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Hourly only CFP for advice/plan review

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  • Hourly only CFP for advice/plan review

    Hello,

    Would someone have a recommendation for an hourly only CFP that would be willing to look over my current financial plan and give advice/suggestions?  I am not looking for a long term relationship, just simply a 1-2 hour consultation on an hourly basis.  I live in the Milwaukee area, but would be fine doing this with a virtual/remote meeting?

    thanks

    J

  • #2
    I would review the list of recommended financial advisors here on the WCI site.  I charge a flat-fee, but don't do hourly work. I know there are firms on there, such as Switchpoint that do hourly.

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    • #3
      i think it's unlikely that you're going to find quality advice if you only want 2 hours.

      if you want a quick run down of your finances and plan, just post them here, there are dozens of qualified and experienced people who will weigh in.

      i know some of the people who advertise here do good work and will do a "check up" but i think that's going to run you more than a few hundred books.

      not sure about the space between these 2 things but in my brief searches for myself it doesn't look as promising as either end.

       

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      • #4
        Used a similar approach a couple years ago, but the timeframe you list/desire is way too short.  There are folks who will charge by the hour, but a 'review' (at least in my case took 12 hours, includes three separate hour long phone/video calls).  Financial planning requires (IMO) understanding context in addition to paperwork, and that understanding comes from talking about goals, risk tolerance, etc, my point being is that potentially the 'service' you are seeking is not easy to deliver in the timeframe you desire.

        Once you have done a 'review' with a CFP and have an established baseline relationship, then it is easier to ask specific question(s) with and expectation of a lower number of hours charged.  The hourly CFP I worked with, based on a twenty minute phone discussion, provided a number of hours estimate (12 to 15), and was at the low end of the estimate for our 'review'

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        • #5
          Check out Garrett Planning Network for fee-only advisors who do hourly work. As others have commented, you’re not going to get much value in 1 - 2 hours, even if you find somebody willing to invest such a short amount of time.
          Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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          • #6
            I used Mark Zoril last year for the “$96 Financial Plan”.

            https://www.doughroller.net/financial-planning/the-96-dollar-financial-plan-from-mark-zoril/

            I think you get what you pay for, but the price was compelling. We had a virtual 30-40 min meeting after I uploaded my information to his platform. I think I paid for a subscription ($96/year), and if so, I will be doing it again this year.

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            • #7




               I charge a flat-fee, but don’t do hourly work.
              Click to expand...


              Could you explain why?

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              • #8







                 I charge a flat-fee, but don’t do hourly work.
                Click to expand…


                Could you explain why?
                Click to expand...


                Sure.  Short reason I charge a flat-fee is I charge based on my experience and knowledge as a CFP.  I think there are too many conflicts of interest when people charge based on AUM (assets under management) or selling products with commissions, but again, that may just be me.  I also know how much time I spend annually on my ideal client.  You can click here for a more in-depth explanation of why I operate the way I do.

                 

                As to not doing hourly, I found over the years I prefer more in-depth relationships with clients.  Just handling investments or doing a one-time financial plan feels more transactional to me.  I know plenty of good advisors who prefer that type of relationship, but it is not my comfort zone.  I also have a different opinion on what constitutes a good financial plan than most advisors. You can also read my thoughts on that here.

                 

                Hopefully this helps.  I know my flat-fee model is unique and not everyone agrees with it, but it works for me and my clients.  Considering I have a waiting list of people who want to come on board I think there is a demand for it.

                 

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