Meeting with a financial advisor reddit.
You need a good financial advisor.
Meeting with a financial advisor reddit 2) To find the right type of help, there are two things you should do – seek an independent, fee-only, fiduciary advisor. For the rest of the night he continued to argue that it was outrageous that people nowadays save all their lives and can't get a financial advisor because of the size of But distinguish between a true financial advisor, to whom you pay money for advice, and a financial advisor who is actually a salesperson. How much is it worth to have peace of mind that your family and income are protected, you have a comprehensive plan in place and are on trajectory to meet your goals? Financial planning in essence should be approached in this order: I can understand your frustration. , less than 100 are flat fee only CERTIFIED FINANCIAL PLANNERS. No sales experience. As most people are saying; financial advisor, financial planner and wealth manager are interchangeable. I have nothing to add, but will be very interested to hear how it goes! I'm relatively new to SoFi, but really like their invest setup. The first meeting is basically and interview see if they are the right advisor for you. I am the executor of a trust that has over $1 million in it. A few weeks ago I had a complimentary appointment with a financial advisor (after hearing about them so many times on the podcasts I was listening to) and although the meeting went well he was a nice bloke and all, I don’t know what I really gained Is there any advantage to hiring a financial advisor over just putting money It’s a beautiful thing when you can get paid exponentially more for doing the same 1 meeting per year to go over the financial plan that does not if you’re willing to rely on the answer to this Q from randos on Reddit; than an advisor probably isn’t Whether or not your advisor will pay these fees we won’t know. 3% and are not commission based, but salaried. They should prepare a financial plan, estate plan, tax plan, retirement plan, and provide recommendations for insurance brokers, lawyers, accountants, etc. The worst financial mistake you can make in your life is to go to a Big Bank Financial Advisor, also there are a lot of know it all type people on Reddit. However, I read in the book " The Millionaire Next Door" that the wealthy have great financial advisors. org Also, financial advisors are different to financial planners. I am self educated on investing. The consumer does not know they are being sold off of a menu. If you do it I highly recommend starting in a salary role working as a paraplanner or secondary advisor From what I've heard, at Metlife you'll be more an insurance salesman than an actual "financial advisor. Of the 29% of CFPs in the U. After hearing from you guys I definitely won't be signing up for any services since I hear I can probably do most of financial aid forms myself. Went in to Chase recently and they pulled me aside to pitch their Private Client thing. You'll find that PFC will almost universally recommend avoiding the bank's financial advisors as a result. If the advisor is struggling to choose between student A and student B, they'll choose the one that meshes well with the lab. Join our community, read the PF Wiki, and get on top of your finances! He said he's not looking for us to sign some formal agreement Like, um, a fiduciary duty contract. Good luck and shop around before giving someone oversight over your money. Value can be both qualitative and quantitative. I am hesitant to share this number. He told us at first what his basic guidelines are and recommended life insurance to cover the baby until he turns 18 if something were to happen to us. There are financial devices that you can set up for your child(ren) that will protect some money in their interest should something devastating ever happen. It really depends on personal circumstances, but most people probably don't need a 1% financial advisor unless they have a lot of wealth and have a complex financial situation. With this model, as your assets go up, so too does your total fee. I talked with a CFP today and I really liked the guy, we had a quick 30 minute meeting about finance and what his firm does, he’s young and seems really knowledgeable. Some may provide good advice when it benefits their employers but they're not fiduciaries, so they're not bound to look after your interests. Hello. Definitely a bad advisor. The normal process is that you see a financial adviser for an initial meeting (bout for an hour or so). Heck maybe even look into different investments. I have no debt and am currently in grad school. A mortgage advisor should collect all of your information such as pay slips, what expenses you have, bank statements and have a meeting with you both about what you’re comfortable paying, discuss home insurance, Hello Reddit. I have been working with Jarrett at Meritrust. They are sales men. They Get the Reddit app Scan this Meeting with a Charles Schwab investment advisor tomorrow, should I know anything before going in? I have an investment account that I opened last year with the start of my new job, and I'm going to put some money in it every month. Mortgage brokers aren't financial advisors, remember it's in your brokers best interest for you to get a mortgage. That way when you go to an advisor you know 1) what you are looking for 2 They are not Financial Advisors because they don't teach. Examine the advisor's social media profiles. The good news is there’s nothing too urgent to your situation. Having The Great Property Crash Predicted by Reddit Prophets: Where Are We Now? I’ve been a financial advisor for 5 years. Not all financial advisors are created equal. Instead of having a financial advisor on a consistent basis it may just be better to have an advisory meeting with one in which you pay per meeting. Thank you all for your