Javier,
I tried a planner for a couple of years in my twenties(now 75 YO) to test the waters. Fee plus commissioned product based. Two purchased limited partnerships from him was the best money I ever lost in that it taught me to never invest in things that I didn't understand fully. If a high commission is needed to sell the product, the product probably ain't such a good thing! So I became self taught reading, which was accelerated at age 50 when I retired. Now I manage my adult sons money and a few other relatives. I volunteer with AARP Taxaide which helps keep up my knowledge there. Tax planning IMHO is more complex and impactful than investing. Regarding your second question, for me the fees are too high for what I would like done. Estate plan is all set, insurance plan is all set and my belief that a small number of low cost total market index funds is superior than the overly complicated portfolios that I see people having with many planners. I have seen AUM planners recommend plans that keep more money under management than would be good practice, e.g. start SS early so funds aren't withdrawn from saving accounts in early years and reduce their AUM. Subtle confilict of interest motivation?
However I am aware of a potential cognitive decline and am starting to look for a flat fee planner to look over my shoulder and to help my sons manage their IRA inhertitance onboarding when I pass.
I was struck by your earning a CFP, being a similar age to myself. What is the cost for? Does one need to take the courses or can you test out for?
Bob
Comments
Javier, I tried a planner for a couple of years in my twenties(now 75 YO) to test the waters. Fee plus commissioned product based. Two purchased limited partnerships from him was the best money I ever lost in that it taught me to never invest in things that I didn't understand fully. If a high commission is needed to sell the product, the product probably ain't such a good thing! So I became self taught reading, which was accelerated at age 50 when I retired. Now I manage my adult sons money and a few other relatives. I volunteer with AARP Taxaide which helps keep up my knowledge there. Tax planning IMHO is more complex and impactful than investing. Regarding your second question, for me the fees are too high for what I would like done. Estate plan is all set, insurance plan is all set and my belief that a small number of low cost total market index funds is superior than the overly complicated portfolios that I see people having with many planners. I have seen AUM planners recommend plans that keep more money under management than would be good practice, e.g. start SS early so funds aren't withdrawn from saving accounts in early years and reduce their AUM. Subtle confilict of interest motivation? However I am aware of a potential cognitive decline and am starting to look for a flat fee planner to look over my shoulder and to help my sons manage their IRA inhertitance onboarding when I pass. I was struck by your earning a CFP, being a similar age to myself. What is the cost for? Does one need to take the courses or can you test out for? Bob
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Link to comment from June 6, 2026