Experience with Edelman CFP on hourly fee structure?

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A440
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Experience with Edelman CFP on hourly fee structure?

Post by A440 »

Anyone use Edelman CFP on an hourly basis?
I'm looking to get a second set of eyes on our portfolio before I retire in 2023. Of course, the first set of eyes will be this forum. :happy
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JoeRetire
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Re: Experience with Edelman CFP on hourly fee structure?

Post by JoeRetire »

A440 wrote: Mon Jul 04, 2022 3:30 pm Anyone use Edelman CFP on an hourly basis?
I'm looking to get a second set of eyes on our portfolio before I retire in 2023. Of course, the first set of eyes will be this forum. :happy
Do they offer hourly services?
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Re: Experience with Edelman CFP on hourly fee structure?

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Any particular reason you want to use Edelman over some other person/firm?
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Re: Experience with Edelman CFP on hourly fee structure?

Post by Freefun »

I don’t have any experience with the person you mention but you might consider Rick Ferri.
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Re: Experience with Edelman CFP on hourly fee structure?

Post by nisiprius »

There was an interaction between him and Allan Roth that left a sour taste in my mouth:

Ric Edelman accuses Vanguard of hiding fees
On his radio show, The Truth about Money, prominent independent financial planner Ric Edelman accused Vanguard of hiding fees as much as 1.40 percent annually. This did not go unnoticed by the Bogleheads Forum, a group of nearly 20,000 investors who discuss financial news and theory. Is Edelman right? Let's look at the claim, the facts, and responses from both Vanguard and Edelman.

About 21 minutes into his February fifth radio show, Robert from Newport, California, called in and asked whether Vanguard's claim of total expenses of .06% annually is true? Edelman called Vanguard's claim "a little disingenuous," and went on to say that funds have other costs for trading stocks that average 1.4 percent annually. He concluded by telling the caller, "So in addition to the .06 percent, add another 1.4." He has since removed this part form the pod recast.
Read the whole article for details. When pressed, Edelman "noted he would make the correction on this week's show and remove the clip from the podcast."

But according to Roth, in 2013 Ric Edelman made the same false claim again.
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Re: Experience with Edelman CFP on hourly fee structure?

Post by yules »

A440 wrote: Mon Jul 04, 2022 3:30 pm Anyone use Edelman CFP on an hourly basis?
I'm looking to get a second set of eyes on our portfolio before I retire in 2023. Of course, the first set of eyes will be this forum. :happy
If you are looking to buy snake oil, Ric Edelman is your man. He's the guy who gave wrong info about Vanguard's fees and who in recent times is pushing crypto and NFTs. If that floats your boat, do it with him.

IF not, see if your current 401k provider is willing to give you a free full portfolio review, including outside assets. Or if your company has an EAP or other financial counseling benefits, you could get a portfolio review for no or low cost.

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Re: Experience with Edelman CFP on hourly fee structure?

Post by 123 »

When I read through one of Edelman's books I was astonished at the level of complexity he seemed to want to add to portfolios (not uncommon with AUM financial advisers). Essentially he took what could be a simple boglehead portfolio and sliced it to death. So instead of a total market or total bond fund he would slice each 6 or more ways.
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Re: Experience with Edelman CFP on hourly fee structure?

Post by A440 »

Stinky wrote: Mon Jul 04, 2022 8:25 pm Any particular reason you want to use Edelman over some other person/firm?
I've also reached out to a CFP that is associated with Lincoln Investments (403b(7)) plans for our district. I hope to be able to speak with him before reaching out to an Edelman CFP that is local to us.
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Re: Experience with Edelman CFP on hourly fee structure?

Post by JoeRetire »

yules wrote: Mon Jul 04, 2022 9:37 pm If you are looking to buy snake oil, Ric Edelman is your man. He's the guy who gave wrong info about Vanguard's fees and who in recent times is pushing crypto and NFTs. If that floats your boat, do it with him.
Well no. He's retired.
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Re: Experience with Edelman CFP on hourly fee structure?

Post by Stinky »

A440 wrote: Tue Jul 05, 2022 5:52 am
Stinky wrote: Mon Jul 04, 2022 8:25 pm Any particular reason you want to use Edelman over some other person/firm?
I've also reached out to a CFP that is associated with Lincoln Investments (403b(7)) plans for our district. I hope to be able to speak with him before reaching out to an Edelman CFP that is local to us.
Look out for your pocketbook when you speak with someone with Lincoln Financial. Lincoln is one of the leading sellers of high cost, low consumer value variable annuities.

I wonder whether the Lincoln guy will make the case that such an annuity will be “appropriate” for you.

You said in your initial post that you would check with the Forum before you talk to the advisors. I strongly suggest that you also check back with the Forum AFTER you talk to them. Post back with details as to what they’re pitching to you.
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Re: Experience with Edelman CFP on hourly fee structure?

Post by Outer Marker »

A440 wrote: Tue Jul 05, 2022 5:52 am
Stinky wrote: Mon Jul 04, 2022 8:25 pm Any particular reason you want to use Edelman over some other person/firm?
I've also reached out to a CFP that is associated with Lincoln Investments (403b(7)) plans for our district. I hope to be able to speak with him before reaching out to an Edelman CFP that is local to us.
You'll find no love for Edelman around here. Stay away. There are much better advisory firms that follow Boglehead principles.
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Re: Experience with Edelman CFP on hourly fee structure?

Post by A440 »

Stinky wrote: Tue Jul 05, 2022 7:05 am
A440 wrote: Tue Jul 05, 2022 5:52 am
Stinky wrote: Mon Jul 04, 2022 8:25 pm Any particular reason you want to use Edelman over some other person/firm?
I've also reached out to a CFP that is associated with Lincoln Investments (403b(7)) plans for our district. I hope to be able to speak with him before reaching out to an Edelman CFP that is local to us.
Look out for your pocketbook when you speak with someone with Lincoln Financial. Lincoln is one of the leading sellers of high cost, low consumer value variable annuities.

I wonder whether the Lincoln guy will make the case that such an annuity will be “appropriate” for you.

You said in your initial post that you would check with the Forum before you talk to the advisors. I strongly suggest that you also check back with the Forum AFTER you talk to them. Post back with details as to what they’re pitching to you.
Lincoln Investments is a different vendor than Lincoln Financial, but thanks for the heads up.
I will take your advice and post after meeting with a CFP.
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Re: Experience with Edelman CFP on hourly fee structure?

Post by hnd »

Rick is responsible for me thinking index investing was completely stupid. "Don't invest in index funds" was one of his " new rules of money" in his book written in the late 90's. I heard he somewhat flip flopped on this over the years but I'm almost certain I'd never give that guy a dime of my money.
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Re: Experience with Edelman CFP on hourly fee structure?

Post by AnnetteLouisan »

I used to listen to the Ric Edelman show on the radio years ago at a coworker’s suggestion but I stopped after about two years. Somehow - maybe through a friend - I spoke to one of their CFPs who sent me a free book but I passed on becoming a client. This means absolutely nothing (since I passed on all the financial advisers and wealth managers I interviewed over time) but it’s just my experience.
Last edited by AnnetteLouisan on Tue Jul 05, 2022 10:14 am, edited 1 time in total.
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Re: Experience with Edelman CFP on hourly fee structure?

Post by retiredjg »

If you are looking for someone on an hourly basis, some names have been accumulated in this thread.

viewtopic.php?t=360823
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