the Price of Retirement Planning Services

My wife and I set up a financial planning conference with a financial planner to review our portfolio. We weanted the planner to tell us exactly what steps we should take with our investments. It was a one hour conference in the planners office.

We had a pre=meeting with the planner and he described the services he could perform---set up a bropkerage account and move the various accounts into one account for us. As I am getting older I realized my wife would not know where all of the investments are that I have made over the years. So, I am satisified that everything will be pulled together.

There are two options: First, to move all the stocks and bonds, etc. into one account; or, second, to sell the existing stocks for the gains or loss and purchase an account handled by professionals.

We decided to place our IRAs into a managed account and also to open up a stock account for the several sticks that have had cpaital gains.

All in all, the Financial Planner offered great advice and a wider variety of options than I would have should I try to take care of it myself. And, now my wife has another person like ourinsurance agent, our lawyer and our CPA to go to for advice.

My basic review is the price of the service is well worth it. Less than a traditional stock brokerage but more than if I did it persoanlly. And, now I have peace of miind. For the record, it was a $50 per ticket charge for an indiviudual stock purchase but a higher sales charge, 2.49%, on the managed account. If the planner does it himself, it is a 1% of total managed assets under his business.

Make sure you get all the investment and retirement accounts monthly or quarterly statements together and send them to the planner before the first meeting. It will save the planner time and he/she will be able to see your investment risk profile before the appointment.

Remember, "He who fails to plan, plans to fail!"