
• investment
• advisor
• fiduciary

[rapidcity55]

I would suggest it's mostly a product salesperson who charge up front and 12b 1 commissions, not a financial planner. When dealing with these folks you are a prospect or a customer, not a client. Moving up a step, many investment advisors charge AUM fees on your entire portfolio. Most of them are RIA's and are obligated to have a client relationship with you. Finally, there are financial planners (which includes advice on anything financial) who typically charge fees or a % of net worth.

[marthanyc]

you're cute. Now, get rid of the glassess

[rcdrury1]

@managerofwealth It doesn't matter if you do it yourself; the marketing costs of a fund that are paid to an advisor in the form of commissions and 12b1 fees are simply increased fund expenses in no-load funds. Advertising and phone reps aren't free. Generally speaking, you can't do it better or less expensively than a professional who does it for a living.

[managerofwealth]

Financial planners charge "commission" that gets (on average) $575.00 for every $10,000 you invest (5.75%). (or worse, there won't be an upfront fee, the fee will be buried as an "extra" in the funds (12b1 charges). Others will charge you a percentage of your portfolio (every year... or as a one time fee). So I'd rather know the basics or the purpose of financial planning and do it myself..

[markfuller042]

Very informational... We don't actually have to pay for a financial planner, if we could learn the basics with financial planning.. It's challenging but enjoyable..

[TheGleno]

screwed up: Finance

[dickbowlmidz]

thank you for the info.

[whooaah]

so really, what do YOU do?