Long time lurker, first time poster. I’m active on the Bogleheads subreddit but I wanted to get a more measured and comprehensive response so I came right to the source.
Context:
I am a school teacher by trade (Mid 30s male), but I have always been interested in personal finance. When I got to my current school you can imagine how shocked I was to see how bad the 403b plans were. Equitable (formerly AXA) was charging me well over 2% annually in fees. On top of that, their 529 plans had a 5.75% front load charge and then an annual 1% fee. This took my interest in finance and made it into a passion. Using the 403bwise resources I have been fighting to get new 403b vendors in my school as well as showing my colleagues the 457 plan options. I took it a step further and also passed the Series 65 test this summer. That test allows me to register with or create my own Registered Investment Advisor (firm) to give financial advice for a fee.
However, I am having a lot of trouble finding an Investment Advisor that offers a fair price for a financial plan. So I looked into creating my own firm, but that would cost me about $10,000 to get started (software and ongoing compliance.) Money is not too big of an issue (teacher salaries in my HCOL area are great and I got started investing early), but I’d rather not take a loss to support people.
I think there is definitely a market for this type of work. Your average teacher wants someone they can trust (a peer), in a world of people trying to take advantage of them. So many of my peers have been caught up in common pitfalls (high fees, performance chasing, not investing at all, not understanding what they are invested in, and being too cautious in their 20s and 30s.)
Many of my colleagues have inquired about me doing a seminar or planning for them, but I’m not super interested in giving people advice informally because you can’t get the full picture in creating a financial plan. Also, I think it opens you up to getting sued.
Do you know any financial planning firms that offer financial planning for a reasonable rate? I have only come across one so far (Mark Zoril with Plan Vision–who I plan on reaching out to.) Do you know of any others? Or do you think this work would be feasible as a non-profit? I don’t know many of the rules there.
Thank you all in advance
TLDR: Are you aware of any Investment Advisor (firms) that offer financial planning for free as a non-profit? Or for a rate that fellow Bogleheads would agree is fair and adds value to someone uninterested in learning about finance ($300 flat fee or 25 basis points is what I was thinking.)
Context:
I am a school teacher by trade (Mid 30s male), but I have always been interested in personal finance. When I got to my current school you can imagine how shocked I was to see how bad the 403b plans were. Equitable (formerly AXA) was charging me well over 2% annually in fees. On top of that, their 529 plans had a 5.75% front load charge and then an annual 1% fee. This took my interest in finance and made it into a passion. Using the 403bwise resources I have been fighting to get new 403b vendors in my school as well as showing my colleagues the 457 plan options. I took it a step further and also passed the Series 65 test this summer. That test allows me to register with or create my own Registered Investment Advisor (firm) to give financial advice for a fee.
However, I am having a lot of trouble finding an Investment Advisor that offers a fair price for a financial plan. So I looked into creating my own firm, but that would cost me about $10,000 to get started (software and ongoing compliance.) Money is not too big of an issue (teacher salaries in my HCOL area are great and I got started investing early), but I’d rather not take a loss to support people.
I think there is definitely a market for this type of work. Your average teacher wants someone they can trust (a peer), in a world of people trying to take advantage of them. So many of my peers have been caught up in common pitfalls (high fees, performance chasing, not investing at all, not understanding what they are invested in, and being too cautious in their 20s and 30s.)
Many of my colleagues have inquired about me doing a seminar or planning for them, but I’m not super interested in giving people advice informally because you can’t get the full picture in creating a financial plan. Also, I think it opens you up to getting sued.
Do you know any financial planning firms that offer financial planning for a reasonable rate? I have only come across one so far (Mark Zoril with Plan Vision–who I plan on reaching out to.) Do you know of any others? Or do you think this work would be feasible as a non-profit? I don’t know many of the rules there.
Thank you all in advance
TLDR: Are you aware of any Investment Advisor (firms) that offer financial planning for free as a non-profit? Or for a rate that fellow Bogleheads would agree is fair and adds value to someone uninterested in learning about finance ($300 flat fee or 25 basis points is what I was thinking.)
Statistics: Posted by Boulder — Thu Aug 22, 2024 9:28 am — Replies 0 — Views 48