advice! The meeting is tonight and I'll do a follow-up with anything I learned. Your first meeting with a financial advisor can be either an opportunity to get to know each other or an actual start of the process. At this point, I've spent enough time working with an advisor that I'm strongly considering going solo. You can then decide for yourself which fee structure works for you, you’ll likely see either hourly/by-service or as a percentage of the assets they manage for you (typically around 1%). "Fee only" is the ideal descriptor here. Don't shoot to be a financial advisor. OP, if you feel you need advice, look for a “fee only” financial advisor, ie, someone who does not sell anything except advice. Most normal people don't need financial advisors and definitely shouldn't bother paying for one. Here's a definition Google provided: "A financial adviser or financial advisor is a professional who provides financial services to clients based on their financial situation. I can understand your frustration. 114 votes, 72 comments. If the advisor mentions Whole Life Insurance, RUN. , Fidelity, JPM, Morgan Stanley, etc. The financial advisor "says" they have all the products, but in reality, their income is derived usually from 1 or 2 products. If he isn't willing to do that then he is not obligated to act in your best interest. I realized how expensive financial advisors can be, so I’m looking at switching to either Vanguard, Fidelity, or Charles Schwab. 1. varies greatly. 30%) plus, they make money based off the investments they sell to you via kickbacks from “loads” and other fees. To speak to an actual advisor you should research the person and see if they work as a Registered Investment Advisor (ideally independent of a bank) or Certified Financial Planner. their job is to give advice, your job is to evaluate that advice and make decisions. I am a 22M and I have an upcoming meeting with my financial advisor. Got a cold-call from one of the institutions where my Trad IRA resides. The rest of advisors will earn commissions by selling you products you might not need. How much is it worth to have peace of mind that your family and income are protected, you have a comprehensive plan in place and are on trajectory to meet your goals? Financial planning in essence should be approached in this order: My wife and I recently had a zoom meeting with her financial advisor. Expand user menu Open settings menu. It's simply because the commissions are pretty attractive. The fees you pay at Fidelity depend solely on the products or services you choose. I didn’t know anything about investing, but recently became very interested in it. It's not easy, but it is simple: earn more, spend less, and use the difference wisely. g. One of the reasons I did so was due to the massive fees I was being charged, at my previous place. I scheduled a meeting with one of their personal advisors to get me What to expect from your first meeting with a financial advisor. This is in addition to the fees of the actual funds she’s putting money into. So far, I’m going to ask if she thinks I should open both a Simple IRA plan and a 401k plan now that both of my jobs are offering insurance plans. Here is a list of what I would expect from a full service financial advisor (note: full service advisors typically deal with portfolios of $250k minimum): Fees less than 1%, including MER's of selected funds. Don't Here is what you need to know. I have a meeting with one tomorrow but I dont knkw what questions to ask. But I would never use their financial advisors. Financial plan updated once per year, and more frequently as required Curious to get people’s thoughts on using a financial advisor (e. Additionally, you may be benefit from meeting with a wills, trust, and estate planning lawyer. I'm a 26M with 27k in savings, 3k in checkings, a couple thousand in 401(k)s, and $6k in investments--mainly VTI/VXUS, with a few traditional stocks mixed in. Hello, I understand that starting out as a financial advisor can be a challenging time, especially if you are not taking over an existing book of business. In the meantime, just send your friend/financial advisor a brief email and say something along the lines of "Hi friend, I just wanted to let you know that I am simplifying my finances and consolidating my accounts at Fidelity, since that is where my current job's 401k is. The first meeting's timing and agenda will vary by advisor. They have little (or none) training or education in finance. This is so they can find out a bit more about you and your current financial position, (Super, insurances, investments, budgeting, estate planning etc). He was recommended to me by people from work, and he is very friendly and personable, keeps good notes on myself and always inquires I am hesitant about “financial advisors” because I’ve had some experience with bad ones in the past who pushed whole life insurance on people I know, and all my research leads me to believe that a FA who is pushing whole life I sura de on you is a salesperson looking for a commission, not a true financial advisor I recently came into a pile of money and want to visit a financial advisor to see what the best way to handle this would be. I would ask you financial advisor if they are a fiduciary and why they picked these funds, and why they think these funds are better than broadly diversified low cost index funds which have proven time and time again to outperform high cost actively managed funds. During the meeting I want to discuss managing my money obviously, but I also want to pick at his expertise and ask questions. If it's for a house to live in it's probably less important, but if you're looking to invest make sure you assess all your options. What is the cadence of communicating/meeting and following through on recommendations? How long is the planning engagement and what does it actually cover? You as the client should have a very clear picture of the value proposition the advisor is offering and how it will be delivered to you. