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dragon53
Contributor ⭐
May 24, 2026

Certified Professional Planner for IRA RMD?

  • May 24, 2026
  • 3 replies
  • 1091 views

I am 73 years old and have to withdraw the required RMD from my mutual fund IRA which is a fairly substantial amount.
Can I hire a Certified Financial Planner to handle my RMD (i.e., Roth IRA, etc.) as a one-time transaction or must I hire the CFP full-time to manage my entire financial portfolio (cd, mutual funds, Social Security, etc.) for what could be a multi-year deal at about $5,000 a year?
Also, if I do hire a CFP to handle all of my finances at $5,000 a year, would it be expected that the CFP would save me money and make me more money that would offset the $5,000 fee?

    3 replies

    SereneSeagull
    SereneSeagull
    Community Champion ⭐⭐⭐
    May 24, 2026

    You could lose money too, you won’t know. Depends on how good the person is.

      dragon53Author
      Contributor ⭐
      May 24, 2026

      SereneSeagull:

       

      Thanks, but would a CFP just handle the RMD alone as a one-time transaction and not my entire financial portfolio?

      sktn77a
      Contributor ⭐⭐⭐
      September 10, 2026

      Open up an account in Schwab and transfer your IRA to that.  Schwab will do all the work calculating the RMD (it changes every year) and reminding you to pay it.  They have CDs and cash investments that are safe for us retirees (you don’t have to mess with stocks, bonds, mutual funds, etc, if you don’t want to but they can invest your money in anything you like).  Cost: $0.0!

      An investment advisor will do anything you want to pay for but they are mostly highway robbers (yes, even “fiduciaries”).  1% to 2% of AUM?  RIPOFF!  And a small job (RMD only) will likely cost you as much as a big job.

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