How much does a person involved in personal financial management usually charge? Are credentials required?
I’m not talking about someone who deals with anothers investements. Just personal money management. I’d like to explore it as a career path, though I have no professional experience, just personal.
Some charges a flat rate for amount under management. However, generally the adviser will be more actively involved in investing the asset. Any where between a fraction of 1% to 3% depending on the activities involved.
Some changes a hourly rate for consultation. Again this is highly dependent on how experience the adviser is, standard of living etc. Any where from $100 upward is possible. But much lower for lower income bracket clients.
There are some who charges a flat rate to work out a financial plan, then additional annual changes for rebalancing in subsequent years. $2000-$5000 is reasonable.
You will need to take Series 65 exam. CFP certification is helpful. You will need to register with your state and learn about record keeping requirements. It is a highly regulated industry. Particularly on your own, be prepared to have your record audited.
You can learn more about industry regulation at this web site.
http://www.nasaa.org/home/index.cfm
Best wishes.
Some charges a flat rate for amount under management. However, generally the adviser will be more actively involved in investing the asset. Any where between a fraction of 1% to 3% depending on the activities involved.
Some changes a hourly rate for consultation. Again this is highly dependent on how experience the adviser is, standard of living etc. Any where from $100 upward is possible. But much lower for lower income bracket clients.
There are some who charges a flat rate to work out a financial plan, then additional annual changes for rebalancing in subsequent years. $2000-$5000 is reasonable.
You will need to take Series 65 exam. CFP certification is helpful. You will need to register with your state and learn about record keeping requirements. It is a highly regulated industry. Particularly on your own, be prepared to have your record audited.
You can learn more about industry regulation at this web site.
http://www.nasaa.org/home/index.cfm
Best wishes.
References :