Today’s Young Professionals: The Degree Rich, Money Poor

Degree Rich, Money Poor: Financial Advice Every Graduate Should Know

Degree Rich, Money Poor: Evaluating a New Job Offer

In the past, employees stayed with the same company for years, working their way up the food chain. But times have changed, businesses are restructuring, and employees are often forced to look for new jobs. It’s also common for younger workers to change jobs several times throughout their careers as they seek higher salaries and new professional opportunities. Whether you’re forced to seek a new employment opportunity or are willingly doing so, you’ll eventually be faced with an important decision: When you’re offered a job, should you take it?

Make Sure the Offer is Firm Before You Evaluate It
Although it may be useful to explore an employment opportunity, don’t waste time dreaming about your new position until you have gone through the interview process, gathered data on the company, and received a firm offer of employment. Only then should you take time to compare the offer you’ve received against the job you already have or a job offer you’ve received from another company. You’ll have the facts, and you can make a more informed, unemotional decision.

Investigate the Company
Gather some data to help evaluate what kind of future you can look forward to with the company you’re investigating. It’s a good idea to do some research on the company before you have an interview so you’ll know what questions to ask and be able to fairly judge the answers you receive. There are many ways to get background information on a company. Here are a few:

• Check your local public or university library–Many references are available through public or university libraries that can help you obtain information about a company or an occupation. Following are references that can give you general information about the company (including some financial data):
  

  1.	Dun & Bradstreet’s Million Dollar Directory
  2.	Standard & Poor’s Register of Corporations
  3.	Ward’s Business Directory
  4.	Thomas’ Register of American Manufacturers

• You should also look for information on a business in consumer or trade magazines and/or newspapers. Magazines and newspapers may contain up-to-date information about the company’s future, its products and services, and its successes and failures. You may also be able to find out something about the company’s key executives and philosophy. Rather than check the magazines individually, check one or more of the following indexes:
  

  1.	Business Periodicals Index
  2.	Readers’ Guide to Periodical Literature
  3.	Wall Street Journal Index

• Look for information via the Internet–If you have Internet access, you can use it to find information on a company without leaving your home or office. Many excellent resources exist, including the following:
  

  1.	American City Business Journals — This site will search the archives of many weekly U.S. business journals, looking for the name of the company or organization you are researching. As a result, you may be able to access articles, press releases, and snippets of information about the company.
  2.	Dun & Bradstreet — At the Dun & Bradstreet site, you can find information (including financial) about millions of companies. If you want a detailed report, however, you’ll have to pay. You may want to do this once you are seriously considering a job offer.

Tip: Whatever research method you choose, it’s often easier to find information about public rather than private companies and well-established companies rather than new ones. To get hard-to-find information, you may want to contact the public relations liaison in the company and ask for general information and/or an annual report. You may also be able to get information by asking individuals who do business with the company or who have worked there in the past or by asking about the company at your local chamber of commerce.

What To Look For
As you research a company or organization, try to find answers to some or all of the following questions:

• How strong is the company financially?
• Will the company be taken over by another in the near future?
• Is the company planning to expand?
• How many employees does the company have?
• How long has the company been in business?
• Is the company privately or publicly held and by whom?
• What successes and failures has the company experienced?
• What is the company’s philosophy?
• Is the company a part of a growing industry?

Answering these questions can enable you to determine whether the company or organization is a good match for you and help you decide whether the company has a strong track record and an exciting future. Supplement the information you get via your own research by asking questions during your interview to fill in the gaps or to expand your understanding of the company. If possible, try to talk to one or more employees who currently work there to get a handle on the company environment and future.

Assessing the Job Offer
You probably have some idea of what you want to earn, and the salary offered by the company you are evaluating may or may not match your expectations. Obviously, if the company offers you more than you expect, you have no problem. But what if the company offers you less? First, find out how frequently you can expect a pay review and/or a raise, and try to determine how much the pay increase is likely to be and on what is it based (e.g., merit, cost of living). In general, you should expect the company to increase your salary at least annually.

Next, ask about bonuses, commissions, and profit sharing that can add a lot to your income. To fully evaluate the salary you’re being offered, try to find out about the average pay for that job in your area. You can do this by talking to others who hold simila
r jobs, by calling a recruiter (i.e., headhunter), or by doing library or Internet research. The following resources can help you:

• Bureau of Labor Statistics, Office of Compensation and Working Conditions Phone: (202) 606-6225
• Bureau of Labor Statistics, Office of Employment and Unemployment Statistics Phone: (202) 606-6400

Many salary surveys are available on the Internet that you can use to research salaries in your profession.

