How do financial planners charge for their services?
I am looking into getting one. – B.F., via the Internet A. You should ask that when you meet with financial planners, whose job is to prepare financial plans for their clients. There is no uniform way they are compensated. According to a survey by the College for Financial Planning, which runs the certified financial planner professional designation program, more than half of planners charge a fee for their services (either a flat fee or hourly rate) and also receive sales commissions for financial products they sell to you. Another one-third of planners charge a fee only, the survey found. Nearly 10 percent of planners charge a commission only, while the remainder receive either salary only, a salary and fee, or a salary and commission. “The actual amounts planners charge vary considerably,” said Christopher Wloszczyna, a representative with the Certified Financial Planner Board of Standards in Washington, D.C. “It depends on the type of services and kind of plan provided.” Check the
