Any ideas for finding a fee-for-service financial/tax advisor?

[JudyM]

Last edited Mon Dec 26, 2022, 05:24 PM - Edit history (1)

Looking to pay hourly or by the project.

I’ve been looking online, countless phone calls… everyone wants an ongoing percentage to manage investments though I don’t need them managed…I only need a one-time review (it’s for my mother’s account, I’m her POA) with occasional questions going forward.

[SheltieLover]

1. Make sure whomever you hire is a fiduciary, not some salesperson.

[JudyM]

5. IKR!

[SheltieLover]

6. Glad you know.

There is an association they belong to. Search it up & look by state.

[JudyM]

9. Yes, I've done that

Have called pretty much all of them that are local, will be plodding through out-of-state folks if I don’t get any other ideas.

[SheltieLover]

11. I thibk they are licensed by state.

Good luck!

[JudyM]

12. That's right, but some have licenses in multiple states.

Where the states are close together, especially.

[1WorldHope]

2. We use our bank. I'm sure they get a percentage but it's a local

bank and I trust them.

[JudyM]

10. Interesting, I'll check that out.

[A HERETIC I AM]

3. The only thing those types of people have to sell is expertise and information

And since you typed what is basically a contradictory statement;

"I only need one-time advice with ongoing occasional check-ins."

You're asking to have your cake and eat it too!

It's unreasonable to assume a Financial Advisor will charge you one single up-front advisory fee and then be available for "ongoing occasional check-ins" with no further consideration. Even an attorney on retainer is going to charge you additional fees going forward. The reason you are hearing that Advisors want a fee based on a percentage of the assets under management is because that's the standard way of billing investment guidance on that type of account.

The only solution I could offer is this;
When I was a broker and I had a client who purchased a portfolio of Mutual Funds that had an upfront sales fee, then yes, I was always available to answer any questions going forward. There would never be another cent charged to the client in that case (outside of ongoing management fees which are disclosed at the outset), unless they made trades. I got "Trails" or a small annual stipend from the Mutual Fund Company, but on a 6 figure portfolio it was minimal with the funds I typically promoted. I generally stuck with funds that had low management fees.

If any subsequent trades were within the Fund Family, there were typically no costs to the client.

I should add the following;

The best way to find an advisor you can trust is to ask the richest, most well off people you know what firm they use and then interview those people.

[JudyM]

4. Your last bit of advice is a good idea!

Will think about that, thanks.

The other comments you made might reflect a lack of precision in laying out my question … I am interested in paying on an hourly or project basis, rather than paying a percentage of the portfolio that they would not be managing, anyway. In no way did I mean to imply there would be no further consideration.

[A HERETIC I AM]

7. Fair enough.

My apologies for misunderstanding.

Just remember to read any document you are asked to sign thoroughly and most important of all, DO NOT BE AFRAID TO ASK QUESTIONS.

Best of luck!

[JudyM]

8. I edited the question, thanks for your helpful input on that!