Financial Planning Services for Families: 10 Checks for Choosing a Fee-Only Planner

By Kevin Luu, Co-Founder and Chief Learning Officer. Reviewed on 2026-09-30.

Financial planning services for families should cover six things in one coordinated plan: cash flow, tax, equity compensation, investments, protection (insurance, wills, guardians) and the children’s future (529s, custodial accounts, trusts). For a household earning $750,000 to $3 million in California or Washington, the best fit is usually a fee-only fiduciary who charges a disclosed fee, handles all six areas together, and can show you in writing what they will do each year.

This page does not rank firms. A “top 10” list tells you very little about whether a planner fits a two-income family with RSUs, two kids under 12 and a state tax bill in six figures. Instead, below are the 10 checks that separate a real family planning service from a portfolio manager with a planning brochure, plus a worked example at this income level.

What “fee-only” means, and why it matters for this family

A fee-only planner is paid only by the family, through a flat fee, a retainer or a percentage of assets. They take no commissions on insurance, annuities or funds. “Fee-based” sounds similar but usually means the adviser charges a fee and can also earn commissions. Registered investment advisers owe a fiduciary duty of care and loyalty across the whole relationship (SEC Release IA-5248). You can confirm registration and read an adviser’s Form ADV on the SEC’s Investment Adviser Public Disclosure site.

For a high-income W-2 household, the conflicts that matter most are not fund picks. They are a permanent life insurance policy sold as a “tax strategy”, or advice to keep concentrated employer stock because moving it would shrink the assets an adviser bills on. A pay structure with no commissions removes the first conflict. Asking how the fee is set removes most of the second.

The 10 checks for choosing a family financial planner

1. Fiduciary on every account, in writing. Ask for a signed statement that they act as a fiduciary at all times, on all accounts. Dual registrants can act as a broker on some accounts.
2. Clear, total fee. Ask for the all-in annual dollar cost, including fund expenses and any platform fees, not only a percentage.
3. Equity compensation fluency. They should explain, without notes, how RSUs are taxed at vest, how an ESPP qualifying disposition works, and when ISOs trigger AMT.
4. Tax planning, not just tax prep. A planner should model the year ahead (withholding gaps on RSU income, mega backdoor Roth, dependent care FSA) and coordinate with your CPA.
5. State fluency for CA or WA. California taxes capital gains as ordinary income. Washington has its own capital gains tax and estate tax. Generic national advice misses both.
6. Estate and guardianship work. They should check that you have wills naming guardians, a revocable trust where it makes sense, and beneficiary designations that match the plan. They coordinate with an attorney; they do not draft documents.
7. Education funding that fits your tax position. The 529 vs UTMA vs taxable account decision should come with numbers, not a default.
8. Insurance review with no product to sell. Term life and disability coverage sized to the family’s real obligations.
9. A written annual calendar. Open enrollment, RSU vest dates, estimated tax deadlines, 529 contributions and a yearly estate document check, listed with who owns each item.
10. A way to pass on the reasoning. Ask how decisions are documented so your children can later understand why the family did what it did.

Worked example: a $1.1 million household in the Bay Area

Assumptions (illustrative): married, filing jointly, living in California. One spouse is a biotech scientist with $400,000 salary plus $300,000 a year in vesting RSUs. The other is a physician earning $400,000. Two children, ages 4 and 8. $3 million in investable assets, of which $900,000 is employer stock.

Now the fee question. A 1.0% asset fee (hypothetical) on $3 million is $30,000 a year. A flat planning fee of $15,000 (hypothetical) is half that. Neither number is right or wrong on its own. What matters is whether the service does all seven rows above, or only the investment row. If the $30,000 option only manages the portfolio, the family is paying more for less. You can compare typical ranges in our guides on how much financial planning costs and what a wealth manager costs.

How the same family would differ in Washington

A Seattle household with the same pay has no state tax on wages for 2026 (Washington DOR). That changes from 2028: Washington enacted a 9.9% income tax on AGI over $1,000,000, effective January 1, 2028. Selling employer stock is also different. Washington taxes long-term capital gains at 7%, and 9.9% on taxable gains above $1,000,000, after a standard deduction of $278,000 (2025, the latest published figure). Estate planning matters more too: the Washington estate tax exclusion is $3,000,000 for deaths from July 1 to December 31, 2026 ($3,076,000 for deaths earlier in 2026) (DOR estate tax tables), far below the federal $15,000,000 for 2026. A family with $3 million in assets plus a house can be inside that range. A planner who works with Washington families should raise this early.

Common mistakes families make when hiring a planner

• Hiring for investments, getting nothing else. Returns are the part you control least. Tax, equity comp and estate gaps can cost more.
• Accepting “comprehensive” without a list. Ask for the written scope and the annual calendar before signing.
• Letting the stock ride. Vesting RSUs pile up in one company year after year. Without a written sell schedule, the position usually just grows.
• Skipping guardianship. With children under 12, naming a guardian in a will is the one estate document that cannot wait.
• Confusing budgeting help with planning. At this income the issue is rarely spending discipline. It is coordinating a lot of moving parts that nobody owns.

What to document for your children

A good plan answers what to do. It rarely records why. Why you sold the employer stock on a schedule instead of all at once. Why you chose a 529 over a custodial account. Why you picked those guardians. As Kevin Luu puts it: “Your kids don’t need to inherit your portfolio. They need to inherit your decision-making process.” Ask any planner you interview how they help you write those reasons down. At Bright Advisers, that is the job of the FamilyKnowledge® Library, which sits alongside our family governance and Age Five Wealth Education work.

Frequently asked questions

Are fee-only financial planners worth it for a high-income family?

Usually yes when the household has equity compensation, a state tax bill in six figures and young children, because the decisions are connected. The value comes from coordination: tax, stock sales, retirement plans, education and estate documents handled as one plan. If a planner only manages investments, compare that fee with a low-cost index portfolio you could hold yourself.

What is the difference between a financial planner and a wealth manager?

The titles are not regulated, so the label tells you little. In practice, “wealth manager” often means someone focused on managing investments for a percentage fee, while “planner” suggests broader advice. Ask what is in the written scope, how they are paid, and whether they are a fiduciary on every account. Those answers matter more than the title.

Can a planner handle both our 529 plans and aggressive retirement saving?

Yes, and they should model both together. A family at this income can often max both 401(k)s, use a mega backdoor Roth if the plan allows it, and still superfund 529s using the five-year gift election. The trade-off is liquidity: money in retirement and 529 accounts is harder to reach, so the plan should keep enough taxable savings for near-term goals.

Next step

Before you interview anyone, write down your household income, the value of any employer stock, your children’s ages and the three decisions you have been putting off. Bring that list to each conversation and ask the planner to explain how they would handle each one, and what it would cost. If you would like a second opinion on your own numbers, our tax management and estate planning pages describe how Age Five Family Office™ works with families, starting with a Tax & Wealth Assessment.

This is general education, not individual advice. The right move depends on the family’s full picture.

Written by

Kevin Luu

Co-Founder and Chief Learning Officer, Bright Advisers

Kevin has advised high-income W-2 tech and biotech families since 2015, and leads the education-first Age Five Family Office from Brea, California.

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