<prompt> Human: A common recommendation on this subreddit is a fee-based advisor. All of the advisors in my area charge 2500 for initial planning and then a high hourly rate for maintenance reviews 350. Is everyone on this subreddit truly paying fees that high?  <response>: Im a fee based CFP and I think a lot of people on this sub are very misguided. Hardly anybody seeks out fee only planning. Instead, 99 of business if generated from asset management with an annual fee. With that fee, all gambits of the finance world are covered, from investment management to financial planning. If you walk into an advisors office and ask for a fee only plan, in a few weeks, youll have a couple hundred pieces of paper covering everything from cash flow analysis to monte carlo projections of your asset growth. However, youre not going to get much guidance in your investment selection. In most cases, theyre going to advise you if your current investments are sufficient to get you to your long term goal, but not direct you in what you need to be invested in. I know a 1 annual fee is a lot in most peoples minds, but if you have a good planneradvisor, its worth it! There are some extremely competent professionals out there who are worth every damn bit of that 1, but the trick is finding them. On the other hand, its not for everybody. Ive turned away pretty much all of my closest friends because theyre in the early stages of investing and dont need the professional management. If youre beyond that stage, the annual fee is usually worth it for competent ongoing advice. 