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  1. #1
    Join Date
    Apr 2004
    Location
    Rochester, NY
    Posts
    43,575

    Financial Advisors

    I am considering having my girlfriend and I see some sort of financial advisor. I am very comfortable with my ability to manage my finances, although I know next to nothing in terms of investing. I'm always looking for ways to improve my financial situation. I'd also like to make sure that both of our finances (basic budgeting, goals, credit scores, etc.) are evaluated and to find ways to improve them.

    Has anyone ever had experience with a financial advisor? I'm kind of overwhelmed looking online. Most of them seem to be extensive, and perhaps towards investments and people with large portfolios. I just want to get the basics. Not sure where exactly to look.

    Or perhaps there are alternatives to financial advisors, like workshops or courses?
    Last edited by Driven; 02-11-2019 at 10:12 AM.

  2. #2
    Join Date
    Jul 2008
    Location
    Bushwood Country Club
    Posts
    77,529
    Quote Originally Posted by Driven View Post
    I am considering having my girlfriend and I see some sort of financial advisor. I am very comfortable with my ability to manage my finances, although I know next to nothing in terms of investing. I'm always looking for ways to improve my financial situation. I'd also like to make sure that both of our finances (basic budgeting, goals, credit scores, etc.) are evaluated and to find ways to improve them.

    Has anyone ever had experience with a financial advisor? I'm kind of overwhelmed looking online. Most of them seem to be extensive, and perhaps towards investments and people with large portfolios. I just want to get the basics. Not sure where exactly to look.

    Or perhaps there are alternatives to financial advisors, like workshops or courses?
    Financial advisers require fees, so unless you have a decent amount of money you are looking to use their firm for (example-$50,000+), you may be better off doing a workshop, like Dave Ramsey, or something of that nature. Keep in mind, a financial adviser can help control your 401k, any IRA's, investment accounts, college or trust funds, or pretty much anything for that matter. They can also assist with estates. They usually take a percentage of the account balance quarterly, so your fees are dependent on balance for the most part.

    If it helps, I never used one, but once my wife and I had too much for me to keep up with, I enlisted a financial advisor. It really helped us personally, as far as strategy, and they do thing you forget like re-adjust 401k accounts (who thinks to look at these?), etc.

    If you want the ultimate, you've got to be willing to pay the ultimate price. It's not tragic to die doing what you love.

  3. #3
    Join Date
    Sep 2012
    Location
    Modesto
    Posts
    1,730
    Quote Originally Posted by Hawkeye15 View Post
    Financial advisers require fees, so unless you have a decent amount of money you are looking to use their firm for (example-$50,000+), you may be better off doing a workshop, like Dave Ramsey, or something of that nature. Keep in mind, a financial adviser can help control your 401k, any IRA's, investment accounts, college or trust funds, or pretty much anything for that matter. They can also assist with estates. They usually take a percentage of the account balance quarterly, so your fees are dependent on balance for the most part.

    If it helps, I never used one, but once my wife and I had too much for me to keep up with, I enlisted a financial advisor. It really helped us personally, as far as strategy, and they do thing you forget like re-adjust 401k accounts (who thinks to look at these?), etc.
    The fee I pay is a percentage on profit on investments; he is in the boat with me. He choose the investments, goes over them and why and makes them. Trades are as low as can be. He has had me in cash for the last 3 recessions. Constant slow measured growth, very little down side.


    For smaller amounts Dave is a great suggestion.

  4. #4
    Join Date
    Jul 2008
    Location
    Bushwood Country Club
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    77,529
    Quote Originally Posted by SfgiantsJD3 View Post
    The fee I pay is a percentage on profit on investments; he is in the boat with me. He choose the investments, goes over them and why and makes them. Trades are as low as can be. He has had me in cash for the last 3 recessions. Constant slow measured growth, very little down side.


    For smaller amounts Dave is a great suggestion.
    seems like a risky business model for your advisor, but that can be pretty sweet for you too.

    If you want the ultimate, you've got to be willing to pay the ultimate price. It's not tragic to die doing what you love.

  5. #5
    Join Date
    Nov 2010
    Location
    Annapolis MD
    Posts
    15,124
    I have an Edward Jones financial advisor who has a 401k and some stocks he is managing for me. I usually keep things static here.

    I have a large sum of money with Lombard Securities and a financial advisor who I'm in touch with fairly frequently. The fees are minimal and he keeps everything updated and when under direction, will reinvest some money as well.

    It's well worth it for me, as I keep busy with my own job, family and other things. I also have a financial advisor do my taxes from H&R Block as well.

  6. #6
    Join Date
    Sep 2012
    Location
    Modesto
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    1,730
    Quote Originally Posted by Hawkeye15 View Post
    seems like a risky business model for your advisor, but that can be pretty sweet for you too.
    Its a family deal with our company 401k funds and our personal accounts all on the same scale

  7. #7
    Join Date
    Jul 2006
    Location
    West Covina CA
    Posts
    18,796
    I've talked to a few over the years but don't have enough loot to need one yet. Unless you have a really good amount of money it's probably best to try to find a friend or doing a workshop like Hawk suggested. I know it's overwhelming but there is a ton of good info online too. Youtube is a good place to try.

  8. #8
    Join Date
    Jul 2008
    Location
    Bushwood Country Club
    Posts
    77,529
    Yeah I still recommend Dave Ramsey, only because he is so simple in nature, and offers so many avenues for his workshops. Plus his motto for beginners is so easy-kill debt and learn how to love off the minimum. He forms a community of people that can kinda do it together.

    If you want the ultimate, you've got to be willing to pay the ultimate price. It's not tragic to die doing what you love.

  9. #9
    Join Date
    Jul 2008
    Location
    Bushwood Country Club
    Posts
    77,529
    nearly 60% of Americans have no retirement savings. For the love of god, just get something started, and watch debt. If you start accumulating any real amount of money, financial advisors are worth it.

    If you want the ultimate, you've got to be willing to pay the ultimate price. It's not tragic to die doing what you love.

  10. #10
    Join Date
    Sep 2012
    Location
    Modesto
    Posts
    1,730
    Quote Originally Posted by Hawkeye15 View Post
    nearly 60% of Americans have no retirement savings. For the love of god, just get something started, and watch debt. If you start accumulating any real amount of money, financial advisors are worth it.

    Other than my mortgage which I did a cash out refi right before I paid it off I have no debt, no interest payments

    Having no debt saves a lot of cash.

    The only reason I did the cash out is I didn't want a HELOC for things I wanted to do over 5 years, then have them shut it down if the economy gets squirly again. Its sitting in MF and bond funds earning the same or more than the mortgage.

    I may payoff my mortgage when I retire, its an interesting spreadsheet as I requires me to with withdraw 20k more a year from my 401k which raises my taxes.

    If I keep my mortgage I have 4 more years of cash (years 93-97) than if I pay it off. I could always do a reverse mortgage or sell my house in my late 80's. Or I could get lucky and interest could spike for a few years and get some good CD's.

    I doubt I live much past 88. Family history averages 88.

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