Fee-only Personal Financial Advisors

[graceful]

Any recommendations or how to go about finding recommendations for fee-only personal financial advisors in the NYC tri-state area?

I did visit NAPFA.org and went through the list.

No one I know uses one. They either don't feel that they have enough money to "need one" of they use an advisor through their bank/insurance co., etc. that receives commissions.

Not actually interested in having them "manage" investments. More interested in getting a financial snapshot of where we are. Captial preservation versus investments. Estate planning for us and well as my parents, etc. Special situations involving family business and assets.

Just wanted to know if anyone has personal experience using a fee-only advisor. If there are any other boards or forums with more information about this. Anything else I need to consider before I just cold calling the advisors I narrowed down on the list to ask questions.

Thanks.

[Runaway Finances]

I own a firm that is a fee only advisory firm, and I am former insurance insurance agent (CLU & ChFC). I tell everyone if you have a really good life insurance agent (make sure they have a professional designation like CLU, ChFC, or CFP) can do a lot of planning for you essentially for free. Of course, they are hoping to turn you into a client, but the good ones are not just trying to earn a commission. If they do their job right you will do business with them. Some are good at investments, but I'm not sure they are the best to ask about your investments as they generally are captive to one "broker dealer" and I'm not sure they can always be completely unbiased. But a good agent can help you with estate planning and some can do a good job of financial planning. So, I always tell people to start with their agent if they are good. Then, if you are not comfortable with their recommendations, seek out a financial advisor. Not all "financial advisors" do full financial planning. I only like to do certain parts. Some only manage money. A fee only advisor must be a "Registered Investment Advisor" (RIA), an attorney, or a CPA. If they are an RIA, they are required to give you a copy of FORM ADV, PART II. Be sure and read it. You can find a copy of their Form ADV (not Part II) on the sec.gov website. Get references. They will only give you clients that will say something good about them, but you generally can get an idea of what kind of firm they are from those people. Find out what they are really interested in. Some firms don't like the financial planning as much as the money management. Make sure the firm WANTS to do the planning you are looking for.

Hope that helps.

[graceful]

Thanks for the advice.

[arthurb999]

Read bogleheads guide to investing and join thier forum.

Bogleheads :: Index

You can pretty much learn everything you need to know there...

[graceful]

Originally Posted by arthurb999

Read bogleheads guide to investing and join thier forum.

Bogleheads :: Index

You can pretty much learn everything you need to know there...

Thanks for the link.

I am actually looking for an advisor that specifically is NOT for investments but more for estate planning, making sure our wills & trusts are set up correctly, etc.

I'll look around the site if they has info regarding this need. Thanks.

[MonkeyMama]

Hmmm, that's the thing. You want a personal recommendation, but they are hard to find.

Do you really need a financial advisor, or simply a lawyer? (Trusts/Estates - set up correctly? Sounds like a job for a lawyer).