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Honored Contributor
Posts: 9,305
Registered: ‎06-08-2016

Re: Do you have a financial advisor?

It's just me.

I have a very uncomplicated life.

I have talked to a FP in the past but never pulled the trigger.

There just wasn't anything he could do for me that I wasn't doing for myself.

I don't mind handling money & taxes & such.

I keep up with new laws and have a few trusted friends I can bounce off of.

I use Fidelity for my retirement funds and I  manage that myself.   I've done well.

I guess I'm a control freak type.    

My employer offers an inexpensive vehicle to manage all that but I feel their options are very cookie cutter.    They don't really know ME, they give the same basic advice to everyone, based on their age & salary/assets.  I can get that from the internet.   There are many good sources available for free.    I supposed you get what you pay for.

 


@SeaMaiden wrote:

Just curious how many of you do.  Hubby and I are going to talk to one next week about retirement plans and the best path to take. 


 

Respected Contributor
Posts: 2,857
Registered: ‎03-15-2010

Re: Do you have a financial advisor?


@suzyQ3 wrote:

We divorced our financial advisor and now use Schwab. We've been very pleased with their services.

 

A reminder when looking for a financial advisor: Fee-only.


Hi - we have a meeting with Schwab in early April. What do you like about them and what does "fee only" mean? TIA

Honored Contributor
Posts: 23,835
Registered: ‎03-10-2010

Re: Do you have a financial advisor?


@Shanus wrote:

@SeaMaiden. My husband (who's a tax accountant) is  also a financial advisor. So, yep. I guess I have one.

 

 


@Shanus  That must be nice that your husband can take care of everything and you feel safe. Nice!

Honored Contributor
Posts: 23,835
Registered: ‎03-10-2010

Re: Do you have a financial advisor?


@scatcat wrote:

@suzyQ3 wrote:

We divorced our financial advisor and now use Schwab. We've been very pleased with their services.

 

A reminder when looking for a financial advisor: Fee-only.


Hi - we have a meeting with Schwab in early April. What do you like about them and what does "fee only" mean? TIA


@scatcat   Please explain to me also about FEE ONLY.

Honored Contributor
Posts: 31,240
Registered: ‎05-10-2010

Re: Do you have a financial advisor?

We have 2.....hubby and me. 

Esteemed Contributor
Posts: 7,829
Registered: ‎03-18-2010

Re: Do you have a financial advisor?

Yes, my husband. He is in wealth mangagmenet so he does all of ours. I think it is important for people to get some trusted professional especially in terms of how you handle retirement. Many people retire or plan to retire thinking they will live one way when what they have saved or planned for will not allow for that.

Those who make peaceful revolution impossible will make violent revolution inevitable.
JFK
Esteemed Contributor
Posts: 5,614
Registered: ‎03-09-2010

Re: Do you have a financial advisor?

A "financial advisor" means nothing. It can be a licensed stockbroker, a licensed insurance salesman, an investment banker and on and on. A Certified Financial Planner must be licensed in many states but not all.

 

The term Fee Only, they are meaning flat fee or fee for service. Like an hourly rate or flat rate per trade or transaction. Your other choice is a fee + commission or commission only. You trade say $10,000 in stock, a commission is charged on the value. Not a flat fee. More trades = more cash in their pocket. Not necessarily yours.

 

I had a friend years ago that made me cringe. She would brag about her "money guy" but had no idea if he was a stockbroker, investment banker, etc. She had no idea what they owned, no idea what she was paying in fees or if they were being given solid advice.

 

 

 

 

Honored Contributor
Posts: 8,039
Registered: ‎03-10-2010

Re: Do you have a financial advisor?

No but I'm considering one, I have a very good CPA and have been reading a lot of Tony Robbin's books on finances.  It's been helpful.

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Honored Contributor
Posts: 21,733
Registered: ‎03-09-2010

Re: Do you have a financial advisor?

@SeaMaidenand @scatcat, here is a good definition for a fee-only financial planner from Forbes:

 

"Fee-only financial planners are registered investment advisors with a fiduciary responsibility to act in their clients' best interest. They do not accept any fees or compensation based on product sales. Fee-only advisors have fewer inherent conflicts of interest, and they generally provide more comprehensive advice."
 
@scatcat, we've been them for several years now and have been very pleased with their advice. We have aScwab One Trust Account. We also have a SEP-IRA account that they manage. We have at least quarterly phone meetings with our advisor. He understands our changing needs and advises accordingly.
 
Yes, we pay for the service. But neither of us is willing to take on this job -- he because of a lack of time and willingness and I because of a lack of everything. :-) When we were younger, we did choose our own investments and quickly found that we needed professional help. Now with more money on the table, it's essential for us.
 
I hope it works out for you as well.

~Who in the world am I? Ah, that's the great puzzle~ Lewis Carroll, Alice in Wonderland
Honored Contributor
Posts: 20,648
Registered: ‎03-09-2010

Re: Do you have a financial advisor?

Yes, two.  It works for us.  Smiley Happy