topic Re: How to find best financial advisor for you in Community Chat

How to find best financial advisor for you

novamc1 — Sun, 18 Mar 2018 09:22:37 GMT

https://www.ajc.com/business/how-find-advice-only-financial-advisers/yFBqofjw8WkUuSX7HKaGXK/

Re: How to find best financial advisor for you

gidgetgh — Sun, 18 Mar 2018 11:15:24 GMT

I think I'm in the minority I guess, but I'm our financial advisor.

My parents never had one and they did ok. We don't have one and we do fine. It's not one of those things that ever occurred to me that we needed to have.

Re: How to find best financial advisor for you

OKPrincess — Sun, 18 Mar 2018 12:18:17 GMT

I don’t know much about advisors but a tightwad co-worker of mine years back told me about his advisor (nationally known). He and his wife have been with this company 30 years. DH and I were able to retire at 62. Biggest advice is to put into your 401k max amount yearly, pay off any credit cards and basically get things in order. Once your in right frame of mind you’d be surprised of the things you really don’t need.

Re: How to find best financial advisor for you

151949 — Sun, 18 Mar 2018 12:50:57 GMT

@gidgetghwrote:
I think I'm in the minority I guess, but I'm our financial advisor.

My parents never had one and they did ok. We don't have one and we do fine. It's not one of those things that ever occurred to me that we needed to have.

We know absolutely NOTHING about the stock market or how to invest money etc. My cousin was a broker and she did all our investing for us until she died from cancer at only 41 years old. Then we asked around among our friends and found someone a few were using, liked, & were very satisfied with the results. We went with him , have been with him for years now and have done well.Something good for us about him is , he is only in his 30's so he will most likely be around for the rest of our lives.

Re: How to find best financial advisor for you

gidgetgh — Sun, 18 Mar 2018 13:11:52 GMT

@151949wrote:
@gidgetghwrote:
I think I'm in the minority I guess, but I'm our financial advisor.

My parents never had one and they did ok. We don't have one and we do fine. It's not one of those things that ever occurred to me that we needed to have.

We know absolutely NOTHING about the stock market or how to invest money etc. My cousin was a broker and she did all our investing for us until she died from cancer at only 41 years old. Then we asked around among our friends and found someone a few were using, liked, & were very satisfied with the results. We went with him , have been with him for years now and have done well.Something good for us about him is , he is only in his 30's so he will most likely be around for the rest of our lives.

@151949- that’s great. It works for you. I kind of do know a little bit about the stock market, though I currently don’t own any stocks.

And I’m sorry about your cousin. She was very young.

Re: How to find best financial advisor for you

shoekitty — Mon, 19 Mar 2018 05:46:22 GMT

Our cpa is in wealth management as well. We love him, and he has done our taxes well for almost 30 years, we went with him. We just do not want to manage the funds now, maybe later! It took us amost 2.5 months to get the 401k out, and do a bunch of stuff and hand it over to advisor. We just now got a monthly payment, whew. With retiring,so quick, my husband was a stressed mess. Not that I didnt tell him to wait a few months, retiring in 6 weeks is a race against time. He is 72. It was time...but 6 weeks????

Re: How to find best financial advisor for you

ccassaday — Sun, 25 Mar 2018 15:53:03 GMT

My parents have one. When my dad retired he had a substantial 401k and pension. He was kind of lost on what to do with them after retirement. About a year before he retired he was watching our local pbs station and they had a young man only in his 30’s who was certified in retiremrnt planning. He called them and they were giving out a free consultation if you had over a certain amount to invest. He made a appointment and the rest is history. He is very good. He even asks you to come in every few months to review their investments. He has it set up where they get a pretty big amount every month which is basically just the interest on what is invested. If they need to take our a sum of money for something they can take out so much a year on top of their monthly income. So between the income they get from this and their SS they can live a nice retirement life.

