No. of Recommendations: 3
The Amex "Financial Plan" for $350 has nothing on it you wouldn't find using the Quicken Financial Planner for a lot less. Your "Financial Advisor" plugs numbers provided by you into a computer and voila!
AMEX Financial planners tend to sell AMEX mutual funds, which carry a load and are mediocre funds at best. Those funds aren't transferrable to discount brokerages, either. If you move out of state or your friend discovers he doesn't like the business, they will assign you to a different "financial advisor". You can only fire them by selling out of the funds.
You came to the Fool. We favor understanding your finances, where you are going, and making your own decisions.
I'd suggest the Quicken Financial Planner, a discount broker, and forget employing anybody as your financial planner, never mind risking your friendship if some advice turns out badly. To buy a fund on your friends advice and then discover next year that you could have done so much better putting your money with Vanguard or Janus won't lead to a happy continuing relationship.
Best wishes, Chris
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