Financial planning can also be done on an hourly or flat-fee basis. Most planners tell me it takes six to eight hours to do the process right, and hourly planners typically charge $100–$400 per hour. There is simply no reason to pay tens of thousands of dollars in ongoing fees for a task that can be done well for $1,000–$2,000, with lesser amounts in future years for minor tweaks to the plan.
Explore This IssueACEP Now: Vol 33 – No 03 – March 2014
When it comes to financial advisory fees, “the rent is too damn high.” Pay close attention to the fees you are paying for financial planning and asset management because every dollar you pay in fees comes directly out of your investment return.
James M. Dahle, MD, FACEP, blogs as The White Coat Investor at http://whitecoatinvestor.com. He is not a licensed financial adviser, accountant, or attorney and recommends you consult with your own advisers prior to acting on any information you read here.