Without knowing what income and net worth strata you're in (and I'm not suggesting you say ANYTHING here about that, not at all), it would be hard to give you a suggestion. What's right for a high income/net worth individual wouldn't be right for someone with different circumstances and vice versa.

The Garrett network appears to be a franchise or "network" of loose affiliation of some kind. I'd attach no added value or significance to it or to an adviser who is in it. A recommendation from a friend who you think has similar circumstances to yours might be useful, I think you're saying that was your starting point. Or, do you work with a CPA? That might be a worthwhile starting point too.

As far as benchmarking your investment performance, be cautious about patting yourself on the back. The market has been up in recent years and most funds are up over that period. If your funds have 5-Star Morningstar ratings, then you've chosen the right funds in their sectors. But have you chosen the right sectors? Have you diversified your portfolio between sectors in the right percentages relative to your targeted retirement dates and personal risk appetite?

The things I think most people should look for help with are fInancial projections for retirement, portfolio allocations and fund/investment choices. Using a fee based adviser (whether project or hourly) is a good idea.

Oh, and run from anyone who tries to tout or suggest what rate of return you should expect from using them. Or that their customers do better than others. Financial advisers aren't geniuses, they simply provide for your benefit the knowledge of their area they you don't have. Just like a plumbing contractor would provide to you if you wanted to relocate a toilet. No rocket science is involved in either case, but know-how is know-how. Good luck.

Although I don't have specific experience with Garrett, unlike snidely I DO have experience with independent, ethical, competent CFPs. Sheryl Garrett is not a franchise, and is highly regarded by her peers. Unlike many in the business, she has made it her priority to bring financial planning to middle-income people rather than focusing on the more profitable $5+ million market segment.

Using an independent advisor to run Monte Carlo scenarios prior to retirement is something I'd highly recommend doing. I have said this before and will say it again:

Financial Planning is a legal term. You don't use a CFP just to manage your portfolio. Utilize a CFP to assess what your long-term risks are so that you don't run out of money. The Monte Carlo simulations will require input from you to be valid (Garbage In, Garbage Out) so expect a CFP to ask you a lot of questions that you will need to think about, research, discuss privately, and provide answers to.

Use the free first visit to get a feel for whether you can work with this advisor. A financial plan is a roadmap; you are at Point B and you need to know what are your risks that could prevent you from getting to your Goals C, D, and E. This may take several meetings, and requires effort and time from both you and the advisor.

Had I not gotten a personal intro to our current advisor from my ex-boss (who trained him twenty years ago), I would have no hesitation in using Garrett to find an independent CFP -- and in fact, they were next on my list of firms to call.

Thanks to both of you. I respect your opinions very much. Our CPA is a tax and estate lawyer and she will not 'recommend' anyone, but says that she has several clients who deal with this person and are very happy. I am happy with the concept of no management and no sales (heavy push for annuities.) Just work with me, please, don't sell me!

Our accounts are relatively cash-heavy (will ask about adjusting that), plus broad-spectrum stock index funds, none of which are sector funds. Plus some bond funds (again, balance issues).. And our funds are not all in retirement accounts. Altho DH plans to keep working until they kick him out, we are anticipating (3 years) the time when we would need to take his SS plus make minimum retirement fund withdrawals.

I just need to make the first call and get the ball rolling.

Again, I appreciate hearing from both of you most of all.

Thanks.

sushipup, the fact that your adviser won't recommend anyone and will only repeat what her clients have told her speaks to her integrity. It also speaks to her understanding of what goes on in an essentially unregulated field. The Securities Acts from the 1930s do have many restrictions that affect exchanges, brokerage firms and security salespersons, those handling money. etc. However, the titles Financial Planner, Financial Adviser, etc, can be used by anyone and are not restricted at all. As I mentioned in a different thread, the industry created title CFP isn't deserving of any respect or deference, it's not hard to get and doesn't involve any governmental oversight.

jkom, let me just say that I find little in your post that I agree with. I think you're misinformed. That's fine, different views flavor a discussion. Just as an example, I think a Monte Carlo simulation is a worthless exercise for retirement planning.

I think you said you had worked in an administrative capacity for a financial planner. If so, that puts you in the same shoes as a nurse (or less qualified health care worker) who thinks they know as much as the doctor because they have observed what the doctor does. It ain't the case.

Hello Snidely,

Please show us where and when jkom said she knows as much as a financial planner.

jkom is a successful investor managing her own portfolio. Over the years, she has generously shared her experience of working with CFPs. Her postings are always informative and helpful. I respect and value her opinions.

Your comment equates her as 'a less qualified health care worker who thinks she knows as much as a doctor' is insulting, ridiculous and baseless to say the least.

It is interesting that you have such a low opinion of Monte Carlo simulation. I know for a fact that it is one of the tools Fidelity Investment uses for retirement planning. Not to mention billion dollars budget high complexity engineering programs also use the tool to manage risks.

