How much to get a financial plan done up - like the ones on tv - How to be good with money

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So we were watching How to be good with money the other day.
He seems to do nice detailed financial plans for people.
I would like one of these but would like to know does anyone know how much the type of one that he does in that program costs?
Are there then ongoing costs etc.
Or is it a one off fee? If so, how much are we talking?
 
The TV show is a bit throwaway. Perhaps better, initially, to get a family finance book. Then work out what your priorities and goals are, before thinking about paying someone for a 'plan'.
 
I looked into it before and without naming anyone, the plans we looked at were between €3-4,000 for a detailed plan. I think you need to have an ongoing relationship with your financial advisor to get the most value. As the plan could \ will change as your life changes -Kids, new house, new job, retirement, lose of job etc. I would love to have one of those plans but I don't have that kind of money spare to pay for it right now. The more I looked into it though, the more I thought that the costs were probably fair as there is a lot of work involved.

I found it worthwhile reading back on the Money Makeover posts on here to see what advice has been given before and then using it to point me in the right direction. You could always create your own post and get specific advice then if you need it.

If you do end up getting a plan, I would love to hear what you thought of it.
 
Some sound advice/tips/guidance from Steven Barrett (AAM contributor) who runs https://www.bluewaterfp.ie/ It was written by the looks of things in 2015 so may be a little dated.

I haven't used the service myself but have found his general financial advice to be clear and easy to understand in lay person's language, very down to earth which is something that I like.

You, as advised above, should do your own initial research especially after availing of the MoneyMakeover. As far as I am concerned you can never do too much research :)
 
Based on your previous thread, I don't think you really need one. If it just the budgeting and forecasting aspect that you need, there is a wealth of knowledge available online between books/courses. If you are happily retired you could spend some time upskilling on excel to create your own forecasts ;)

But if you need specific advice, say something like setting up a trust fund for your child to maximize gift relief and minimize inheritance tax or to reduce the tax burden on your pension drawdown, then I would go to an advisor that charges a fee to do exactly what you have asked. If there is no mention of a fee, then they will make their money from commission by selling you a product. That may or may not be in your best interest
 
I got one done for €2500. Its another €1500 every 3 years.
We found it really great/ The most important part for me was the advice on where to out any money we had on the bank or spare money we had.
Turns out a mix of different places is the ideal scenario. They then come back to you every 3 years and let you know how those investments are going, if you are on track of off for your goals, And if anything needs tweaking. I think its well worth €2500.

Now what is not worth it is that a fee of about 0.5% is taken yearly on any assets that your financial advisor manages. When in reality all you do is leave the money int the place that they advised you to at the start. So if they try that one on dont accept it :)
 
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Superb post PaxmanK,

Paying for financial advice = good for client
Trail fees = good for adviser

It really is as simple as that!
 
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