5 ways to reduce your financial planning costs

3. ROBO-ADVISORS If technology is your thing and you’re looking for a free or low-cost way to manage your portfolio, consider a robo-advisor. In some cases, you’ll have little or no

interaction with a human. Based on your individual circumstances, these programs use algorithms and software to build and manage your portfolio and may automatically rebalance and optimize

it for taxes. Some, including SoFi Automated Investing and Ally Managed Portfolios, charge no management fee. Others may charge an AUM fee of between 0.25 per cent to 0.50 percent. Both

Fidelity Investments and Schwab offer robo-advisors. Fidelity charges no fee for its Fidelity Go robo-advisor for balances up to $25,000, but 0.35 percent a year for balances over $25,000,

which includes an unlimited number of one-on-one coaching calls. Schwab charges no fee for using its Schwab Intelligent Portfolios robo-advisor, but you will pay a fee if you want to talk

with a CFP. 4. ONLINE FINANCIAL PLANNING These services offer customized planning, along with investment management sessions conducted over the phone or via a video service. They may charge

you an AUM fee, or a flat fee that starts at about $1,000 a year. You may be asked to pay for financial planning and investment management separately. Betterment Premium, for example,

provides unlimited phone access to CFPs. The account minimum is $100,000. Empower and Facet Wealth offer a dedicated CFP who works with you to build your investment portfolio and create a

complete financial plan, and their fees reflect the cost. Empower’s management fee ranges from 0.49 percent to 0.89 percent, and a minimum balance of $100,000 is required. Facet’s fee starts

at $2,000 per year, with a free initial consultation included. For an all-in-one approach, Range offers a menu of services, including financial planning, investments, saving for college,

taxes, estate planning, retirement and insurance optimization. You can purchase a membership for $2,400 per year or $4,800 per year for various services. The investment management fee is

0.25 percent. 5. TARGET-DATE FUNDS Your main goal is to invest for retirement, you want to keep it as simple as possible, and you know when you want to retire. Consider a target-date

retirement fund, also known as a target-date fund or a life cycle fund. These funds are designed to be long-term investments for people with a retirement date in mind and are named as such,

for example, Portfolio 2030, Target 2030 or Retirement Fund 2030. They are often mutual funds that offer a mix of stocks, bonds and other investments that gradually shift according to the

fund’s investment strategy, becoming more conservative as the target date approaches. In the end, target-date funds, which are often available through 401(k) plans, may be the cheapest way

to go for those who are simply worried about where to invest their money. THE ABCS OF FINANCIAL PLANNING You wouldn’t go to a doctor who doesn’t have a medical degree, and you probably

shouldn’t go to a financial adviser or planner who hasn’t earned accepted credentials. Here are a few of the most common financial planning designations. CFA: CHARTERED FINANCIAL ANALYST. 

The CFA designation is given to people who have passed three extremely difficult tests and satisfied experience requirements. CFP: CERTIFIED FINANCIAL PLANNER. CFPs have passed a rigorous

test on many aspects of taxes, estate planning and investments, and must participate in continuing education programs to maintain their skills and certification. CHFC: CHARTERED FINANCIAL

CONSULTANT. Like CFPs, ChFPs take a holistic look at their clients’ overall financial life and help them reach their goals with an amount of risk that’s comfortable for them. PFS: PERSONAL

FINANCIAL SPECIALIST. This designation is for certified public accountants (CPAs) with additional training in financial planning.  For help in finding a financial adviser who will put your

interests first, use ​AARP’s Interview an Advisor tool.​