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Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76421  
Subject: Re: Your experience: professional financial plan Date: 1/5/2002 1:39 AM
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I did that, and afterwards found that by reading a few great books and reading numerous posts and articles here at the Fool (especially the Retire Early Home Page board and the Retirement area), I could make just as good a plan on my own.

IOW, I wasted my $1.5K!! I no longer use a financial planner!!


From a different point of view, I wouldn't say that you wasted the money. Instead, you wasted your time by learning about something that you had already paid for.

Almost anyone can learn enough to do their own financial planning. And I think that everyone should have a basic understanding of the nuts and bolts behind their finances. But choosing to use a professional is a trade-off of time for money.

Do you want to know if you should convert your traditional IRA to a Roth? You can learn about the necessary issues (including learning what the necessary issues ARE) then put together your data and do the proper calculations. Finally you can interpret the results.
OR
You can go to a professional, learn the background issues from her, then gather the necessary data and provide it to her. The professional can do the number crunching and assist with interpreting the results.

The first way will take a considerable amount of your time, but will be very inexpensive - maybe the cost of some books or software. The second will take less of your time, but will have a significant cost.

--Peter <== who, in the interest of full disclosure, is a financial professional
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