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Financial Planners - Who Needs Them?

Time-Based

There are certain advantages to retaining a financial planner by the hour for the recommendations and advice they make. The most obvious advantage is that there are no conflicts between the companies who sell the products and the planners may be offering to you, since there is no connection between the Financial Planner and any mutual fund company. They are free to recommend the whole gamut of financial products including bonds, stocks, mutual funds even real estate and other types of investments. The amount of time a planner works on your situation will determine the amount you will spend, with some rates being as low as fifty dollars per hour and some as high as 500 dollars per hour. So, beware of the hourly-charging financial planner who may also earn a commission off a particular product. You can tell this by analyzing the rate of return in the recent history from the product they are pushing compared to other similar products in other mutual fund families to see how that rating stacks up to other funds. The hourly rate chargers will typically be under no pressure to sell a particular product to a client, and will have no loyalty to their products. The negative side is that the client pays the entire fee for the planner. There is no offset from other product commissions.

Financial Planners - Who Needs Them?
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