A financial planner guides you in meeting your current financial needs and long-term goals. That typically means assessing your financial situation, understanding what you want your money to do for you (both now and in the future) and helping create a plan to get you there. Financial planners can help you reduce spending, pay off debt, and save and invest for the future.
A fee-only CFP typically charges by the hour (usually $200 to $400) or by the task (a flat $1,000 to $3,000 fee, for example). Some might charge based on the size of the investment portfolio they are managing for you; this is called an assets-under-management fee and is typically 1% of your portfolio balance per year. The initial consultation to discuss your needs and their services is usually free.
Retirement. Hyers says that retirement is a good time to pull back on life insurance. "There may be little need for a large universal or whole life plan," he says. "Some of our clients are out of the debt phase at this point and have no dependents and possess significant assets. These folks might roll their cash value into a paid-up policy in order to eliminate future premiums, which can free up income."
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The planner might have a specialty in investments, taxes, retirement, and/or estate planning. Further, the financial planner may hold various licenses or designations, such as Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), Chartered Financial Consultant (ChFC), or Certified Investment Management Analyst (CIMA), among others. To obtain each of these licensures, the financial planner must complete a different set of education, examination, and work history requirements.
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