Benefits
Never overlook the value of good employee benefits. Benefits can add thousands of dollars to your base pay, and some benefits (including group health insurance and disability insurance) can be difficult to obtain privately at a reasonable price. Although many companies offer them, the type and quality of benefits vary widely from company to company. Find out what benefits the company offers and how much of the cost the employee must bear.

Future Opportunities with the Company
You’ll want to find out what opportunities exist for you to move up in the company. This includes determining what the company’s goals are and the type of employee the company values. Will you get to use skills you already have? Will you need more training and education? Is your philosophy regarding work in line with the company’s? (If not, you may have trouble getting promoted or may end up leaving the company.) In addition, make sure the company has a future at all. If it’s a new company, it may be at risk for folding in the near or distant future, so take time to evaluate the company’s structure and plans and, if possible, to find out some information about the financial soundness of the organization. If the company is well established, determine if it is in a growth industry and try to find out (possibly by checking annual reports or articles about the company) what plans it has for the future.

Working Environment
You may be getting paid well and the company may offer great benefits, but you still may not be happy working there if the working environment does not suit you. To evaluate the working environment, pay attention if you get a chance to tour the company’s offices. Do employees seem extremely busy? Do they look happy? Bored? Is the office space cold or inviting? Do people seem relaxed and friendly? Tense? In addition, try to meet the individuals you will be working with closely. Do they seem like people you would be comfortable working with? Do you sense any hostility? Do they say they like their jobs? Finally, consider how much time you must spend at your job. Are the hours suitable? Will you work a lot of overtime? Will you have to punch a clock, or is the scheduling somewhat flexible?
Consider the financial and emotional impact of taking the job

Professional and Personal Consequences
To evaluate the professional and personal consequences of taking the job, consider the following questions:

• How will taking this job positively or negatively affect your finances? Consider increases or decreases in salary, cost and availability of benefits, and related costs of taking this job, including relocation, spouse potentially losing his or her job, and the cost of transportation.
• How will this job indirectly affect your finances? For instance, will taking this job lead to better opportunities in the future? Does taking this job mean taking on additional financial risk (e.g., if the job doesn’t work out or the company downsizes or goes out of business)?
• Will taking this job make you happier? Aside from the financial implications of accepting the job, consider the emotional consequences, both personal and professional. Will you be happier than you are now? Will your family be happy with your choice? Will you work longer hours or have more time to relax? Will you be better respected or be able to expand your professional horizons?

Should You Accept the Offer?
Despite the time and energy you spend researching and evaluating, the hardest part is yet to come: deciding whether to accept the offer. Begin by assembling the facts, data, and information you have gathered. Think back to the interview, paying close attention to your feelings and intuition about the company and/or the position. Consider not only the salary offered to you but also what future you can expect with the company, and think about whether you believe you would be happy and excited working there. If you’re having trouble making a decision, try writing down the pros and cons of accepting the job; it may then become clear whether the positives outweigh the negatives. Sometimes, you may really want the job, but you’re unhappy with the salary or the benefits offered to you. If so, it’s time for negotiation.

Make the Offer Acceptable by Negotiating
Most young professionals are afraid to negotiate a job offer because they really want the job and are afraid that the company will rescind the offer or respond badly if they attempt to negotiate. However, if you truly want the job but find the salary, benefits, or hours unacceptable, it’s better to face rejection than turn down what otherwise would be a great opportunity. The first step in negotiating is to tell your potential employer what it is that you want. Make it clear that you are immediately willing and able to accept the offer if this aspect of the offer could be changed. Be specific. Name the amount of money it would take or the exact hours you would like to work. However, don’t threaten the company, and if you really want the job, don’t imply that you’ll walk if the offer remains unacceptable. Stay neutral.

What will happen? The company may refuse your request, either because company policy does not allow negotiation or because the company is not willing to move from its original offer. Or, the company may make you a second offer, perhaps offering you more money but not as much as you requested or offering to make up to you in benefits what they can’t give you in salary.

In either case, the ball is back in your court. If the offer is still unacceptable, you may have to turn the job down. However, if the offer is better but not exactly what you want, ask for a day or two to think about it.

