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9/22/2017 12:11:25 AM
Posted: 9/13/2010 6:47:26 PM EDT
So my wife and I meet with a financial planner for the first session where we go over all of our stuff. Next week we go back to see what he recomends.
My question is how do I tell if he is legit and is not going to put all of our money in inflatable doll stock?
I did a internet search on the guys name and company, Householder Group. Nothing to be found other than the usual stuff. Any suggestions?
Link Posted: 9/13/2010 6:53:31 PM EDT
How does he make his money, through commission or by selling you insurance? That is a start and read the prospectus if he is elling you a mutual fund.....and you probably don't want to but the term insurance if that is what he is selling you.
Link Posted: 9/13/2010 6:56:45 PM EDT
Originally Posted By CPTCARL:
How does he make his money, through commission or by selling you insurance? That is a start and read the prospectus if he is elling you a mutual fund.....and you probably don't want to but the term insurance if that is what he is selling you.


This. Fee-only planners will charge you a flat rate for their time for investment advice. It is a conflict of interest if they benefit from you selecting certain products.
Link Posted: 9/13/2010 6:59:54 PM EDT
read up on whole life insurance and annuities and i bet that is what the sales pitch will be. maybe some mutual funds you can get anywhere. fwiw i told my wife if i croak avoid getting involved with financial planners. not saying there aren't good ones out there but the ones I know do not fall in that category.
Link Posted: 9/13/2010 7:11:58 PM EDT
[Last Edit: 9/13/2010 7:12:28 PM EDT by Veracity]
Remember, 99% of them are there to sell you something. If this guy was a great financial wiz, he wouldn't be wasting his time doing financial planning for others.

Oh, and he'll tell you to diversify.....by the way.
Link Posted: 9/13/2010 7:12:31 PM EDT
F%^& whole life. Buy term when you need it until your investments can cover the same amount.
Link Posted: 9/13/2010 7:41:54 PM EDT
[Last Edit: 9/13/2010 7:43:34 PM EDT by David4327]
Check with your State Board of Insurance and FINRA by looking up his name on both websites.FINRA will have records of his employment history and if he has had any written complaints or convictions for things like DWI.

He will either be commission or fee based. If he is fee based 1% to 1.50% annually is normal. If he is commission based you will pay up to 5% in up front loads on mutual funds depending on how much you invest. Does he have discretionary trading authority on your account? That means he can trade at will. You probably don't want to give him that authority.

How long as he been in the business?
How long has he been with his firm?
Does he offer insurance and investment products?
How many clients does he have?
How much in assets does he have under management?
How often will he contact you?
How often can you expect account reviews in person or over the phone?
If he talks more about insurance than investments you are dealing with an insurance agent not a financial advisor.
Is he Series 7, 63 and Insurance licensed?

That should give you the basics.
Link Posted: 9/13/2010 7:42:03 PM EDT
I actually have a level term insurance policy for quite some time now so insurance is not on the table. Yeah, I get that he has to be paid somehow, just dunno how. He has mentoned several tax changes that would beneift me and the wife when we start drawing out our money, and inherantance tax changes to minimize the tax on inheantance.

thanks.....
Link Posted: 9/13/2010 7:46:40 PM EDT
If the person asks for YOUR money.... He's out to fuck ya.
If he wants to steer where YOUR money is parked>>> He's out to fuck ya.
Financial planning is vastly over rated.
Do your OWN research, use your HEAD and resources available to all of us.
It's your money, trust your own judgement, and no one elses.
Link Posted: 9/13/2010 7:57:03 PM EDT
[Last Edit: 9/13/2010 7:57:41 PM EDT by _Soggy_]
http://www.cfp.net/search/

I would suggest the planner having one of these.
Link Posted: 9/13/2010 8:01:27 PM EDT
Originally Posted By David4327:
Check with your State Board of Insurance and FINRA by looking up his name on both websites.FINRA will have records of his employment history and if he has had any written complaints or convictions for things like DWI.

He will either be commission or fee based. If he is fee based 1% to 1.50% annually is normal. If he is commission based you will pay up to 5% in up front loads on mutual funds depending on how much you invest. Does he have discretionary trading authority on your account? That means he can trade at will. You probably don't want to give him that authority.

How long as he been in the business?
How long has he been with his firm?
Does he offer insurance and investment products?
How many clients does he have?
How much in assets does he have under management?
How often will he contact you?
How often can you expect account reviews in person or over the phone?
If he talks more about insurance than investments you are dealing with an insurance agent not a financial advisor.
Is he Series 7, 63 and Insurance licensed?

That should give you the basics.


Good advice. Also check with your state's securities commission.
Link Posted: 9/14/2010 2:38:05 PM EDT
FINRA broker check has him listed
Series, 24, 7, 66.
There are two complaints against him both closed/no action, someone was unhappy with the features of their variable universal life insurance policy.
Link Posted: 9/14/2010 2:58:15 PM EDT
Only use a planner who is recommended by someone you trust.

If you are far from where you grew up and don't have any personal recommendations, go with someone approved by Dave Ramsey or other notable financial planner you like and trust.

Just my opinion.
Link Posted: 9/14/2010 3:19:35 PM EDT
[Last Edit: 9/14/2010 3:20:07 PM EDT by seven-six-two]

Originally Posted By FZ1Steve:
FINRA broker check has him listed
Series, 24, 7, 66.
There are two complaints against him both closed/no action, someone was unhappy with the features of their variable universal life insurance policy.

Uh-oh. Is he a financial planner, or a life insurance broker pretending to offer financial advice?

If bits of paper come out with quadrants on it and you feel like you've seen this at the car stealership, it's time to walk.

90% of the population should be DIY on investments, retirement, and life insurance. 9% might need some help, the other 1% already have help that they pay for by the hour, or on retainer.

Link Posted: 9/14/2010 3:20:30 PM EDT
run away - fast. its all bullshit
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