I’m rich, and I’d like a seasoned financial adviser who charges by the hour. Why is this so hard to find?

Question: “I have accumulated a substantial amount of money and have a rather complicated situation. I’d like to work with someone on an hourly basis but I think they need to be very senior to fully grasp my position. Where can I look for seasoned, senior advisers? Am I correct in assuming that I shouldn’t waste my time with someone who hasn’t been around for a long time or who doesn’t handle large portfolios like mine?”

Answer: It isn’t easy finding an hourly planner, as advisers more commonly work under the assets under management fee schedule, explains chartered retirement planning counselor Jake Falcon at Falcon Wealth Advisors.

Under the AUM model, the industry standard fee is 1% AUM. That number can vary depending on the level of someone’s assets, with many advisers offering incrementally lower percentages for clients with assets over certain thresholds like $5 million. Hourly advisers, on the other hand, typically charge between $200 and $500 per hour for as few or as many hours as the client wishes to retain services. But there are plenty of ways to find an hourly adviser, such as through the National Association of Personal Financial Advisors and Garrett Planning Network; you can also use this free tool to get matched with fiduciary advisers, from our ad partner SmartAsset.

That said, associate financial adviser Evan Mills at Scholar Advising explains that while experience and years in the business matter, there are other important aspects to consider. “You should also be looking at the average net worth of the clients the adviser normally works with. You don’t want to be your adviser’s biggest client; you want to be exactly the kind of portfolio and situation your adviser works with every day so they can proactively anticipate challenges,” he says. To find out what type of clients an adviser works with and what their clients’ average net worth is, ask straightforward questions during the vetting process. This list can help guide you through the most important questions to ask prospective advisers.

It’s also important to understand that when you’re looking for an adviser, you’re really looking for a team, not just an individual. “With higher-net-worth clients, we often see more complex tax planning, estate planning and withdrawal strategies and different assets in the portfolio, and all of those decisions interact and have tax implications. If somebody tells you they’re an expert in every aspect of finance, you should probably be running for the hills. You want a team that can specialize in the different areas of complexity,” Mills adds.

Have an issue with your financial planner or looking for a new one? Email questions or concerns to picks@marketwatch.com.

Regardless of who you end up working with, certified financial planner Stoy Hall at Black Mammoth recommends taking your time to research planners and ensure they have the background you’re looking for and are a fit in terms of who you want to work with. “With a complicated situation, having a CFP come in and take a holistic look and approach would be best, as it seems [like you have] more than just an investment portfolio. You need someone with the big picture in mind,” says Hall. 

The reason fee-only CFPs are typically preferred is because to earn their designation, they must complete extensive education requirements, pass exams, perform thousands of hours of work-related experience and uphold a fiduciary duty. This means they’re required to put their clients’ best interests first and are only paid by the client, which eliminates the potential for conflicts of interest to arise.

Like hourly advisers, project-based advisers charge a flat fee for service, often ranging between $2,500 and $10,000 depending on the complexity of one’s finances and the scope of work needed. Given your level of assets and your financial situation, it’s possible that hourly service isn’t the best option for you and that working on a project basis could offer more thorough results and be more cost effective. You can find an adviser at CFP Board, NAPFA and through this free tool that can match you with fiduciary advisers, from our ad partner SmartAsset.

Have an issue with your financial planner or looking for a new one? Email questions or concerns to picks@marketwatch.com.

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