It’s also possible that the company will accept your counteroffer outright, especially if you have unique talents or experience. At this point, there isn’t much else to say except, “Thank you, I look forward to working here.”

Degree Rich, Money Poor: Five Things Your Financial Advisor Knows (…But Will Never Tell You)

As financial advisors, we are privy to a great deal of inside information, industry secrets, and promotional gimmicks within the world of financial planning. Our regular attendance at various marketing workshops, association conferences, and other soirées gives us special insight into the sacred myths and half-truths that many financial advisors continue to peddle to their less-informed clients.

As twenty-somethings ourselves, we get a special kick out of revealing the dirty tricks and tactics of the old financial establishment. It’s a new day, and the time has come to revive the honesty and integrity that this profession deserves and demands.

We hope you enjoy our observations and opinions as they relate to the darker side of the financial planning industry. Our intent is to educate and to assist you in making informed decisions concerning the fulfillment of your financial future.

Without further ado, here are Five Things Your Financial Advisor Knows (…But Will Never Tell You):

1. “You can repair your own credit history for $50 - and most of that is postage.”

Young people generally prefer the quick & easy solution. Whether it’s weight loss, dating, or credit repair, there’s always a segment of the market that will pay for instant gratification. Many so-called “credit repair specialists” know this, and they have no problem lifting the heavy load of bad credit (along with several c-notes from your wallet) in order to correct erroneous information asap. The problem with this solution, aside from its tremendous price tag, is that it often results in the credit specialist advising you to halt all payments your creditors–and in some cases, threaten them with your imminent bankruptcy. With creditors desperate to salvage some form of repayment, your “credit specialist” then instructs you to negotiate settlements with each creditor in order to repay debts on your terms (i.e. for pennies on the dollar.) The problem with this “solution” is that, even though you may no longer owe any creditors, your credit file will be destroyed from all of the delinquencies and non-payments. Sure, you won the battle but you’ve lost the credit-repair war.

A much better solution is for you to first understand your rights as a borrower. You should know that creditors have no right to hassle, threaten, or intimidate you in any way. Also understand that it is the creditor’s burden to prove that you legally owe them. And this burden is more than a verbal “You owe us money” over the phone. The creditor must produce for you the original credit agreement containing the terms as well as your handwritten signature on it. Additionally, they must provide a record of the charges for which they are trying to collect. Again, all of this information should be in writing, and if a creditor is unable to produce these documents, then by law they must remove the information from your credit report. If they give you any flak, then you have Uncle Sam’s Federal Trade Commission on your side. Creditors are weary of the Feds (and their stiff penalties), so your complaints to the FTC tend to miraculously find resolutions.

Our ongoing experience with clients and credit repair has shown that most clients really only need a post office (to mail certified letters to creditors, collectors, and credit bureaus), time, and patience. Because the truth is, credit repair is a slow, gradual process which can take anywhere from 2 to 6 months, and the prudent consumer shouldn’t even attempt to make repairing a damaged credit history “quick & easy”.

2. “The title ‘Financial Advisor’ doesn’t necessarily mean that I have any formal education, licenses, certification, ethical code, or domain knowledge. In fact, I could be anybody from off the street.”

The government has not yet established any legal requirements which must be met in order to use the title of Financial Advisor or Financial Planner. In fact, it is estimated that there are more than 200,000 personal financial advisors working in the United States today.

It is vital, as a client, to thoroughly research the credentials and background of your potential advisor. Ask questions about his/her educational background, work experience, special coursework, etc. Look for specific designations such as CERTIFIED FINANCIAL PLANNER™, Chartered Financial Analyst®, and Personal Financial Specialist. These various credentials illustrate a planner’s determination and devotion to the field as he/she has invested the time and energy into rising above the “general planner” fray. Moreover, each of these designations signifies a moral and ethical code of conduct that these practitioners have promised to abide by. Deviating from this code can result in severe professional sanctions and penalties to the advisor.

Also, don’t hesitate to ask a potential planner for his/her personal references. A good planner will gladly provide you with the contact information of satisfied clients. After all, building and maintaining positive relationships is what financial planning is truly about.

3. “Investing is not the sole purpose of Financial Planning…in fact, it’s not even in the top five.”

