Re: Process I am going through to find a new finan... - Page 4

MaggieMack · ‎10-01-2014

When my DH passed eight years ago, I went with an advisor recommended by friends. He has been our state's top advisor for several years running, according to Forbes. I trusted him with my money, but I never bonded with him, and for some odd reason I just felt uncomfortable during our meetings. So, I knew he had a female advisor in his firm, and I asked for her to be my advisor. A world of difference! She understood me, listened, didn't judge, didn't overwhelm, and has become a friend I meet for lunch a few times a year.

Just a thought, @KathyPet, that you might feel better with a competent female advisor.

No act of kindness, no matter how small, is ever wasted. - Aesop

halfpint1 · ‎03-10-2010

My dh also passed away this Feb. He was with a financial advisor for 30 years and was satisfied with him and had different accounts. He is at Wedbush but the man was at a different company first. I did have to send a death certificate and most of the accounts were joint. If you have children and want the money to go to them upon your death put their name on as beneficiary. I do not reccommend an annuity. I know how difficult this is if not knowledgable for I am not either. Good luck if you do not want to stay with the original company.

novamc1 · ‎07-02-2015

Please look up "independent fee-based financial advisors" on the internet and find a few in your area who should readily agree to give you a FREE upfront analysis of your financial situation and assets and then explain their services to you.

Forget, for now, dealing with the big financial institutions that you have mentioned in your post and find a person whose sole responsibility is NOT to sell you new investments that generate profits for his/her own company, , but to review what you have and make suggesttions for improvement, if possible.

If you hire one of these independent advisors and this costs you 1 percent of your total account's value per year, that is very close to and maybe less than what you already are paying the companies to manage your existing retirement accounts. Owning mutual funds is NOT free, and I assume you have mutual funds in your retirement account and might not be aware of these sometimes hidden fees.

Good luck for a prosperous (and well-managed) financial future!

Nuttmeg · ‎03-09-2010

I found two sites with info about investing and money.

https://www.benefitscheckup.org/

https://www.finra.org/investors

Kalli · ‎03-11-2010

My financial advisor wouldn't give me detailed info either. I was discussing putting some retirement money with his firm and he gave me general ideas but not actual details.

I decided to go with him anyway. In the grand scheme, it's not that much money. If I could've taken it out without penalty and invested it on my own, DH and I would've done that. But I'll have to pay tax on it so I'll leave it there for now.

CelticCrafter · ‎03-09-2010

I dread the day when our financial advisor decides to retire.

We have been together for years and followed him from firm to firm.

He knows our investing habits so well that if we say to him, we have this much $ that we want to do something with, he will not buy something just for the sake of buying it. He waits until he finds something that knows will suit our needs.

athenian · ‎03-18-2012

@CelticCrafter I'm right there with you. I do have a plan for when ours finally retires, but I really dread it.

In the long run, it is the person, not the firm, that makes the difference.

shorelady · ‎03-10-2010

Kathy Pet:

I don't post as often as I used to, but occasionally browse through the threads. I do remember your story about losing your husband. I lost mine two years ago next month. As if losing him wasn't devastating enough, I had to endure unnecessary problems caused by the professional people I had trusted for so long.

Without going into detail, my financial advisor turned into a totally different person after my DH passed away. DH had taken every step necessary to ensure that I would be taken care in the event of his death and signed every paper required to do so. Long story short, I had to hire an attorney to ensure that everything was in my name and that my financial advisor stop constantly calling me insisting that I need other paperwork to be completed and that I needed to complete tax documents before they transferred everything over to me.

I eventually found a new financial advisor. I did stick with the same organization, but at a toally different site. I asked many friends about who they had. That was the only solution I could come up with regarding my situation. When I did change advisors, I got a phone call from the former advisor. He was angry as a wet hen. I think most of all he was angry that he thought as a widow (a word I will never get used to), I was at my most vulnerable and do everything he requested. I do believe some will try to take advantage of the situation, but I stood my ground and refused to make him my advisor again. After being rude, he changed his tune and started tugging at my heart strings about my DH. But I was finished with him.

I have the new advisor close to a year. So far, so good. But you never know what can change. Again, I relied on friends and their recommendations. I felt doing it myself was not the choice for me. I do hope you find satisfaction with whomever you choose.

What hurt me and also angered me the most that DH left this world thinking I would be okay financially without going through what I did.

glorybe · ‎03-10-2010

@KathyPet, I did not read the previous posts, but can tell you I went through a similar situation after my hubby died suddenly. Before that time, we had taken our money out of Fidelity and rolled it over into an Annuity associated with our Bank. This happened shortly before hubby passed, so it was done with both of us present. We knew it was time to get it into a secure account where the money earned would be less, but no risk to it!

It has served me well. I am able to receive an amount I requested monthly to supplement my income to where I was comfortable with the amount to live on. I have not had one bit of trouble with it. I am free to take out funds anytime at my discretion if needed. This is working very well for me. I hope you find an answer for yourself, just giving you my experience.