I’ve heard of financial planners, but to me, they seem like a Big Deal — only reserved for the most affluent. But after some holiday money panic and a creeping sensation that this is the year I need to get my shit together, I caved and tried one myself.
Talking about money benefits all of us — and we need to do it more. Join the conversation with Worth More, our 2024 guide to better finances, from navigating savings, debt and relationships to negotiating pay raises and, above all, investing in yourself.is quite literally everywhere. Wherever I scroll, someone or something on the internet is telling me how to save, spend, and invest my money, and the overload of info out there is enough to make me never want to look at my banking app again.
Tu agrees: “When I really could have used a financial planner, or used a helping hand in my finances, is not now. It’s when I was in my early twenties and I just graduated from college and I was living in New York City for the first time and I didn’t know up from down, left from right, and I was making a ton of financial mistakes,” she says.
When it comes to payment, Dunlap says to ask a potential planner what their fee structure is and how they make money. Some planners charge fees for consultations; others make small commissions from your investments “Are you making money by recommending things to me? Are you taking a percentage of my portfolio?” Dunlap says. Overall, she recommends working with fee-based planners.
Carden says that sitting with someone and coming up with a plan ideally would be in the lower three figure range for hourly rates. “If people are getting more involved in the skunkworks of your accounts and stuff like that, the numbers tend to go up,” she says. “And then, of course, the wealthier you are and the more money that you’re moving around, that tends to add up into that four, or even five, figure range.
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