Financial Planners

[Thunderbroom]

My wife and I are in serious need of sitting down with a financial planner. I've handled our finances in the past but am doing a mediocre job at best. My wife met some guy somewhere who works for Ameriprise. I just get a creepy feeling as I had an unpleasant experience with Primerica in the past. The Ameriprise guy wants to stop by on Friday afternoon as he's passing through town. I know nothing about the company and am always leary of someone working on commission.

 

Any suggestions on how to proceed? Do any of you pay a planner? Was this person an independent person or did they work for someone like Schwab, T. Rowe Price or the like?

[willsellout]

My brother in law works in that field and I can tell you, they have some really good ideas about how your money can work for you. We sat down with him and had an eye opening session. If you find the right person, I'm sure you could learn some good stuff.

 

 

 

Dan

[Thunderbroom]

 

My brother in law works in that field and I can tell you, they have some really good ideas about how your money can work for you. We sat down with him and had an eye opening session. If you find the right person, I'm sure you could learn some good stuff. Dan

 

 

I agree. I'm concerned with finding someone I can trust and not someone that is just interested in pushing his/her product.

[BeeTL]

You're a bright guy.

 

Run away...very fast.

 

Seriously, now is NOT the time to be in a hurry.

 

Subscribe to Kiplinger's Personal Finance and Consumer Reports Online.

 

Lots of good, fundamental information there.

 

I'm biased towards low net cost index funds like Vanguard, but now is not the time to get in.

 

There's just so much to learn, and a "Financial Planner" is just a salesperson.

 

As such, there is no way they can AFFORD to be a good steward of your money.

 

There is not enough transaction activity in "doing the right thing", unless you have an exceptionally high net worth already.

 

How much would you be willing to spend annually on a fee-based advisor? $1,000? $5,000?

 

$1000 gets you an initial financial plan from a decent fee-based advisor, and a push to buy back-end loaded funds.

 

Eventually they all want "assets under management".

 

Unless you want to spend $$$ on a fee based advisor, you can do better on your own.

[Kindness]

 

You're a bright guy. Run away...very fast. Seriously, now is NOT the time to be in a hurry. Subscribe to Kiplinger's Personal Finance and Consumer Reports Online. Lots of good, fundamental information there. I'm biased towards low net cost index funds like Vanguard, but now is not the time to get in. There's just so much to learn, and a "Financial Planner" is just a salesperson. As such, there is no way they can AFFORD to be a good steward of your money. There is not enough transaction activity in "doing the right thing", unless you have an exceptionally high net worth already. How much would you be willing to spend annually on a fee-based advisor? $1,000? $5,000? $1000 gets you an initial financial plan from a decent fee-based advisor, and a push to buy back-end loaded funds. Eventually they all want "assets under management". Unless you want to spend $$$ on a fee based advisor, you can do better on your own.

 

 

Excellent advice.

[Emprov]

We hooked up with a finance guy about 5 years ago, best financial move we've made. Before that, I read, studied, compared stocks and really tried to be well diversified. The first time we got together with our guy, he pointed out that we were in serious need of diversification. Really frustrating to hear but it was a huge lesson for me.

 

My advice? Ask around and grab as many names as you can, and start war dialing. I interviewed 25 or so before we agreed to meet with someone. Before you do that though, think long and hard about what your goals and how conservative or aggressive of an investor you are. When you do call, ask for references, history, if they've been sued, etc... don't pull punches. Getting a finance guy can remove a lot of stress from your life, but they can also seriously mess you over so do the leg work and you should get a good one.

[jasper383]

Please avoid any salesperson who makes commission from selling you things. Their goals are not yours.

 

Please avoid people selling insurance as an investment.

 

I would suggest a fee-only based financial planner.

http://www.napfa.org/

 

My investments are all with Vanguard, and they offer financial planning advice, as well.

[Thunderbroom]

 

Excellent advice.

 

 

I have investments. No-load mutual funds. Stocks. A retirement plan through work.

 

My problem is I don't have a PLAN. I need advice on how to reach my goals. I can do the investing on my own.

 

I've read/studied extensively on the subject over the last 15 - 20 years. I need someone to paint me a picture because right now it looks like a Monet.

[Wanderlusterer]

Here's some info from their website:

 

 

 

Know the cost of investment advice

 

If you hire an investment advisor, make sure you ask how

[jasper383]

 

I have investments. No-load mutual funds. Stocks. A retirement plan through work. My problem is I don't have a PLAN. I need advice on how to reach my goals. I can do the investing on my own. I've read/studied extensively on the subject over the last 15 - 20 years. I need someone to paint me a picture because right now it looks like a Monet.

 

 

Excellent. You are in better shape than 90+% of investors out there already.

 

You should interview several fee based financial planners, and see which one you like best. If one tries to sell you anything (especially any kind of "product"), don't hire them.

