Financial Advisors

[BigRichard]

Never really used to have much money to give a shit about financial planning but now that I am starting to make some really good money and me and my wife's retirement accounts are starting to grow pretty large I thought I should start looking into what is best to do with our money.

Anyone ever been to a financial advisor? Any good ones to recommend here in Omaha? Are there better options then going to see one? How much do they usually charge? Any words of advice is greatly appreciated.

I did try soaking some of my money in antifreeze but it didn't help.

I will take the answer off the air.

kthnxby

[ptlyon]

Send it to KChiefs1

[chiefforlife]

Any chance we could have this discussion in the open? I have Edward Jones and havent been to happy with them. Like to hear what others are doing...

[bevischief]

Fee based is the way to go.

[BigRichard]

Any chance we could have this discussion in the open? I have Edward Jones and havent been to happy with them. Like to hear what others are doing...

I was joking about off the air. :D

[Perineum Ripper]

Hootie seems like he is good with other people's money

[NJChiefsFan]

Hootie seems like he is good with other people's money

BOOM!

I'm pretty sure the only thing you have to do is start referring to your savings as monies and you are good to go.

[BlackHelicopters]

Fee based, my friend.

[Halfcan]

I would suggest going to the public library and checking out all the education books and videos on Finance. Learn the basics on how the market works, basics on how to understand a companies financials-is it a good company to invest in? How interest works-the rule of 72. Get in the habit of reading the financial page- understanding the markets and commodities. It is your money so the more knowledge you have- the less risk of making bad investments.

or You can pay an Finance "expert" -they will show you some flip charts-highest fee investments first. Ask you about your "Risk Tolerance" - and then steer you to some mutual funds. Once a year you will get a statement.

[Rasputin]

Invest $$ into an ice-burg that is set sail to Ecuador to be sold as ice-cubes.

[ThaVirus]

Lewdog and Beuhler have both helped me out with finances. They're both very knowledgeable and eager to help on the subject.

[mikeyis4dcats.]

I believe they just finally passed regulation that will require financial advisors to act in the best interests of the client. yes, you read that right. Previously financial advisors had no fiduciary duty to their client.

[mikeyis4dcats.]

http://www.usatoday.com/story/money/personalfinance/2016/04/05/fiduciary-ruling-investor-adviser-advisor/82655312/

[Halfcan]

I believe they just finally passed regulation that will require financial advisors to act in the best interests of the client. yes, you read that right. Previously financial advisors had no fiduciary duty to their client.

This.

[Buehler445]

If you start looking at guys, make sure to ask them what certifications they have.

CFP Certified Financial Planner. = Legit. It's hard as shit to get and the dudes that have it usually know their shit.

Series 7 = sometimes legit. They're a little tougher, but you can get one without much trouble. Don't go with anyone that doesn't have one.

Series 6 = probably a schmuck. A monkey could pass this. If all they have is a series 6 tell them to pound sand.

Also make them tell you how they are compensated. Everybody wants to sell you a life insurance policy because they get a big commission and a "renewal" every time you pay premium. That's typically where the money is but it may not be what's best for you. If they him haw around and don't want to tell you how they're paid, they're probably douches.

Thing about it is you can go to any college job fair and there will be a million companies trying to hire "financial planners". That says that the turnover is high, and they're just looking for warm bodies to sell products. That's not what I want in a professional that I take advice from.

As far as specific advice, it depends on what you are trying to get done. Just be weary of any "special products" they try to sell you on. Usually it's what nets them the highest commission.

[DaFace]

Any chance we could have this discussion in the open? I have Edward Jones and havent been to happy with them. Like to hear what others are doing...

I went with Ed Jones for a couple years while I was just getting started. It was nice to have someone to bounce ideas off of, but honestly I didn't find his advice to be all that useful, and when you start to understand how much of your earnings are shaved off in fees, it quickly becomes apparent that you can do it on your own. Hell, even a low-fee target date account from Vanguard or Schwab is probably better than what you'll get from Ed Jones or similar.

As others have suggested, I think fee-based is the way to go once you have a base level of understanding of how things work. Pay someone for the advice they give when you need it, but don't let them just shave off 1% in perpetuity.

[lewdog]

I went with Ed Jones for a couple years while I was just getting started. It was nice to have someone to bounce ideas off of, but honestly I didn't find his advice to be all that useful, and when you start to understand how much of your earnings are shaved off in fees, it quickly becomes apparent that you can do it on your own. Hell, even a low-fee target date account from Vanguard or Schwab is probably better than what you'll get from Ed Jones or similar.

As others have suggested, I think fee-based is the way to go once you have a base level of understanding of how things work. Pay someone for the advice they give when you need it, but don't let them just shave off 1% in perpetuity.

This all day. Pay for them to get started if you need but do not pay 1-2% on fees for having a financial advisor long term. It's amazing how many tens of thousands of dollars you will lose in a lifetime doing this. There's enough passive investment strategies with indexing and target date funds to not have to be pulling a bunch of moves and losing money to financial advisors in the process. Learn what conservative or risky funds looks like and decide your plan of attack. Seek advice when you need but just simply saying I have a financial advisor and having them make your moves is risky and a good way to lose money in fees.


Also, try to avoid the time warp that is managing your own finances. It's been known to take years off your life.

[BigRichard]

Thanks for all the advice. Anyone in Omaha have anyone they have used that they like?