How to Get a Portfolio Once–Over
By Kate Ashford, Money
The way your investments are going (uh, down), you might be thinking you’d like an adviser to evaluate your strategy. A one–time checkup will run you $180 to $240 an hour — expect two hours minimum. Here’s how to find the best person for the job.
Step 1: Start at the right sources. Search for fee–only planners at garrettplanningnetwork.com or napfa.org. Select five in your area to contact.
Step 2: Get the facts. E–mail them. Start by asking if they’ll provide this one–time service for an hourly rate or a flat fee (some won’t) and what the cost would be. Copy and paste the diagnostic questionnaire in the consumer section of napfa.org. Click on CONSUMER INFORMATION, then “Tips & Tools.”
Step 3: Do an interview. Evaluate the responses and choose a planner, then ask if he or she offers a no–obligation (no–cost) initial interview. Use this to make sure you have rapport. Ask open–ended questions like, What’s the biggest mistake you’ve made? “If someone says, ’I haven’t made any,’ he doesn’t know himself that well,” says Brent Kessel, founder of Abacus Wealth Partners. “And the most important thing in selecting a planner is that you’re willing to take the person’s advice.”
Adapted from the February 2009 issue of Money. © 2009 Time Inc. All rights reserved.
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