Fee-Only Certified Financial Planners
I'm 49 years old and joining the ranks of the "grey divorces" after 26 years of marriage. My husband was a CPA and handled/ignored our finances. Fortunately, I started using YNAB about 4 years ago when he started accusing me of mismanaging the family account and so I'm pretty aware of what we have. My YNAB records were very helpful when we both had to provide records for the last year and I could show where every penny had gone and he had thousands that he had spent without records.
So now I'm going to get a large lump sum of money from the divorce settlement and I want to set myself up so that I can live comfortably until 100 years (great genetics!). I've increased my work hours and should be able to maintain that for at least 10 years. I want to connect with a Financial Planner and have read a little about Fee-Only planners. I'm wanting to have a long-term plan and relationship set in place that will look at insurance, estate planning, retirement, investing and tax planning. Has anyone used a Fee-Only service? They aren't very common in Canada. We had multiple accounts with Edward Jones, but my husband's brother was our planner and I'm not keen to keep that relationship going! Plus I was paying crazy management fees.
Any thoughts from the collective YNAB wisdom?
As you mentioned, you want to keep your management fees as low as possible. I don’t know what your options are in Canada so I’m not much help there. I myself learned how to manage my own investments which can be quite simple and is not as complex as the financial industry wants you to think. From what I have heard and read, you want to steer clear of Edward Jones. Best of luck in finding something that works for you. Take your time and really understand what you’re getting into before moving forward.Reply
Hi Frugalflamesfan ,
A google search brought this up:
But I agree that asking for personal recommendations from people you know would be a great way to find someone.Reply
Well, I recently received a somewhat anticipated inheritance and have been spending the summer doing similar planning. I'm using Schwab Private Client. Probably not the absolute lowest in fees, but it's not commission based or anything like that and is still considered a discount brokerage. I have a relationship with a portfolio manager, investment advisor, and had multiple VERY helpful sessions with a Certified Financial Planner. They also had me work with a bond specialist, an estate specialist, and I have a local office contact. They're all salaried and things like the financial planning is free with all the other services (normally over $2k a plan). I had experience with some of this team before the inheritance because I managed this trust for almost 10 years anyway and was very satisfied.
I imagine Schwab operates in Canada. Depending on your assets, take a look at their different services. They can refer you to people too. You are totally pursuing the right strategy in any case. When my mom died a few months ago I was in an absolute panic, not knowing how her financial plan would translate into one of my own, but all of the consultations and continued active follow-up have really put my mind at ease. And now I'm back to my diligent YNABbing as usual.
Good luck to you during this difficult transition. :)Reply
You can also do a search for Canadian Financial Planners on their national association website:
Once you enter your geographical location, it will bring up a list of names. You can click on each one to scan their profile which includes: certifications, years of experience, any complaints or censures, areas of focus, clientele demographics.Reply
My YNAB records were very helpful when we both had to provide records for the last year and I could show where every penny had gone and he had thousands that he had spent without records.
Can I just say: Bravo!
I set my mom up with YNAB4 about four years ago. My dad died last year, and she had no financial mysteries to solve or accounts to try to find. YNAB took care of the financial transition.
I applaud these examples of how YNAB removes some of the complications from the serious life events some face. Sad and stressful, yes, but less so because of YNAB.
((hug)) of support. Take your time and be ruthless when interviewing the candidates prior to selection.Reply
We used a fee-only financial planner late last year to early this year as I'd been sitting on an inheritance for over a year, paralyzed with indecision by how best to utilize the money - pay down the mortgage, increase college fund contributions, invest, retirement, what??? She was well worth the money and gave us a great picture of where we are right now in regards to our mortgage, insurance, our retirement funds, and college funds, and how likely we are given our current situation to achieve our goals. She told us what she suggested for various funds based on our risk comfort profiles for our retirement funds, told us to invest a certain amount in CDs for an emergency income replacement fund, open a Vanguard account to invest in a certain amount for future expenses,whatever they might be, put lump sums in our kids' college funds (and how much an increase in what we're adding now might look like in 6-15 years as the kids will be going through college). Just peace of mind. Also turned us on to YNAB, for that matter. We're doing great finance wise, even given the fact that I've been a SAHM since the kids were born, and have been making reasonable, balanced financial decisions overall since we joined finances some 19 years ago. She even made a suggestion to re-do our wills and trusts, etc, since we've added 2 kids, a house, and a fair amount of assets since 2008.
We don't make enough money to pay her month by month to manage our money but I've already put a YNAB category in to have her revisit our situation in another 4-5 years or so as we're staring down the barrel at college applications. It was a huge kick in the pants to take more control of our money and has given me great peace of mind knowing that as things are, we can afford to retire someday.
I'm in the US, so the sites I used to find mine after word of mouth didn't get me anything won't help you. For my neighbors to the north, I found this site and this other one which might give you some names (the latter site you can choose 100% fee compensation to avoid commision-based advisors). Can't swear to how useful they'll be but maybe they'll help. Or you could do a google search like I did to find the two sites above. Good luck.Reply