Re: How to find best financial advisor for you

shoekitty — Mon, 26 Mar 2018 05:40:09 GMT

If the market keeps falling we ma not have much to worry about.

Re: How to find best financial advisor for you

SilleeMee — Mon, 26 Mar 2018 12:32:42 GMT

I just scheduled an appointment with a 'credit councelor', not because I need help with my spending but rather as a way to get some information about my options when it comes to borrowing money during my senior years. I am looking forward to this session. I think it will help me make some very important decisions about my financial future.

Re: How to find best financial advisor for you

Wiskota — Mon, 26 Mar 2018 16:32:49 GMT

Better take another look - it is currently up 409 points.

Re: How to find best financial advisor for you

esmeraldagooch — Mon, 26 Mar 2018 17:05:11 GMT

We have a financial advisor but just hired a aditional fiduciary for non biased advice. We are really liking this guy who has no skin in the game.

Re: How to find best financial advisor for you

Catiele — Mon, 26 Mar 2018 19:30:35 GMT

This is a very serious question for all of us. Personally we wouldn’t have one if my son wasn’t a financial advisor. We have worked hard, always lived within our means. If you own a home and are dept free with a steady income I wouldn’t think you need one. We all know that things can change with one serious health problem. If you think you need one shop around. Talk to his clients if that is possible. My son cares about his clients that’s for sure. Good luck with whatever you decide.

Re: How to find best financial advisor for you

FuzzyFace — Fri, 30 Mar 2018 16:38:14 GMT

@esmeraldagoochwrote:
We have a financial advisor but just hired a aditional fiduciary for non biased advice. We are really liking this guy who has no skin in the game.

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1) You are SMART.

2) If I wanted a financial advisor that's also a fiduciary, I'd talk to someone at my bank. They may not have the kind of advisor/fiduciary I need but they could probably point you in the right direction. Or call an investment company (Ameriprise is the only one I can think of right now but there's other ones too) and also do your research on the web.

Good luck to you and congratulations on thinking ahead. When DH and I got married 30+ years ago, we didn't have two pennies to our names, and we didn't get started on saving for retirement till we were in our 40's. Thanks for an advisor who is also a fiduciary, we're retired and in pretty good shape.

Re: How to find best financial advisor for you

sissel — Sun, 01 Apr 2018 04:47:43 GMT

There is a difference between advisor & investor. Advisor will tell you what you need to invest but it's up to you to take advice, investor will invest for you & take commission. Most people don't understand money and just let investor do it & pay commission. I will say if retired or getting ready, pay off your house. Soc.Sec you can't live off of it. Hope you have money in banks like 401K. Medicare & supp. medicare (which you need) will be taken out of your soc sec check. also soc.sec does not take taxes out you have to do that at the end of the year. Everyone should have a ROTH whatever age, now retired we can't put any more money into it now, if before 55yrs take interest money out you pay fine & taxes (not good to do that) but any money you pay into it you can take it out without penalty like a savings acct but better interest. Never have a savings acct only get 2% interest get a ROTH. My 29yr daughter has it but we told her that you take out what you put in not the interest. Also go to a place like a Fidelity or some other bank that does more than banking, they do all this stuff. My bank investor said to spend money & I said well what about assist living I need to be aware of this. He had no concern for that. Very strange, they do banking but find something that is just more than banking. It's your money be aware of what is going on.

Re: How to find best financial advisor for you

Carmie — Sun, 01 Apr 2018 05:09:20 GMT

@sissel When you have SS, you can elect to have Federal taxes deducted from it each month so you don’t get stuck with a bill at the end of the year.

You have to fill out a form and send it in on your own. The information is on the SS website.

Re: How to find best financial advisor for you

sissel — Sun, 01 Apr 2018 07:37:19 GMT

Never knew that, by the time they take the taxes & medicare I have ******. but will look into this. thank you, hate to wait til end of year to report taxes, never knew this. thank you