If you’ve listened to Dave Ramsey’s show for more than a week then you’ve no doubt heard about his ELPs – Endorsed Local Providers. These are specialists in several different financial-related areas including Investing, Real Estate, Insurance, Health Insurance, and Tax Services. Dave Ramsey will endorse a specialist in each of these topics in cities and communities around the United States. Well, I finally decided that I want to get an expert to look at our tax situation. We are flirting with the Alternative Minimum Tax, my husband’s commissions are coming in higher than expected, and I’m self-employed. As much as I enjoy doing our taxes (I know, I’m weird like that), it is time for a professional to take over these duties.
The individual was very nice and we chatted on the phone for several minutes. I’ll be meeting with him next month (due to my tight schedule, not his) and we’ll go over our financials and kind of create a plan for the rest of the year with regards to withholding, etc. Then come 2011, we will hire him to do our taxes. The great thing is that this initial consultation is free! Of course I don’t mind paying for services rendered but it is nice to sit down face-to-face with someone, look over our numbers, and plan ahead without having to pay out anything just yet.
So once we meet I’ll be sure to check back in and share my experiences. I have a question for Dave Ramsey listeners, have you ever used one of his ELPs? If so, how did it go?
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I just met with a Ramsey-referred ELP in my area. I’m on step #6 & #7. I’m looking to maximize my investments. I have a variety of 401K, IRA, and personal savings and no debt outside of my mortgage.
This ELP brought out a folder of American Fund investments and that’s the only thing he advised in terms of ‘financial planning’ (i.e. purchase some of these mutual funds that he is peddling for sales fees that he earns upfront).
I am disappointed and surprised Dave would go this route as opposed to fee-based CFP or CPAs, who do not make commissions by suggesting the investments they peddle, which obviously has a bias built in.
I’m going to instead see a fee-only CFP who doesn’t sell any securities, and get an updated investment strategy. Buying some American Fund mutuals at a load of 5.75% isn’t a plan for anyone but the ELP to make some commissions.
Dave is good for teaching people how to budget and stop overspending, but I see that his ‘investment’ advice is not his strong suit. Putting ones’ personal finances in the hands of anyone who has a vested interest in you purchasing specific products is not prudent financial planning.
Do not get suckered into buying an ELP’s products.
Hi Nan,
Thanks for sharing your experiences. I haven’t met with the CPA yet as I’m still able to forecast our taxes pretty well and so I think I may give it another year before we seek out a professional.