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question: I am 76 years old and a US citizen living overseas. I receive $11,000 in Social Security and her $450,000 in liquid assets. I think I have about 15 years left to live. If a financial advisor does her one-time consultation, how much does it cost and what issues do I need to consider?
answer: Experts say hiring a financial advisor probably doesn’t hurt, because they can help your money last longer and help you live your life the way you want. And certainly, there are many things to consider that a professional may be able to help you think through. (Are you also looking for a new financial girlfriend planner? This free tool helps match you with an advisor who meets your needs. ) Here are the costs and issues to consider for a one-time consultation:
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What issues should I discuss with my financial advisor?
John Bovard, a certified financial planner at Incline Wealth, says he has a client who is currently working overseas and is also a U.S. citizen with a very similar arrangement. Bobard says issues to consider when planning include taxes, opening an account overseas, maintaining an account in the U.S., applying for a mortgage overseas, estate planning, and creating rules for beneficiaries. He said it would be included.
Additionally, “you need to anticipate and determine your level of financial preparedness for the future and whether your investment portfolio is suitable for this purpose.”Additionally, while living in another country, you should consider optimizing your taxes. and estate planning issues,” says Alonso Rodriguez Segarra, certified financial planner at Advice Financial.
Regardless of the fee structure, the most important thing is to find a qualified financial advisor who can meet the unique needs of expatriates living abroad, says Jim Kinney, a certified financial planner with Financial Pathways. states. “It’s important to find someone who has experience in this area and is willing to do a one-time consultancy,” Kinney says. (Are you also looking for a new financial planner? This free tool helps match you with an advisor who meets your needs. )
He also says you need to be able to properly calculate your living expenses. “Also include future considerations, such as medical needs and long-term care options available in your country of residence, and how to pay for them if needed,” says Kinney.
Ryan Heiss, a certified financial planner with Flynn Zito Capital Management, says the biggest question he gets from retired clients is “How long will my money last?” Once we have all the data, we can create a custom financial plan that helps provide clarity and some suggestions on how you might improve your business performance,” says Heiss.
How much does a consultation with a financial advisor cost?
There is a lot of variation here, and it depends on the complexity of the situation, the experience of the advisor, etc. This comprehensive MarketWatch Picks guide explains the costs of different planners and planning situations, including one-time planning assignments.
“We charged a one-time fee of $1,500 and an ongoing annual fee of $5,000,” Bovard said. And Anthony J. Ogorek, a certified financial planner with Ogorek Wealth Management, recently told MarketWatch Picks that if you decide to pay a flat fee for a financial plan, you can expect to pay anywhere from $2,500 to $10,000. There is a possibility that we will spend within this range.” However, these are general guidelines and may vary depending on the situation. Depends on location, experience, and scope of work requested. He says a typical hourly wage will range from $200 to $500 depending on experience.
Given your situation, you may be best served by a CFP who offers hourly services. “Costs range from $200 to $600 on average.” [per hour] It depends on the planner you choose,” Segarra says. “Make sure to choose someone who has experience working with clients in the country you currently reside in or in the United States,” he says Segarra.
The cost of working with a professional will depend on how thorough your financial plan is. We begin by calling or meeting with you to learn more about your specific situation, explain the process, and answer any questions you may have. This is a no-cost, no-obligation meeting,” says Heiss. Next, he will request specific information about investments, cash flows, tax returns, etc.
Many planners work on flat-fee contracts as well as by the hour, so you’ll need to consider the questions you want answered to determine the most cost-effective option. Many planners offer a free initial consultation, which is a good way to find out how they can help you and how much it will cost.
“There are many outlets for finding paid planners for one-time consultations. Consider resources such as NAPFA, the Financial Planning Association (FPA), and the CFP Board’s Let’s Make a Plan site,” says Advisory. says James Daniel, a certified financial planner at The Firm. Please charge in advance.can also be used This free tool helps match you with an advisor who meets your needs.
Looking for a new advisor or having a problem with your current advisor? Email picks@marketwatch.com.
Question has been edited for brevity and clarity.
