zevo Posted May 5, 2010 Posted May 5, 2010 Do any of you use the financial advisor at your local bank? I would really like to consult with someone but I am just extremely paranoid about who to trust. I've consulted with a bigger financial institution a few years back but I feel that they are scoring serious cash off of their investors. I dont really know who to trust and I have talked with the Branch Financial Planner at Citizens Bank but have yet to make a serious appointement. Thoughts...recommendations? And no I am not going to give my money to any of you to invest...
meazza Posted May 5, 2010 Posted May 5, 2010 Do any of you use the financial advisor at your local bank? I would really like to consult with someone but I am just extremely paranoid about who to trust. I've consulted with a bigger financial institution a few years back but I feel that they are scoring serious cash off of their investors. I dont really know who to trust and I have talked with the Branch Financial Planner at Citizens Bank but have yet to make a serious appointement. Thoughts...recommendations? And no I am not going to give my money to any of you to invest... Trust no one
zevo Posted May 5, 2010 Author Posted May 5, 2010 Trust no one i know. thats the way i feel. but i dont really think i can adequately manage mine and my wifes.
BillsFanNC Posted May 5, 2010 Posted May 5, 2010 Unless you have very complex tax and estate issues there is no reason that you can't be your own advisor. If you feel like you need one though then I'd recommend a fee only financial advisor. The guy at the bank is most likely not fee only. http://www.napfa.org/ add: by "fee only" I mean an advisor that charges by the hour, as opposed to one that charges a percentage of your assets. If you decide that you may want to attempt doing it yourself these forums are a good place to begin. http://www.bogleheads.org/forum/index.php
LongLiveRalph Posted May 5, 2010 Posted May 5, 2010 My general feeling is to use the Internet, subscribe to Kiplinger's, subscribe to Morningstar, get a solid tax accountant, and do it yourself. (vast generalization) I think with financial advisors that you are giving away money to somebody whose knowledge- above what is readily available for free- is not worth the price. It is a job for them and they may not necessarily have your best interests in focus. They may try to steer you towards their firm's funds and investment tools. There are great financial advisors out there who get a call before their client spends a dollar, and the clients LOVE them. As mentioned above, if you're just looking to diversify, save for retirement, save for kids' college etc. then you can do it yourself, no doubt. Just do your research. If you have financial questions beyond that involving estate, inheritence, and the like, you may want to consult a pro. I'd take a creative, professional tax accountant over a financial advisor ANY day.
zevo Posted May 5, 2010 Author Posted May 5, 2010 Unless you have very complex tax and estate issues there is no reason that you can't be your own advisor. If you feel like you need one though then I'd recommend a fee only financial advisor. The guy at the bank is most likely not fee only. http://www.napfa.org/ add: by "fee only" I mean an advisor that charges by the hour, as opposed to one that charges a percentage of your assets. If you decide that you may want to attempt doing it yourself these forums are a good place to begin. http://www.bogleheads.org/forum/index.php when dealing with a fee-only advisor, do u know how much a general fee is? And how often do you have to meet? Just curious. I would actually feel more comfortable paying an upfront fee rather than a percentage.
Chef Jim Posted May 5, 2010 Posted May 5, 2010 Do any of you use the financial advisor at your local bank? I would really like to consult with someone but I am just extremely paranoid about who to trust. I've consulted with a bigger financial institution a few years back but I feel that they are scoring serious cash off of their investors. I dont really know who to trust and I have talked with the Branch Financial Planner at Citizens Bank but have yet to make a serious appointement. Thoughts...recommendations? And no I am not going to give my money to any of you to invest... Talk to someone you know who has an advisor the really like. Referrals are the best way to go. Oh and don't go with the bank, they'll only sell you bank products.
