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We have taught our boys to shop around for the best Financial Planner that they like. We have told them to do research on different Financial Planners from what they charge and more. We want them to feel good about who they work with and are able to talk with them comfortably. If they do choose one to work with, we prefer Free of course or if they do pay, then to pay a fixed cost.

I have talked to people that pay a percentage of their holding to a Financial Planner. Some paid from around $5,000 to $20,000 a year. Ouch. Six years ago, when we had someone want to be our Financial Planner it would have cost us over $6,000 a year. Think if we paid that each year for twenty years for a total of $120,000. Would we have maid more than if we did it ourselves or not.

As always, I am not giving you any Financial Advice and you should seek advice from your Professional Advisors to see what is best for your situation. See my Disclaimer at MillsWay.com. This is for entertainment only.

Basically, there are four fees the boys could pay for a financial planner or advisor;

- Free \u2013 I like this option the best.

- Flat Fee \u2013 Could range from $500 to $3,500.

- Percentage of your Portfolio \u2013 For them to manage your investments monthly. Charges could range from .80% to 2% of your money they are managing for you.

- Hourly Fee \u2013 This isn\u2019t a bad option if you just want to see them once or twice to help you with advice. They could also help you create a financial plan. Cost could run $75 to $400 an hour.

Of the four above options I still like the Free option with our current situation. Maybe for the boys one of the other options will work better for them. I know they could benefit from working with a Certified Financial Planner and if it is in their budget it could be a good investment.

Finding a Certified Financial Planner that you may like to work with can be more of a challenge. At least if they are Certified Financial Planner then you know they took the classes and received the training to provide good advice. For more details listen to the whole Podcast

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