Typical Prices and Fees for Financial Advice From the Pros
Money (08/01) Vol. 104, No. 37 p.70; Garcia, Erica; Lallos, Laura

Erica Garcia and Laura Lallos offer a glimpse into how much people can expect to pay for the services of a professional financial planner. Garcia and Lallos note that the rate customers pay is usually determined by their annual earnings, assets, and what they want. The latest survey (1999) by the CFP Board of Standards shows CFPs charge $120/hour. For a full-service brokerage, customers can expect to pay a commission of 1 percent to 2 percent. Commissions are usually included with the price for variable annuities. VARDS places the average total expense, which includes the broker commission as well as insurance and fund fees, at 2.16 percent.

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