If you narrow it down to what you call “TURE financial planners”, this would be the only group I would even consider using. (I’m not into the salesman type.) However, they would still need to meet my criteria, namely they need to be better off than I am (from a net worth standpoint).

Does this sound fair to you?

To answer question #4, I do not currently use a financial planner. The main reason for this is that my current assets are in a very limited 401k in which I’ve chosen the investments. However, I have done a lot of of research on FP and just finished the education requirements of the CFP board and will be sitting for the exam in about 5 months.

I am very fortunate in that I work for an investment firm and have become very familiar and studied up on everything regarding the industry. Yet, I do not work as a financial planner yet (currently on the creative side of the business…think ads, brochures, newsletters, etc.). Having gone through the education requirement, I am gaining quite a full understanding of what it means to be a true financial planner.

Notice I keep to referring to a “TRUE financial planner”. I feel that the word “financial planner” (along with Wealth Management), are overused terms and have really become a marketing position for investment firms. My feelings this way stem from the abuse of the term financial planner, by brokers and the like, who have no idea what comprehensive financial planning is…they are just out to make a commission on a product.

On another note, my parents have recently had financial trouble/decisions (Dad lost job a couple of years ago and is forced to work at an hourly retail job because of his age, YES..there is age bias when hiring!) and because I work for a firm that have unbiased, salaried financial planners, I am able to get them into discuss and formulate a complete financial plan at no cost to them. We will see what happens as over the next month they will be reviewing and implementing the recommended plan. I’ll let you know about my parents experience in this regard. The first 2 meetings have been informative.

1. I know Jonathan Clements. Great guy. I trust him and his advice.

2. I use financial professionals when they meet my criteria (stated in a recent post — you commented on it, so I know you’ve read it). If they don’t, I don’t use them.

3. As you hint, many financial planners are salespeople first. Stay away from these.

4. Question: Do you personally use a financial planner? I’d be interested in hearing your actual experiences in what they do well and what they don’t.

FMF