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| Typical costs: | - Certified financial planners generally charge in one of three ways: a fixed or hourly fee for a specific service; no fee but they earn a commission on the products you buy; or a combination of a fee for the planning process and commissions on the products bought.
- Hourly rates run $80-$400 depending on the complexity of the plan and the geographic location.
- Flat fees for a retirement-only plan run $100-$650 with some services available online for free, while charges can be $250-$3,000 for a comprehensive plan covering all financial areas, according to ConsumerReports.org.
- Commissions range from 1 percent or less on money market accounts and treasury bills, up to 4.75 percent on mutual funds (which translates to $500-$2,375 on a $50,000 investment) or can be a percentage of the first year's premium for insurance products, according to the Illinois State Treasurer's Office.
- Most financial planners will provide a half-hour or hour-long initial interview for free.
What should be included: | - A financial planner helps you decide how to manage your money over the long term to reach your goals and dreams (such as retirement or sending your children to college) while giving you flexibility to deal with any financial emergencies. Services can range from a one-time-only analysis to ongoing oversight of your investments and other accounts. The US Securities and Exchange Commission provides a brief overview and MyMoney.gov outlines the basic building blocks of personal financial planning.
Shopping for a financial planner: | |
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Article updated November 2006 |
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