Hello azmom,

I had a "discussion" with jkom and commented in a different thread (not too long ago) about my experiences in dealing with financial planners for mutual clients (I'm a CPA). Some have had the industry created CFP moniker and some not. Overall, I find them to be not an impressive group.

The most impressive money managers I was exposed to had degrees and usually MBAs from the very best schools. The good ones were not flashy, most offered competent professional and personalized services (it's not brain surgery) for customers who were too busy or uninterested in managing their own investments.

To me, for a simple case of retirement planning, running probability and expected value scenarios is unnecessary. A few alternatives based on a range of rates of return, sure. It's not like the universe of possibilities is vast or even wildly unknown. If you like to determine planning outcomes by throwing darts while blindfolded, go ahead.

I have my views, everyone else is equally entitled to theirs. Please feel free to disagree with me as and when you wish.

for a simple case of retirement planning, running probability and expected value scenarios is unnecessary. A few alternatives based on a range of rates of return, sure. It's not like the universe of possibilities is vast or even wildly unknown.

I don't see retirement planning that simple. I see too many people not knowing how to invest to achieve the best possible retirement income.
I strongly encourage advanced education but find many successful people without advanced education and too many relying on their advanced degree from a top notch school without doing the hard work to be the best in their field .

Hi again sushipup,

Unless you have zero interest in dealing with investment issues, I have told a number of folks over the years that learning about how money works is an interesting hobby ... and it pays well.

When well over 75% of the funds managed by mutual fund managers don't outperform the sector(s) of the markets in which they operate, it seems to me that those who sell them should have something of an uphill climb to justify people putting a substantial portion of their assets into them.

Part of the reason relates to their fees - in the U.S., usually 1.5% or higher annually, and here in Canada 2.5% or higher, annually.

When the markets have average growth of around 8%, your costs are above 16% of your gain ... and ours (better?) higher than 25% ... and if there are several rather flat years ... the mutual fund managers still get their pre-determined rates.

How about learning about how the markets work and, possibly over a period, investing in some individual, quality stocks?

If one doesn't need them to provide income, some people choose to have dividends reinvested, which takes place without brokerage commissions and often no fee, and some companies offer a small discount on the price when dividends are reinvested.

I bought shares in a Canadian bank 47 years ago, with share price having grown, shrunk (once to under 40% of what they'd been less than a year earlier), and moved sideways over the years, and now could be sold for between 20 and 25 times what I paid. The dividend was about 10 - 12 cents per share when purchased, has grown over the years, but stayed static at $3.48 for four years after they were involved in the U.S. financial fiasco about 6 years ago, but recently were raised to $4.00.

Some years ago I began telling folks, "No one cares as much about your money as you," and later, after some reflection, added, " ... with the possible exception of some folks who'd like to transfer some of your money from your pocket into theirs".

If you don't boss your money - quite likely it'll boss you.

And your bossing is mainly now ... but if you don't do it well, its bossing of you takes place ... later.

Good wishes for making good choices regarding the wise use of your income and assets.

ole joyful

>>Some have had the industry created CFP moniker and some not. Overall, I find them to be not an impressive group.>>

Yes, and there are many advisors who say the same thing about CPAs. LOL!

Professional criticisms aside, there is a difference between a CPA and a CPA with a PFS. The latter is quite capable of doing the same financial plnng analyses, but they can be harder to find.

Frankly, anyone who pays more than 1.5% of portfolio assets is nuts. Fees are coming down (reluctantly but inevitably) and you can certainly get advice from a CFP paying them by the hour.

There's a lot of lousy doctors and mechanics too. That doesn't mean we should paint all of them with a tarred brush.

Ole Joyful, I love your posts, but the fact is, I actually do know some people who are intellectually knowledgeable about investing but they are the worst darn investors on the planet. They sell low and panic at the wrong times. A good CFP is not there to make you tons of money on the hottest investments; s/he is there to help you make a financial plan and KEEP YOU ON TRACK through good and bad times.

It is a fact that most people do worse on their investments than either passively managed or actively managed funds. This tells you that emotion rules and no matter how reasoned your posts are, let the panicked headlines start and people start clucking like Chicken Little.

I have posts saved from this very forum when the height - or rather the depth - of the Great Recession shocked the market, as it dropped every day. I look them over and laugh, but it's sad because I know people that were really hurt by making such poor financial decisions in an atmosphere of excessive despair.

We have a financial planner for the last 8 years that I found through the Garrett network. He was also highly regarded on several other sources. He is fee-only (as all of Garrett is), highly efficient with his time, and really responsive. He's really good at answering questions and doesn't charge for that, only charges when it is a big enough issue that he has to do more work and meet with us. I have recommended him to all my friends.

scrappy25, good for you for finding someone to help you. The hardest thing sometimes is for us to stop procrastinating and get things done, LOL.

And I've been meaning to visit our estate attny and get our RLT updated for the past year.....but I'm nagging myself to get it done soon!