Financial Advisors
What is your general opinion of financial advisors?
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I had one years and years ago. I always ask them where they got their advice? That is when I entered the small little building they had leased and ask them where my retirement money went? I had to approve all trades before the advisor done anything. My statement said zero. About 3 mins later I told his boss to call the law because it was going to get real ugly real quick. I did have a very short fuse that day. Went to the State of SC and filed a complaint. I got my money back. No more advisors. 0 -
I love my financial adviser. This young man, 38,lol, makes me a ton of money each year. He charges me a flat fee of 200 dollars a year. He comes to the house twice a year, to show me our progress and advises us what steps to take from there. I have had the same guy for 12 years now, and absolutely trust him. He is constantly in contact with us. He came highly recommended to us by another business owner. Oak.kimi wrote:What is your general opinion of financial advisors?0 -
The best I ever met was my un-educated hard working Grandpaw, he told me what I needed to do to fully retire at 55.....it worked 
, lots of thinking and work involved and he didn't charge commissions.0 -
Junkballer wrote:The best I ever met was my un-educated hard working Grandpaw, he told me what I needed to do to fully retire at 55.....it work, lots of thinking and work involved and he didn't charge commissions.
+1.... however every advisor I have known.. and used some and background checked the others... were not wealthy. Imagine that. Experts huh?0 -
They have their place, IMO, but I would only use them as an adviser and not a manager.
I have talked to a few over the years, and will consult with at least two as I set everything up for retirement.
Always consult more than one.
Always pay them for their time.
Never (IMO) invest through one.0 -
I've considered doing it as a second career.
I enjoy talking about money. Its one of the few things I have a knack for.0 -
Used to have one back in the 80's when they were mostly "fee based". I paid a fee for their services.
Almost all have changed to all commission or a combination of fee based and commission.
Their commission on average is 1 1/2 to 2 percent. You have to be getting really good returns to cover those fees.
The commission comes out before you get your earnings so they never lose even in a down market.
I use a well known low fee based on line company. Invest in quality investments and leave them alone until you need them.0 -
select-fire wrote:I had one years and years ago. I always ask them where they got their advice? That is when I entered the small little building they had leased and ask them where my retirement money went? I had to approve all trades before the advisor done anything. My statement said zero. About 3 mins later I told his boss to call the law because it was going to get real ugly real quick. I did have a very short fuse that day. Went to the State of SC and filed a complaint. I got my money back. No more advisors.0 -
my replies are not showing, only the quotes from prev????
Have to log in after each submit?????????0 -
kimi wrote:What is your general opinion of financial advisors?
If they are such 'experts' at finances, why the hell are they working and not rich beyond comprehension?0 -
Insurance agents and stockbrokers that title themselves financial advisors, or Estate or Retirement Planners are usually well educated in their occupation, which is SELLING insurance or stocks/mutual funds. They are very commission oriented and often more for their benefit than yours. There are exceptions but they require extreme vetting. Similarly, some bank employee advisers are very motivated to have you set up a brokerage with their bank or buy CD';s or annuities. Better is to have a good flat rate financial planner that does not seek such purchases but rather recommends when you need to seek them. It is just as much about tax strategies, social security options, and budget planning as it is investing. Pay someone an annual rate to encompass all of that . 0 -
the money from my 401 is bening managed by a large financial company and doing quite well. when i was looking for an advisor i would start my conversation with "do NOT try and sell me an annuity, if that is your goal we are wasting each others time" . im almost 70 and i still have an account with 60% stocks. a term you should know and understand is "fiduciary" 0 -
Mine has been great. He calls me whenever a good deal shows up. And will do research on items I am interested in, and advise me whether or not it is a good investment. He's never steered me wrong yet. 0 -
Financial advisors are like dealers in Las Vegas, you have to find one you can play with. One that has your interests at heart as a means to maintain a client as well as make a profit for themselves. 0 -
the best financial advice is 3 little words. don't get divorced 0 -
If you invest thru a reputable firm like Franklin funds or the like they are extremely good at picking the right stuff all you need do is pick the fund that matches your objectives for growth.,, 0 -
I appreciate all of the responses.
What I think I'd like to do is invest toward my son's retirement. Say, if he is eligible for social security fifteen years from now, what might be, in your opinion, some investment type routes to consider?
Rack, FWIW, I think you'd make a great financial advisor.0 -
kimi wrote:I appreciate all of the responses.
What I think I'd like to do is invest toward my son's retirement. Say, if he is eligible for social security fifteen years from now, what might be, in your opinion, some investment type routes to consider?
He needs to figure out what his risk tolerance is to start with.
Once he has done that, Google "3 fund portfolio".
That's a bond fund, a US index fund, and an International fund. The more risk-adverse he is, the more bond exposure he'll want to have.
That's about as simple as one can make it. It can get infinitely more complicated.0 -
If you use one make sure they are a CFP (Certified Financial Planner) and are working as your fiduciary. As mentioned earlier they should be fee based. If one is working for "nothing" they are getting commissions on the products they recommend and may not have your best interest in mind. They may be more interested in their commission than your returns.
Simplest investment portfolio out there is the three fund "Boglehead" portfolio. Determine your risk tolerance which determines your split between stock and bonds. Purchase three low cost index funds. Total US Stock Market fund, Total international stock fund and a global bond fund.70 % stocks 30% bonds are a good mix if you have 15 years to retirement. If you are more conservative you could go 60 stocks 40 bonds. Put between 25% and 40% of you stock portion in international stocks.
Check your allocation between stocks and bonds once or twice a year and adjust as necessary.
https://www.bogleheads.org/forum/viewtopic.php?f=1&t=62110 -
adds new meaning to the work BROKER!!!!!!!!(as in broke from having a broker) 0
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