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Your Take: Do You Use a Financial Planner?
Posted By Jim On 01/21/2011 @ 9:07 am In Your Take | 27 Comments
Ask anyone in personal finance about financial planners and the first few words out of their mouth better be “go with fee only, watch out for those commissioned guys.” The only people who don’t say that are the commissioned planners!
That said, I’ve never actually met with a financial planner before. I don’t count the one time I met for lunch with a guy who wanted to sell me his company’s mutual funds (he was a commissioned planner) where we just talked generally about my plans, about retirement, and about insurance. He was a nice enough guy and lunch was pleasant (though I did pay for myself, so it wasn’t a date), but it wasn’t really a “meet” with a financial planner.
I also found it funny that the GAO issued a report  that said the status quo on regulations for financial advisers (financial adviser, broker, and wealth advisers) was adequate and that, basically, they’re not pros. The article is interesting in that it’s draws parallels between a financial planner and a mechanic. I think both are important, though I’ve gone to a mechanic far more than a planner.
I wanted to know if you used a financial planner and what you thought of your experience?
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 GAO issued a report: http://www.marketwatch.com/story/gao-report-finds-financial-planners-arent-pros-2011-01-18
Thank you for reading!