Chef Jim Posted May 5, 2010 Posted May 5, 2010 when dealing with a fee-only advisor, do u know how much a general fee is? And how often do you have to meet? Just curious. I would actually feel more comfortable paying an upfront fee rather than a percentage. Depends on your assets and the complexity of your plan.
zevo Posted May 5, 2010 Author Posted May 5, 2010 Depends on your assets and the complexity of your plan. Right now I am 27 and married. I have been investing into my 401k at the max the government will allow me and my wife is as well (she is 29). I also contribute 8% to my employers stock purchase plan because I am currently making nearly 12$ for every share I purchase (of course that will change with the next offering period). My 401k was set up 2 years ago by a financial planner that was a relative of a friend and hasnt been altered since. I liked him but he worked for AXA which is a real big investing company which most likely means I would some how be getting screwed. That is the extent of my investing.
taterhill Posted May 5, 2010 Posted May 5, 2010 Right now I am 27 and married. I have been investing into my 401k at the max the government will allow me and my wife is as well (she is 29). I also contribute 8% to my employers stock purchase plan because I am currently making nearly 12$ for every share I purchase (of course that will change with the next offering period). My 401k was set up 2 years ago by a financial planner that was a relative of a friend and hasnt been altered since. I liked him but he worked for AXA which is a real big investing company which most likely means I would some how be getting screwed. That is the extent of my investing. What do you consider "getting screwed" This is a serious question.
zevo Posted May 5, 2010 Author Posted May 5, 2010 What do you consider "getting screwed" This is a serious question. Basically someone using my money for their own benefits and not for the best interest of my financial future.
zevo Posted May 5, 2010 Author Posted May 5, 2010 Also my company does offer a service offered by financial engines that you basically give control of your 401k to them and they make adjustments and take out a percentage based on the value of the 401k. The larger it grows the higher the percentage.
taterhill Posted May 5, 2010 Posted May 5, 2010 Also my company does offer a service offered by financial engines that you basically give control of your 401k to them and they make adjustments and take out a percentage based on the value of the 401k. The larger it grows the higher the percentage. Who is the investment company for your 401k? What % does that company charge? I have found that 401k plans are the secret ripoff that not many people really complain about...
zevo Posted May 5, 2010 Author Posted May 5, 2010 Who is the investment company for your 401k? What % does that company charge? I have found that 401k plans are the secret ripoff that not many people really complain about... I actually dont know.
HopsGuy Posted May 5, 2010 Posted May 5, 2010 Talk to someone you know who has an advisor the really like. Referrals are the best way to go. Oh and don't go with the bank, they'll only sell you bank products. This is the best advice you'll get here on the subject.* And yes, I'm in the biz. *That said, yes you can do it yourself. There is a wealth of information out there for free. You just have to find it.
Chef Jim Posted May 5, 2010 Posted May 5, 2010 This is the best advice you'll get here on the subject.* And yes, I'm in the biz. *That said, yes you can do it yourself. There is a wealth of information out there for free. You just have to find it. That's the problem, there is too much information for the uneducated who want to do it themselves. For every book or website that says one thing is good there is another book or website that says it's not. Because of that people tend to do nothing or the wrong thing. I sat down with a very good CPA today and he said he saw a ton of very wealthy people that liquidated a lot of their portfolios in March 2009. Perfect example of people doing the wrong thing.
zevo Posted May 5, 2010 Author Posted May 5, 2010 That's the problem, there is too much information for the uneducated who want to do it themselves. For every book or website that says one thing is good there is another book or website that says it's not. Because of that people tend to do nothing or the wrong thing. I sat down with a very good CPA today and he said he saw a ton of very wealthy people that liquidated a lot of their portfolios in March 2009. Perfect example of people doing the wrong thing. Chef you hit the nail on the head. I am not financially savy and I dont need to act like I am. I went to school to be a pharmacist not a CPA. I dont know about annuities and I wouldnt expect my CPA to know about Moxatag. I believe in paying for professional advice but, advice that benefits my financial goals and not what is in the best interest of the advisor. I guess from the info I gathered from this thread I will avoid the bank financial planner and sit back down with the one who did my 401k originally.
Chef Jim Posted May 6, 2010 Posted May 6, 2010 Chef you hit the nail on the head. I am not financially savy and I dont need to act like I am. I went to school to be a pharmacist not a CPA. I dont know about annuities and I wouldnt expect my CPA to know about Moxatag. I believe in paying for professional advice but, advice that benefits my financial goals and not what is in the best interest of the advisor. I guess from the info I gathered from this thread I will avoid the bank financial planner and sit back down with the one who did my 401k originally. Don't necessarily go with your 401k person. Do you know anyone who has done well financiall? Dad, uncle, brother, friend who is using an advisor? I still think you need to ask around your area for a referral. Or PM me and I can help you with questions to ask whoever you sit down with.
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