Does anyone use a financial planner?

[66FBCharger]

Does anyone use a financial planner? Do you have any tips of what not to do (or do) when it comes to using a financial planner.
I work for a large corporation. There is a financial planning company that comes in periodically and gives seminars about retirement, etc. I am close to signing up with them to give me advice. Everyone that has used them has had nothing but good to say about them.

[Mytur Binsdirti]

My financial planner turned out to be a financial reducer.

[66FBCharger]

My financial planner turned out to be a financial reducer.

How so?

[68X426]

Helpful site: http://www.napfa.org/consumer/WhyFinancialPlanningisImportant.asp

The NAPFA Field Guide to selecting a planner: https://www.napfa.org/UserFiles/File/ConsumerServices/2015%20Pursuit%20of%20a%20Financial%20Advisor%20Field%20Guide%20-%20v2015.pdf

[Mytur Binsdirti]

My financial planner turned out to be a financial reducer.

How so?

At that time, whatever money that was invested went down. Of course they all say the same thing; "now is the best time to invest", "history shows....", pie charts, etc. What I have come to understand is that they make money off of you whether your investment goes up or down. If you shift money from one stock to another, they make money.

[ws23rt]

My financial planner (a CFP) is a senior VP of investments for the company that handles my investments.--The Mutual Fund Store--
The financial planning advice I get from him is a no charge part of their investment service.

Their fee for my investments is a small fraction of the total value of my account. ---Their motivation for their service is the -growth- of my account.--  They make many moves (buy and sell) of mutual funds (for example) at no extra cost to me.

In my history with them (12 years or so)  when the market market drops my account value drops less than the market.  When the market goes up my account value goes up more than the market swing.

Over the dozen or so years with them I am ahead about 12% value growth.---Some of this is due to my timing when I made additions to my account.

[stripedelete]

.... and his name is Bernie.

[Charger_Fan]

.... and his name is Bernie.

I see, so you & Turbin both have the same guy.

[ws23rt]

My financial planner turned out to be a financial reducer.

How so?

At that time, whatever money that was invested went down. Of course they all say the same thing; "now is the best time to invest", "history shows....", pie charts, etc. What I have come to understand is that they make money off of you whether your investment goes up or down. If you shift money from one stock to another, they make money.

It is true. -- If you hire someone to do something for you -payment for that service is to be expected.

One can also step out on their own and make their own buy sell type of moves to help protect/maintain the value of their money.

A friend that I work with did just that 10 years ago.  When we crossed paths in our work we compared notes.  He always had good news about how well he did on one move or another but also did admit that most of his (buy/sell) moves kept kicking him back to square one.  Finally he told me he gave up doing this on his own.  He was spending way too many hours in his research to make a decision and the bottom line is he was behind in value from when he started.

A savings account (for example) in a bank these days is a loser. --Inflation eats up the value of money.--  Buying into things like gold,silver,soy beans,etc are the same sort of risk/gamble as is the rest of the "investment" market.

Increasing the worth of ones money is much like going to Las Vegas.  It's all about ones own stomach for RISK.

In my case I feel good that to date I am ahead about 12% over the last 12 years.

Financial planning is not only about how to spend the money one has. It also is about how to keep it from dripping away without spending a dime.

BTW when planning how to spend what we have to our end is an easy math problem.  However our END DATE  needs to be picked in order to make that plan.