Liz Weston Urges 5- to 10-Year Standalone Plan Before Hiring Long-Term Advisor
Updated
Updated · OregonLive · Jun 7
Liz Weston Urges 5- to 10-Year Standalone Plan Before Hiring Long-Term Advisor
1 articles · Updated · OregonLive · Jun 7
Summary
A retired couple seeking a clearer 5- to 10-year roadmap was advised to pay for a standalone financial plan before committing to ongoing investment management.
Weston said many fiduciary fee-only advisors bundle planning with assets-under-management fees because AUM arrangements are more lucrative, but that model does not fit every client.
A flat-fee plan lets clients test an advisor’s approach, communication and attention to detail before handing over substantial investment assets, cash reserves and home equity.
For retirees, she said the plan should cover insurance, taxes, asset allocation and estate planning, with added focus on sustainable withdrawals, long-term care, fraud protection and cognitive decline.