Getting ready for the wife to retire and we need assistance with financial matters. I thought those in that business charged for their services. A friend just retired and said their FP did not charge a fee. He told them he obtained his monies from other means. Does anyone know how a FP works? How does one know if he is really qualified to plan for your future regarding saving money, etc.?

I've been with Wachovia (now Wells Fargo) for years. You should be able to meet with a broker and have him/her review your portfolio for no charge. Don't expect them to give investment advice like which stocks to pick, which funds are the best, etc. They will give you general advice. The details will come if you decide to hire them.

I worked for Edward Jones for a few years. They seem to be a very trustworthy company. Of course, you should only use someone that you feel comfortable with.

I've always felt comfortable with a company standing behind my broker. An independent may have some conflicts that you should be aware of......What commission do they make for certain funds? What's in it for them to push annuities/reverse mortgages, etc. You may not have legal recourse if they churn your account.

I've always relied on the old addage: Buy quality and buy for the long term. If you track it every day, You'll go nuts and require lots of Tums.

Always ask yourself........Will company X sell more this year than last year? Works for me.

If it were me, I'd pay for the advice up front. Those who depend on commissions to make their money may steer you toward investments that are better for them, but not so good for you. Just an opinion, based on some personal experience.

Dave Ramsey has a group of "Endorsed Local Providers" that he recommends. They will take the time to help you understand what you are investing in and how it works. They will also suggest a more conservative portfolio. daveramsey.com is his website. The ELP links are on the right side near the top.

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Insert short witty words here

One word, Fidelity. They do it all.
I no longer care about the day to day fluctuations in the markets. They manage our accounts quite well, and the fees paid are more than made up for by tax efficiences ie: less taxes paid. You won't "hit any home runs", but won't get beat by "a homerun in the bottom of the ninth" either.
YMMV

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Sure you did

I've listened to his radio show. I got a local ELP from his website. Thanks for the idea.

This occurs all too often.

Brian~

Be careful of brokers. They steer you toward stocks, which is only a part of a financial plan. Not really even necessary, and sometimes filled with risk.

From the tone of the OP, they want and need a comprehensive plan for their finances, not just investments. There is a difference.

I would suggest as a first step to educate yourself. Check out the adult education classes in your area. Some offer retirement courses. Cost is low but you get some valuable information to base future decisions.

There is no really good, cheap plan that returns low risk and high yields. If there was, everyone would be rich! There are scam artists out and about, probably more during hard times. Allowing someone else to take control of your money is a formula for disaster. Don't put all your eggs in one basket. Know where your money is invested, and keep up with current events and news to be aware of upcoming problems.

If you don't want to do the hard work, and you want to pay someone else to perform those tasks, he'll also want a sizable chunk of your income to do it. There are safe investments, but they return almost nothing (think CDs).

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Dick Burg

One of my favorite cartoons was that of a couple sitting in a financial planner's office on April 14. The planner is saying, "I wish you had come to me earlier so I could have gotten some of what you are paying to the government."