Many clients confuse the phrase “Financial Planning” with “Investing”, but the two terms are not synonymous. In fact, investing doesn’t really enter the picture until many other milestones have been reached including: understanding cash flow, selecting appropriate checking & savings accounts, eliminating bad debt, establishing an emergency fund, and maintaining proper financial records.

Many clients are taken back to learn that a sound financial plan is holistic, and it encompasses every component of personal financial including: insurance, estate planning, debt management, budgeting, and record keeping.

4. “I am not ethically or legally required to act in YOUR best interest.”

Unlike physicians, lawyers, and CPAs, who are bound to act in an ethical manner, financial advisors must not make any such promises to clients. The good news, however, is that many advisors have taken it upon themselves to proactively join organizations which promote the highest standards of professional conduct. Along with those listed above, NAPFA-registered advisors adhere to some of the highest, most consumer-friendly principles of any organization in existence. Their new Focus on Fiduciary campaign is rapidly raising awareness–and raising the bar–on planner/client relationships.

Some of you may be wondering why an advisor would not expressly act in your best interest at all times? The answer, of course, is money.

Most financial advisors are not compensated the way many consumers think. In fact, an advisor’s personal motives often conflict with what’s best for his/her client. Commission & fee-based planners often earn a significant percentage of their paycheck from selling loaded mutual funds, annuities, and insurance products. These pr
oducts generate the largest kickback (i.e. commission) for the advisor. But as everyone reading this blog already knows, the average consumer can beat the pants off of 95% of mutual funds by simply constructing a Lazy Portfolio consisting of no-load, low-fee Vanguard index funds.

On the other hand, Fee-Only® advisors do not have this built-in conflict of interest. Similar to your family accountant or lawyer, many Fee-Only® financial advisors now charge by the hour (or by the project) with no special commissions for recommending certain products to the client.

5. “Because you’re young and largely uneducated about your finances, I can easily take advantage of you.”

It’s no secret that the financial planning industry has some bad apples, who seek nothing more than to defraud and deceive their clients. In oder to counter act this unfortunate truth, we are fierce advocates of consumer education. An informed client will ask informed questions…and these informed questions result in the creation of more meaningful financial goals.

A financial advisor is just that–an advisor, and we can only work with what we’re given. Any successful professional relationship is founded upon honesty, integrity and communication, and with the absence of any one of these key elements, the relationship quickly breaks down.

Potential clients sometimes say to me, “I don’t know anything about money.” My first thought often is to postpone taking that client on, and then simply referring him/her to some of my favorite personal finance books at the local library. In my opinion, this client cannot fully benefit from the advice that I have to give because he/she is not yet able to communicate with me using the basic language of personal finance.

Make no mistake, I don’t expect every client to wax poetic on Warren Buffet’s witticisms or to be able to explain the FOMC policy as it relates to national GDP, but it is necessary to understand the fundamental concepts of money management. Look at it this way…you wouldn’t spend hundreds of dollars on a trip to Costa Rica without first brushing up on a little Español, would you? Por supuesto que no!

Degree Rich, Money Poor: Juggling Family Responsibilities

Your career is getting underway. Now is the time to begin looking ahead to your own retirement. But you find yourself trapped in the position of having to help your children with college expenses while at the same time looking after the needs of your aging parents. You’re already Degree Rich, Money Poor…but now squeezed in the middle, you’ve joined the exclusive ranks of The Sandwich Generation.

What Challenges Will You Face?
Your parents encountered some of the same challenges that you may be facing now: adjusting to a new life with growing children and nurturing multiple generations within the family. However, life has grown even more complicated in recent years. Here are some of the things you can expect to confront as a member of the sandwich generation today:

• Your parents may need assistance as they become older. Higher living standards mean an increased life expectancy, and higher health care costs mean larger medical bills. Additionally, your parents will likely need to help preparing their estates (if any) for the future.
• If your family is small and widely dispersed, you may end up as the primary caregiver for your parents.
• If you’ve delayed having children so that you could focus on your career first, your children may be starting college at the same time as your parents become dependent on you for support.
• You may be facing the challenges of adult “boomerang children” who have returned home after a divorce or a job loss.
• Like many individuals, you may be incurring debt at an unprecedented rate and wondering about the future of Social Security.

What Can You Do to Prepare for the Future?
Holding down a job and raising a family in today’s world is hard enough without having to worry about keeping the three-headed monster of college, retirement, and concerns about elderly parents at bay. But if you take some time now to determine your goals and work on a flexible plan, you’ll save much stress–and expense–in years to come. Planning ahead gives you the chance to take the wishes of the entire family into account and to reduce future disagreements with your siblings over the care of your parents.

