SOLVED: Can I Afford Financial Advice?

Check out these options for low-cost help.

By Anne Kates Smith, Senior Associate Editor

From Kiplinger's Personal Finance magazine, September 2006

You don't have to be rich to get your questions answered. For a couple hundred dollars, you can find out whether you have the right investment mix or if you're saving enough for retirement. For $1,000 to $2,000, you can get more comprehensive advice.

Some 250 planners in the Garrett Planning Network typically charge $150 to $300 an hour on an as-needed basis. One of the 150 or so planners in the Alliance of Cambridge Advisors might charge $500 to $900 for a financial review or tune-up, covering basics such as savings, insurance and taxes.

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At Vanguard, investors can pay $1,000 for a plan that tells them whether they're on track to meet retirement goals and recommends an investment mix to help them get there. An additional $1,000 buys advice on budgeting, insurance, estate planning and saving for college. Fees for the basic plan are waived for new customers who invest $100,000 with Vanguard or for existing customers with more than $250,000.

At T. Rowe Price, you can get ongoing retirement advice for a one-time fee of $250. You don't have to be a customer, but you should have at least $100,000 in your portfolio to make the service worthwhile.

Fidelity's interactive program can check your portfolio or walk you through various retirement scenarios. The service is free for customers and noncustomers working with a rep over the phone or at a Fidelity Investment Center. Discount broker Charles Schwab offers financial plans ranging from $800 to $2,000 for clients and prospective clients.

To find an adviser with expertise in the areas that are bugging you, go to www.myfinancialadvice.com. Hourly rates range from less than $125 to $400. At www.financialengines.com, you can get advice geared toward retirement for $150 a year (or $40 per quarter); $300 a year buys you advice on goals other than retirement.

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