Choosing a financial planner can be difficult. Not because there are so few choices, but because there are so many.

When it comes to choosing a financial planner, many people find themselves in a quandary. On one hand, they may not completely trust commissioned sales people to put their best interests first. On the other, they don’t have the $500,000 to $1,000,000 in “investable assets” required by most “fee-only” financial planners. Is there an alternative? Definitely. Bob Goldman Financial Planning offers hourly planning, with no commissions and no fees — not even referral fees. The hourly costs are usually much lower than typical commissions and management fee. And you know that you are getting 100% objective advice.

What are your alternatives? Let’s take a closer look:

Commission sales advisors:  Stock brokers, mutual-fund advisors, bank employees, insurance, and annuity sales people are all, in one way or another, paid on commission. The more they sell, the more they make. While there may be excellent financial planners among this large group, be certain that any advice you are given is designed for your needs and not their commissions.  

Bob Goldman Financial Planning does not charge commissions. If you need insurance, investments, or an annuity, we will make what we believe are appropriate recommendations in terms of both the financial products and the professionals who sell them. We do recommend investments, including specific mutual funds, equities and bonds, but we do not participate in these purchases or receive any commission from them. Instead, you do the implementation through a low-cost broker. If you don’t already have one, Bob can recommend reputable, low-cost brokers.

To learn more about our investment philosophy, see question #8 in the FAQ.

Money managers: Money managers can offer a high level of financial planning, but their fees can also be high – from 1% to 3% of your assets on an ongoing basis when you include mutual fund management fees and trading costs. If your situation requires active, full-time management, Bob Goldman Financial Planning will happily make a recommendation. But this kind of active management often requires investable asset minimums that can range from one to ten to twenty million dollars, and represent a degree of management that few people require.

Bob Goldman Financial Planning has no minimum asset requirements. Therefore, we can help clients who traditionally have not had access to top-flight financial advice, but who need it more than ever in these difficult times. It is Bob’s belief that active management of investments is not necessary for most people, or even advisable. If you do not feel capable or do not have time to manage your own investments, there are lower-cost options that we can recommend.