[Perfessor]

A high percentage fixed fund will perform as well as most stock funds witrhout the risk. The stock funds % growth as shown in the paperwork they always send me shows that in the short term the stock funds can outperform fixed funds but over a 10 year stretch they are better or worse by only a percentage point. I know two people who lost big just before retirement in a "downturn". They postponed retiring until their funds caught back up. Of course the planner still gets his cut......

[ezstep]

Beware of financial planners who go door-to-door...

Beware of dentists whose office is a trailer....

[chugheshc2]

ameriprise used to cold call me and offer me a job working for them.

I think they scanned my name off of monster.

I am a Unix Administrator - wtf do I know about investments?

Run. Fast. Now.

Take your money to the horse track maybe.

Seriously, if you are in no load mutuals and part of a large 401K, isn't that pretty much all you can do?

(besides buying silver and ak-47s and digging a bunker stuff).

C.

[Thunderbroom]

 

Seriously, if you are in no load mutuals and part of a large 401K, isn't that pretty much all you can do?

 

 

I've got a very small IRA. I have a small Schwab account. We're talking a few thousand combined. My wife has some stock that we HAVE to cash in due to the company being sold. It's being held by the State of Florida. I have a teacher's retirement plan that I don't fully understand. I have no 401k; however, I can set up a 403b but haven't done so. My wife also has some stock in her name. She also has a teacher's retirement account that we don't know much about since she quit her job about 13 years ago.

 

We need to talk with someone to help us figure all this stuff out and possibly see about consolidating it down.

[catphish]

This thread is a painful reminder that I really need to roll all my old 401k and IRa plans into one. ugh.

[Emprov]

 

I've got a very small IRA...

 

Weren't you in the military also? Is there any pension from that? In any case, coming up with a plan will be pretty sobering and implementing a plan to reach reach your goals may hurt a bit in the beginning.

[Emprov]

This thread is a painful reminder that I really need to roll all my old 401k and IRa plans into one. ugh.

Make the call to start the wheels moving today, seriously.

[Kindness]

 

I've got a very small IRA. I have a small Schwab account. We're talking a few thousand combined. My wife has some stock that we HAVE to cash in due to the company being sold. It's being held by the State of Florida. I have a teacher's retirement plan that I don't fully understand. I have no 401k; however, I can set up a 403b but haven't done so. My wife also has some stock in her name. She also has a teacher's retirement account that we don't know much about since she quit her job about 13 years ago. We need to talk with someone to help us figure all this stuff out and possibly see about consolidating it down.

 

 

Yes you do.

[catphish]

 

Make the call to start the wheels moving today, seriously.

 

 

I think I will.

[WillPlay4food]

 

I've got a very small IRA. I have a small Schwab account. We're talking a few thousand combined. My wife has some stock that we HAVE to cash in due to the company being sold. It's being held by the State of Florida. I have a teacher's retirement plan that I don't fully understand. I have no 401k; however, I can set up a 403b but haven't done so. My wife also has some stock in her name. She also has a teacher's retirement account that we don't know much about since she quit her job about 13 years ago. We need to talk with someone to help us figure all this stuff out and possibly see about consolidating it down.

 

 

You have the ability to start a 403(b) but haven't yet? Does your employer match your dollars at all? If so, you're throwing free money away. A 403(b) is basically the same as a 401(k), except your employer must be non-profit to offer 403(b) plans.

[Thunderbroom]

 

You have the ability to start a 403(b) but haven't yet? Does your employer match your dollars at all? If so, you're throwing free money away. A 403(b) is basically the same as a 401(k), except your employer must be non-profit to offer 403(b) plans.

 

 

My employer does not match.

[Svi]

PM Sent. We have a great advisor, I sent you his info.

[catphish]

What does a financial adviser charge? ball park.

[Bassius]

My wife and I are in serious need of sitting down with a financial planner. I've handled our finances in the past but am doing a mediocre job at best. My wife met some guy somewhere who works for Ameriprise. I just get a creepy feeling as I had an unpleasant experience with Primerica in the past. The Ameriprise guy wants to stop by on Friday afternoon as he's passing through town. I know nothing about the company and am always leary of someone working on commission. Any suggestions on how to proceed? Do any of you pay a planner? Was this person an independent person or did they work for someone like Schwab, T. Rowe Price or the like?

 

be your own planner. it's simple

 

 

check this out

 

 

www.daveramsey.com

 

also on the right of the page check "elp" endorsed local providers. to find a good referenced of whatever you need in your area...

[bassman1956]

 

be your own planner. it's simple check this out www.daveramsey.com also on the right of the page check "elp" endorsed local providers. to find a good referenced of whatever you need in your area...

 

 

 

Have you taken their classes, either on-line or locally?