Get Free Professional Financial Help During Financial Planning Days
Published on - October 4th, 2011 (by J.D. Roth) When Kris and I attended our college reunion last month, we met many folks from other classes. For instance, I chatted with Harvey Gail, who graduated ten years before we did. We had plenty to talk about anyhow. Turns out Gail is the executive director of the Financial Planners Association of Oregon and Southwest Washington. (This is the same group I spoke to in 2009.)
“You know,” Gail told me, “maybe you can help us out. We’re hosting a Financial Planning Day in Portland at the end of October. It’d be awesome if you could tell your readers.”
“My readers are all over the world,” I said. I was going to turn Gail down. Turns out this isn’t just a Portland-area event. It’s nation-wide. Here’s a complete list of dates and locations (note that these events are held on Saturdays — including tomorrow). If you’d like more information, please visit the official site. Or watch this video:
Because I have them, here are details about Financial Planning Day in Portland. Everything below is taken directly from info the FPA sent me.
What is Financial Planning Day?
The Financial Planning Day concept is simple: Financial planners will volunteer to meet one-on-one with consumers to offer personalized financial planning information on a pro bono basis. The event will also feature financial planners presenting educational workshops on key financial planning topics.
Why have Financial Planning Day?
FPA members benefit as volunteers by providing the public with the practical financial information they need and increasing recognition of the value of financial planning in the Portland community. At a time when many residents are struggling as a result of the recent economic turmoil, we expect the Financial Planning Day to generate high levels of attendance and appreciation.
Who will be at Financial Planning Day?
We anticipate up to 300 people to come through the event during the day along with 40 + volunteers.
When and Where will Financial Planning Day be held?
Location – Portland Building
Date – Saturday, 22 October 2011
Time – Actual event will run from 10 am – 4 pm with Volunteer Orientation beginning prior to that
For more information, download this flyer [1.3mb PDF].
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Thanks for this article. I’m going to check and see if a FPA day is in Arizona.
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You state: “Here’s a complete list of dates and locations (note that these events are held on Saturdays — including tomorrow).”
Tomorrow is not Saturday! ^_^
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And many of the events happened this past Saturday…
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I’ve already called my sister about this. We will be at the session in Kentucky. Thank you J.D. for sharing this or I would have never heard about it!
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They have one in my area this Saturday! Thank you so much for this info.
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Thanks for the info! I had no idea there was an event like this. It’s awesome to see that this type of service is available to everyone – not just the ones who can afford expensive CFAs and CPAs
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It’s a really great idea…but there are none in my state (MA) or closest surrounding states. Too bad. I hope it grows and expands.
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How very exciting! I didn’t know that there was anything like this available. I will definitely be checking out the event in my area, and will let family and friends know about it. Thanks for sharing, JD!
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This may be the cynic in me talking, but something tells me these Financial Planners – working for “free” – will all recommend fee-laden mutual funds with costly loads and MERs.
I’ll bet you of the thousands of planners in every city for all of these events, not a single one of them anywhere will ever look at any participant and say, “You know what, it looks like you’re already saving enough for retirement, you don’t need my help.”
But I admit I may just be being cynical.
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If you meet with a planner, ASK them if they are fee-only! Then, they have no incentive to choose high cost mutual funds over low cost ones. FPA is a great organization (I’m a member) but it has more brokers as members than fee-only planners. For fee-only, you’re more likely to find one through the Garrett Planning Network or National Association of Personal Financial Advisors (NAPFA), both of which I’m also a member (full disclosure).
The reason most planners will say you haven’t saved enough is that most people HAVEN’T. Extensive research in academia says that if you withdraw more than 4% of your portfolio, you’re probably going to run out of money before 30 years. If you can guarantee you’ll croak in 10, spend away. If you can cut your spending in half, maybe you can withdraw more. If you can sell your McMansion and move to a one-room studio, you might not need as much savings.
When I commented on this 4% rule before, people got angry. Financial planners don’t make this up, and I’d be thrilled to see clients whose expectations were in line with their actual habits. Truth is, no one can predict the future. Financial planners are trying to give a best guess based on available research, and yes, that can be faulty. Me, I’d rather have too much money at 80 than not enough, so I’d want a planner to err on the conservative side, not the other way. Will 4% always be the right answer? No, that’s why it’s called PERSONAL financial planning.
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There’s a national group, Bogleheads.org that is comprised largely do-it-yourself investors ( although several respected authors and certified planners donate their time) Individuals can receive well researched answers to most any financial question. Most Bogleheads have developed common sense, easy to manage financial plans that require no, or minimal, assistance from fee-based planners.
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I love Bogleheads and they give much great advice. John Bogle is one of my idols. I think it’s great if you do all the research you can, then get an advisor to help with specific questions or stuff you can’t do yourself. However, I do want to note that FEE-BASED is most definitely not the same as FEE-ONLY. Your stockbroker may offer you a fee-BASED account, and still be pushing in-house, propriety products, as long as they are “appropriate” for you. A fee-ONLY advisor is legally obligated to recommend products in YOUR best interest–since fee-onlies don’t take commissions or referral fees, they have no self-serving interests in their recommendations for you. Big difference, and the “fiduciary” standard is one the brokerage industry is currently fighting tooth and nail. Don’t be confused by the brokerage industry’s designed-to-deceive language.
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Shame the one in Reno happened last weekend.
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I am glad you did not turn her down. Looks like a great resource.
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I’m at a computer where I cannot listen to the video. Is financial planning day always in October?
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Yes, I just went to the one in my area and they said they have a financial planning *week* every year around this time.
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This is great. I went to a free session with a financial planner at my library last Spring. It gave me some things to think about. Mostly about how to reorganize and consolidate accounts. For those that go, I would suggest having your most recent account statements with you to share and preparing detailed questions/information in advance so you can maximize your time. Maybe focus on one specific area you need help with.
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This is great, thanks for the info JD. I just signed up for the event in Portland.
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Thank you! Just signed up for the “Silicon Valley” event on October 29, at the wonderful Dr Martin Luther King, Jr Library. Wonderful timing!
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I urge everyone to attend a meeting in their area. The purpose is not to sell but educate. I will be attending the Seattle event.
http://vanwinkleinsurancegroup.com/
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@John, good point. Too many people avoid important events like this simply because they are afraid of being “locked” in a room for a glorified sales pitch. When I give these types of presentations, I never even come close to selling. You know what typically happens? I end up with half a dozen or so firm appointments, without ever asking for them. People appreciate being educated, not sold to.
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