Here are some ways you can prepare now for the issues you may face in the future:

• Start saving for the rising costs of college as soon as possible.
• Work hard to control your debt. Installment debts (car payments, credit cards, personal loans, college loans, etc.) should account for no more than 20 percent of your take-home pay.
• Review your financial goals regularly, and make any changes to your financial plan that are necessary to accommodate an unexpected event, such as a career change or the illness of a parent.
• Invest in your own future by putting as much as you can into a retirement plan, where your savings (which may be matched by your employer) grow tax deferred until you retire.
• Encourage realistic expectations among your children; their desire to attend an expensive college will add to your stress if you can’t afford it.
• Talk to your parents about the provisions they’ve made for the future. Do they have long-term care insurance? Adequate retirement income? Learn the whereabouts of all their documents and get a list of the professionals and friends they rely on for advice and support.

Caring for Your Parents
Much depends on whether a parent is living with you or out of town. If your parent lives a distance away, you have the responsibility of monitoring his or her welfare from afar. Daily phone calls can be time consuming, and having to rely on your parent’s support network may be frustrating. Travel to your parent’s home may be expensive, and you may worry about being away from family. To reduce your stress, try to involve your siblings (if you have any) in looking after Mom or Dad, too. If your parent’s needs are great enough, you may also want to consider hiring a professional geriatric care manager who can help oversee your parent’s care and direct you to the community resources your parent needs.

Eventually, though, you may decide that your parent needs to move in with you. If this happens, keep the following points in mind:

• Share all your expectations in advance; a parent will want to feel part of your household and may be happy to take on some responsibilities.
• Bear in mind that your parent needs a separate room and phone for space and privacy.
• Contact local, civic, and religious organizations to find out about programs that will involve your parent in the community.
• Try to work with other family members and get them to help out, perhaps by providing temporary care for your parent if you must take a much-needed break.
• Be sympathetic and supportive of your children–they’re trying to adjust, too. Tell them honestly about the pros and cons of having a grandparent in the house. Ask them to take responsibility for certain chores, but don’t require them to be the caregivers.

Considering the Needs of Your Children
Your children may be feeling the effects of your situation more than you think, especially if they are teenagers. At a time when they are most in need of your patience and attention, you may be preoccupied with your parents and how to look after them.

Here are some things to keep in mind as you try to balance your family’s needs:

• Explain fully what changes may come about as you begin caring for your parent. Usually, children only need their questions and concerns to be addressed before making the adjustment.
• Discuss college plans with your children. They may have to settle for less than they wanted, or at least take a job to help meet costs.
• Avoid dipping into your retirement savings to pay for college. Your children can repay loans with their future salaries; your pension will be the only income you have.
• If you have adult “boomerang children” at home, make sure all your expectations have been shared with them, too. Don’t be afraid to discuss a target date for their departure.
• Don’t neglect your own family when taking care of a parent. Even though your parent may have more pressing needs, your first duty is to your children who depend on you for everything.

You’re No Good to Anyone if You’re No Good to Yourself
Most importantly, take care of yourself. Get enough rest and relaxation every evening, and stay involved with your friends and interests. Keep lines of communication open with your spouse, parents, children, and siblings. This may be especially important for the smooth running of your multi-generation family, resulting in a workable and healthy home environment.

Degree Rich, Money Poor: Insurance Needs for Young Adults

You’ve recently graduated from high school or college, just finished a brief stint in the military, or perhaps you’re launching a new career. Whatever your situation, for the first time in your life, you are really on your own. So now what?

True independence means you are no longer covered by your parents’ insurance. Many young adults feel invincible, go without insurance, and throw caution to the wind. But this is not a wise decision since a serious or prolonged illness, auto accident, or an apartment fire could wreak financial devastation. Listed below are several insurance coverages that we recommend all young adults consider.

Here’s to Health
Most health coverage occurs through employment, but even that’s not a given. Among young adults, four in ten did not have jobs-based health insurance in 2003, according to a report from the Center for Studying Health System Change. This was due to a combination of low-wage jobs not offering plans and young adults declining coverage because they didn’t want to pay a portion of the premiums.

