Financial Advisors/Consultants
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itsbob
I bowl overhand
Hard to give you a good one.. you have to remember this is how they make a living, and they want to make sure they get the biggest commission they can.Airgasm said:
Is it too compicated to do yourself with a little research? I'm not being facetious, you might save a lot of money doing just a little research yourself.
If you know what kind of IRA you want to put your money into, or how aggressive you might want to be, it's not too much work to do the research and find some no load funds to put your maney into that have great returns.
I would suggest staying away from advisers that are in anyway affiliated with a bank, or an insurance comapany of any kind, and don't be afraid to ask about commission rates, they SHOULD tell you.
LucySnow
New Member
www.bankrate.com has great, impartial articles & advice. you can also look up rates nationwide on all types of loand, CDs, IRAs, etc.
itsbob
I bowl overhand
I understand..
Just did something similar, re-adjusted some investments.. as far as the rollover and the new investment scheme it was all handled by the new companies portfolio management. No cost.
Was no more then a phone call, a signed fax agreement, and the money was rolled over and re-adjusted to the way we wanted to invest.
This works as long as the new company has an investment management company you like of course. I'd talk to them first.
Just did something similar, re-adjusted some investments.. as far as the rollover and the new investment scheme it was all handled by the new companies portfolio management. No cost.
Was no more then a phone call, a signed fax agreement, and the money was rolled over and re-adjusted to the way we wanted to invest.
This works as long as the new company has an investment management company you like of course. I'd talk to them first.
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For one-time questions related to company benefits such as yours, your HR department may be able to get you in touch with a free financial consultant that helps manage the company's benefit plans (same as what Bob said).
For more general financial consulting, I don't know anyone in MD to recommend. The guy I use moved to Florida. As he's very responsive, a decade later, I still rely on him. Slightly off topic but if it helps any, here's what I learned after working with a few financial consulants:
1) Don't go with a consultant who will only help you in one particular area or investment. Make sure your consultant will look at you complete financial picture.
2) Don't go with a consultant who is trying to push his/her company financial services on you.
3) Go with someone you can call anytime and calls you back promptly.
4) Go with someone who will teach you how to fish. You shouldn't have to rely on a financial consulant for months on end. Get someone who will set you up with a plan and give you resources. Then, just go to the consultant once every few years for a finanical checkup.
For more general financial consulting, I don't know anyone in MD to recommend. The guy I use moved to Florida. As he's very responsive, a decade later, I still rely on him. Slightly off topic but if it helps any, here's what I learned after working with a few financial consulants:
1) Don't go with a consultant who will only help you in one particular area or investment. Make sure your consultant will look at you complete financial picture.
2) Don't go with a consultant who is trying to push his/her company financial services on you.
3) Go with someone you can call anytime and calls you back promptly.
4) Go with someone who will teach you how to fish. You shouldn't have to rely on a financial consulant for months on end. Get someone who will set you up with a plan and give you resources. Then, just go to the consultant once every few years for a finanical checkup.
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JabbaJawz
Be about it
This is an old thread that I'll re-visit since I found it in a search! Can anyone who actually uses a financial advisor tell me the actual benefits of doing so? From what I can see:
-They manage all assets to include investment and estate planning (including review of life insurance).
-They consistently review market trends and make recommendations.
I could 'manage' these things, in theory, but don't know much about market trends, fees associated w/various investments, etc...
-They manage all assets to include investment and estate planning (including review of life insurance).
-They consistently review market trends and make recommendations.
I could 'manage' these things, in theory, but don't know much about market trends, fees associated w/various investments, etc...
kwillia
n/a
WTF... You want to be beautiful AND rich... the nerve...
I don't use a financial advisor to directly manage my assets. I'm just not comfortable with that.
I use a financial advisor as a sounding board. I do my own research. But acknowledging that there are other people who know more than me, before I move money around, I run my plan by my advisor first for comfort and consider their recommendations. For example, I was considering withdrawing money from an ESOP because it looked like I would actually be better off doing that than rolling it to an IRA based on Net Unrealized Appreciation rules. So before I move a bunch of assets, I request and consider the advisor's advice.
They're also good at providing a fresh perspective. I like to run my asset allocation and budget by them once in a while. They always come back and tell me something I didn't realize like "I think this stock is worth more than you think", "If you use these companies and funds, you would have lower loads", "You may be able to get a lower interest rate on this loan if you look here.." or "You would be better off flushing your money down the toilet than buying a boat - that way there's no maintenance costs". Well I knew that last bit.
Knowing my situation, my financial advisor often sends me emails with relevant articles. That's also an added bonus and makes me feel like I'm not missing something.