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Posted: 4/10/2006 4:19:03 AM EDT
I just read the enlightening post in GD, “Know any financial morons”…
Thank God I’m a cheap Ass and wife and I live will within my income. Dad “always said it’s not what you make, it’s what you save”. AnyWho I have been thinking about seeking the help of a financial planner to help out with retirement options. (retirement 15+ years away). My company has two they recommend and know our benefits package. My accountant also recommended one, Input needed.
Link Posted: 4/10/2006 6:09:09 AM EDT
if they charge you a set fee and aren't selling anything, they are worth listening to
but if they sell you things, it's a scam (or are paid on comission), it's a scam
but be honest, you can get this advice out of money magazine
low debt, high savings, don't be stupid
that's 90% of it
Link Posted: 4/10/2006 4:59:22 PM EDT

if they charge you a set fee and aren't selling anything, they are worth listening to
but if they sell you things, it's a scam (or are paid on comission), it's a scam
but be honest, you can get this advice out of money magazine
low debt, high savings, don't be stupid
that's 90% of it




Thanks I know that. I am really looking for what to do with Roth IRA's that me and the wife are doing on our own. I also want to diversify my stock portfolio before the Dem's get the white house and raise the capital gains tax. I need a conservative return on my portfolio that I can convert into income generating machine for my retirement years .....
Link Posted: 4/10/2006 5:31:39 PM EDT
[Last Edit: 4/10/2006 5:52:21 PM EDT by James16688]
A CFP (Certified Financial Planner) designation is nice, but not really necessary for what you need right now, which sounds like a review and an asset allocation.

Fee based planners and investment advisers are popular now, and not all commission based advisers are just salesmen or necessarily not good for eveybody. A capable adviser should be able to offer you both fee based and commission services - you just have to go with whom you feel most comfortable.
Turnover is high in the financial advisory business, so look to someone who been with one firm for years.

A good adviser listens more than talks - time well spent is interviewing various advisers.

Company partnered advisers can be beneficial if they know your company's benefits very well (this enables them to save time and guesswork in planning to find the best/most efficient service/product match). Referrals from CPA's and lawyers can be solid, since these trusted advisers often work together with financial advisers to grow each other's businesses.

CFP finder

CFA (Chartered Financial Analyst) designations are held mostly by portfolio managers and corporate types. This designation is arguably the hardest to obtain since it requires passing a most rigorous set of exams. Focused on quantitative anaylsis, the CFA is usually not in the business of personal financial advisory, but internally institutional.

Common NASD (National Assoc. of Securities Dealers) required to pass in order to sell:

Series 6 and Series 63 = I can sell you mutual funds only. Cannot give you stock advice. Cannot receive fee compensation for advice.

Series 7 and 63 = I can sell you securities (ex. stocks, bonds, and mutual funds) and talk stocks. Cannot receive fee compensation for advice.

Series 7 and Series 66 with Series 63
or
Series 7 and Series 65 = I can sell you securities (ex. stocks, bonds, and mutual funds) and talk stocks and get compensated with a fee. (All investment advisers are by definition those who have passed these 7 + 63/66, or 65 and are in compliance/up to date w/ their continuing education)
You can look up any adviser to see if they are in good standing here
Link Posted: 4/11/2006 5:42:38 AM EDT

Originally Posted By jms92:


Thanks I know that. I am really looking for what to do with Roth IRA's that me and the wife are doing on our own. I also want to diversify my stock portfolio before the Dem's get the white house and raise the capital gains tax. I need a conservative return on my portfolio that I can convert into income generating machine for my retirement years .....



TRowe Price, Fidelity and Vanguard all have free or low cost asset allocation calculators, etc
there are plenty of low priced options that will give you that, even msn money I think will do that.

I'ts better to make money and pay taxes than to not make money.
Link Posted: 4/11/2006 7:23:28 PM EDT

Originally Posted By BozemanMT:

Originally Posted By jms92:


Thanks I know that. I am really looking for what to do with Roth IRA's that me and the wife are doing on our own. I also want to diversify my stock portfolio before the Dem's get the white house and raise the capital gains tax. I need a conservative return on my portfolio that I can convert into income generating machine for my retirement years .....



TRowe Price, Fidelity and Vanguard all have free or low cost asset allocation calculators, etc
there are plenty of low priced options that will give you that, even msn money I think will do that.

I'ts better to make money and pay taxes than to not make money.

I second this members motion!!
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