Certainly if you have health insurance available at work, take it. If it’s not available, or you’re unemployed, at a minimum consider a short-term medical plan. These typically run from 1 to 12 months. A 24-year-old male with a policy that has a $250 deductible and 20 percent coinsurance would pay roughly $100 a month in premiums.

If you’re between jobs, and you were covered under the previous employer’s plan, you probably can continue that group coverage for up to another 18 months through the federal program COBRA. But you’re responsible for 100 percent of the costs, so compare premiums against similar-quality individual coverage.

Another option for workers without employer coverage is the new health savings account, created by the federal government. This involves buying a qualifying medical policy with a high deductible ($1,650 to $2,500 for individuals, according to the law). The advantage is that you can stash away tax-deductible money in an IRA-like account to pay (also tax free) for deductibles and other out-of-pocket medical expenses. These policies are especially attractive to younger, healthier people who are more likely to face minimal medical expenses, yet still need protection in the event of a medical catastrophe.

The Disability Factor
Your working income is likely your most precious financial resource. Thus, a long-term illness or injury could prove financially devastating. And your odds of being disabled at least 90 days or longer before age 65 are significantly higher than the odds of dying, according to the Insurance Information Institute.

Disability insurance, sometimes called income-replacement insurance, pays a portion (around 60–80 percent) of lost wages if you’re unable to continue working due to an accident or illness. Employers typically provide some short-term disability coverage, but usually not long term, and what they provide may be insufficient for your wages. State-sponsored worker’s compensation programs may provide income, but normally only if you’re injured on the job (a few states provide for short-term nonwork-related disabilities). Social Security may provide benefits, but only if you’re unable to work at virtually any job.

If your employer’s coverage doesn’t pay at least 60 percent of wages and doesn’t last to age 65, you’ll likely want to supplement it with private coverage.

Renter’s Have Risk, Too
Your personal assets are probably modest at this point in your life, but nonetheless, it could cost you thousands or tens of thousands of dollars to replace clothes, electronic equipment, and other property if stolen or destroyed.

Many renters mistakenly believe that their landlord’s insurance would cover their lost or destroyed personal property. Not true. Fortunately, personal renter’s insurance is usually quite affordable—$150 to $300 a year will probably buy the coverage you need. You may need additional coverage for specific high-valued property or if you’re in a flood or earthquake zone. Be sure the policy includes liability coverage in the event you are sued for injuries suffered at your residence. You often can save premium dollars by buying renter’s insurance through the company that insures your auto.

Cars, Cars, Cars
You may still be able to continue under your parent’s policy if you’re under age 25, unmarried, and the car remains in their name.

Life and Death
Depending on many factors, you may or may not need life insurance. For example, assuming you are single and have no one financially dependent on you, you most likely do not need it. On the other hand, the longer you wait, the more expensive it becomes and the greater the risk of becoming uninsurable.

Degree Rich, Money Poor: Will Pay for Peace of Mind

If you are in your 20s or 30s, chances are you have tried to hire a financial advisor but were turned down because you didn’t meet the “minimum asset threshold”…in other words, you didn’t have $1 million to invest. So then you wonder, as a meager young professional, how can you get affordable, quality advice?

Enter the Fee-Only Planner
Amanda over at Young and Broke writes about a recent article in the Wall Street Journal which details the financial industry’s recent shift towards working with clients in their 20s and 30s.

From the Wall Street Journal:

“Many people in this age group, launching careers and starting families, are looking for a wide range of financial advice. Among other things, they need help investing in their first 401(k) plans, saving for a house, understanding insurance needs and managing debt and budgets. For savers with modest assets…a fee-only planner is generally the best match. These planners only sell their time…and don’t pitch products tied to a particular company…it minimizes the potential conflicts.”

What Should You Do?
First, recognize that your concerns about a 401k, Roth IRA, Credit Card debt, and Emergency Savings are very common. Nearly all young professionals go through a period of anxiety and self-doubt as these critical financial components are established and funded.

Finding the Best Advisor
A good financial advisor will sit down with you for a free introductory meeting in order to learn more about your goals and objectives. If you are unable to find an advisor who will help you (and your meager assets), then search for a Fee-Only planner who is affiliated with the National Association of Personal Financial Planners (NAPFA). Many work on an hourly basis and pledge a fiduciary duty to clients. NAPFA advisors are held to the highest ethical standards in the financial planning industry.