Advice on hiring a financial advisor?

[gavinmccallister]

Who need's a financial advisor when you have the people @ www.savingadvice.com

[scfr]

Do you currently donate to PBS (Public Television)? If so, then you may be able to get a "free" financial plan (either "Smart Planner" or "Smart Investor") from Jonathan Pond if you donate during pledge week. Check with your local PBS station or with Mr. Pond's web site (www.jonathanpond.com).

[Ima saver]

I would never pay anyone to invest my money, it is too easy to do myself.

[LuxLiving]

Safari - we have never incurred a fee at Fidelity SO FAR - we have also never taken any money out of that account so that may be why. However, in doing some selling and repurchasing into other funds during a rebalancing we did not incur any fees either. YMMV. I think it may depend some as well on the amount of money you have invested with them. We are in their lowest cost category mainly because while it is a big amount to us, I think to them we are small potatoes at this juncture. At any rate there have been ZERO fees So Far.

Ima - visiting a financial planner or advisor isn't to get them to invest your money for you, but to suggest ways (flat rate planners anyway) that you might best use your assets to meet your targets. They can suggest things like perhaps a trust of some sort, or a way to organize your business to increase your tax deductions, why a life insurance policy issued a certain way might be better for your situation than one owned by you against your husband's life, etc. They aren't to invest your money FOR YOU, but to aid you in making the very most you can out of your financial life. I think you already know that, but like making decisions for yourelf. I do too!! ...but while I haven't seen one YET, I do intend to do that at some point in the near future. They may have some very good ideas and information that I'm just not aware of. Thinking that two heads may be better than one and I think they could explain either the opportunity costs and pitfalls of certain methods of financial planning.

AND, I'm still concerned FOR YOU that you don't see the need for long term care insurance. I know you said you are healthy, so am I - as a horse, but am planning on long term care insurance anyway. To my way of thinking it is better to have it and not need it, than to need it and not have it!!

[Ima saver]

My dh comes from a family that does not believe in insurance and he does not want to pay for something he may never use. We spend $90,000 on health insurance and never got a dime out of it. He was tired of working to pay insurance premiums!

When Edward Jones office came to town, I became one of their customers so that i could buy stock. They were constantly advising me to buy mutual funds that they sold. They all had 5.5% loads. My mutual funds were no load, and I knew more about investing than they did.

If you have a lot of money you probably would be wise to spend a few dollars and talk to someone in the field. I have never felt like we make enough to have a financial advisor.

[LuxLiving]

Ouch Ima, sounds like you had a run in with a mutual fund salesman and that is quite different than what certified financial planners are supposed to be doing for you.

'Financial advisor' can be a whole lot different things these days - but if someone was looking to shop for somebody to help them see the big picture I think a flat rate Certified Financial Planner would be the way to go. Someone who has NO PRODUCTS to sell!! I think this industry is going thru it's own growth stages right now and more and more people are getting the proper education to help you take an overall look at your financial life and not necessarily be trying to put you into their product du'jour!

Health insurance? $90,000 - triple ouch - I'd be leary too then!