We have used a CFP for 20 years. This had nothing to do with college, although he helped us figure out how to pay for it when the time came. A good CFP can help you grow your portfolio.
@SoccerMomGenie Do let us know how it goes!
@sbjdorlo Actually I think you’re actually agreeing in a way with a lot of us – your friend the consultant isn’t charging $1000-$3000 or pushing insurance products; she’s charging hourly for some advice & hand-holding, which is terrific. There’s a lot of peace of mind that can come from getting outside help, especially if you don’t have the time or inclination to sift through what’s on CC.
Some people just want help, and that’s okay too, if you’re careful who you get. I have zero artistic skill, so I hired a decorator when I was redoing my house, but I got one who worked on an hourly basis, narrowed down possibilities for me and reassured me throughout the process rather than one who got a percentage on every piece of furniture. That’s how I see these consultants. You don’t need them if you’ve got the skill and confidence to do it yourself, and you certainly don’t need to spend a fortune.
@bearcatfan There are different ways they charge, with different packages, but in my area (the northeast) packages range from about $1200 to about $4000. Some companies do it completely remotely via Skype or an equivalent. Alternatively, you can get an hourly consultant, and I believe they’re usually around $75-$100/hour depending on how many hours you commit to. I’m sure other people will have different numbers.
@bearcatfan The FAFSA is a piece of cake these days - you file your taxes electronically and use the IRS import tool to pull in all the income data. All you have to figure out is your demographic info (state residency? veteran? homeless? etc.) and your assets (how much is in your bank accounts the day you file the FAFSA). Oh, and which colleges to send the report to.
If you are applying to a CSS/Profile school, that is the hard one.
My CPA charged $120 for the consult. She gave a look-over to my already filled out FAFSA and Profile, talked about my assets and how to use them towards college, and explained the college and taxes questions I had. We had a little extra time at the end of the hour, so she looked at schools that might be merit aid possibilities for my other child two years behind her sister.
In general, beware “experts” out offering free dinners or workshops. Those are sales pitches. Sbjdorlo’s friend worked in fin aid. Just being a “financial planner,” or even CPA, doesn’t mean someone is truly versed in FA. A personal reference is good.
But OP hasn’t been back.