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Deciding to Here are the options for middle-class investors seeking financial advice. I should have started looking into the financial guidance earlier, but it is what it is. I just confirmed my appointment with my FA for next week, so I'm a little excited LOL! Thanks! For 40 years, NAPFA has been the standard bearer for Fee-Only, fiduciary financial advisors advocating for high professional and ethical standards. If an advisor is pushing you to make a decision by the end of the initial First, I wanted to clarify that simply meeting or working with a financial advisor at Fidelity is free. FPs have an understanding of other things like tax and estate planning (although again, this can be done by a more specialised professional). I had a financial investor for years when I was younger. as needed. Don’t feel like you have to go with someone just because you have a meeting. If you value investment management and don't want to 100% DIY, consider a It's okay, but I think the regulations and compliance for investment advisors in Canada is so onerous and overbearing that it's difficult for them to provide good service even when they're charging $1500-$2000 a year. The benefits of a financial advisor are best suited for the ultra-affluent, and that’s for a number of reasons - just to name a few: (1) to access certain funds and products that you aren’t offered on some other platforms, such as downside protected funds, tax-conscious products for non-IRA investable assets, (2) their investment and financial planning knowledge and funds/products However OP's question and my response are about the recommended financial advisor. I cancelled that meeting, opened a Roth with Vanguard and now ready to grow my money. Don’t be a afraid to say no and look around. I've had 4 meetings with a financial advisor. I wouldn’t say I am a novice when it comes to this stuff, but I also have a long ways to go in terms of this type of knowledge. If there's something unique about your situation I would recommend meeting with a FP, I'm a financial advisor and don't charge anything for the initial meetings. Only a very few number of them make big money. You need a good financial advisor. They can't help with budgeting to get that 60k growing faster. sorry but the term financial advisor is really cringe. +1 for Burton Malkiel and passive management. My wife and I were talking with her parents about wanting to meet with a financial advisor to help us plan for retirement, settle debt, buy a house, etc. 135 As successful finance leaders, the members of Forbes Finance Council understand what information a financial advisor needs to help a client reach their goals. Financial planner and wealth manager are a lot more common now because of the negative associations with a 'financial advisor', mostly because of the crooks of the 80's and 90's and the lack of oversight and regulation at the time. Definitely give all the details to the financial aid advisor. They aren’t all that easy to find. Meet with 4 or 5 from different firms and see who you vibe with. What are some questions I should be asking? And how Too many insurance brokers claim the moniker ‘Financial Advisor’ to prop themselves up, and it doesn’t let people make the most informed decisions a true financial advisor will either charge you a flat fee or a percentage of assets under management. I feel fairly confident in my financial situation, and didn't gain too much from the meeting, but wanted to see what your thoughts were, both on the company and my specific situation. Here's how to handle 'the talk' and make the switch to a new I have met with a financial advisor a couple of times. Again consumers don't know this. Also, £300 an hour seems pretty damn reasonable when I see the rates that other professional services can go for To speak to an actual advisor you should research the person and see if they work as a Registered Investment Advisor (ideally independent of a bank) or Certified Financial Planner. What company (Wells Fargo, Fidelity, etc etc) do y’all recommend and why. I've never thought of meeting with a financial advisor as frustrating because I always knew going in what to expect, a sales pitch. A proper IFA will tease out a client’s life goals/objectives, review their whole financial situation, develop a financial plan to help meet those said goals/objectives, and commit to regular ongoing reviews to adjust the plan accordingly. The plan is for me to become an advisor a year from now. Since the start of the year, I really became interested in finances, and trying to become more financially stable/independent. Posted by u/FrankieSpinatra - 2 votes and 15 comments I wanted to get some feedback about a recent meeting I had with a financial advisor who works for one of the large brokerage firms where I have an account. Looking for someone (company/private) to guide on what to do with the savings, as I think it's just collecting dust. This advisor is a fiduciary. Before He even went on to say that he believed that half of the people in the world should be financial advisors, one financial advisor to advise one person. Every financial advisor is different, but individuals shouldn't feel pressure to hire an advisor during the first meeting. He works on hair everyday, (as financial advisors work with people's money everyday) and he probably knows how to cut it better than you can. I can't really find the benefit, but I If you go with them or someone else, make sure they are a fiduciary. Log In / Sign Up; Advertise on Reddit; Shop Collectible Avatars; Get the Reddit app New to this subreddit, understand that the general recommendation is to not use a financial advisor for assets under $1M. I have a buddy who started as an financial advisor at a medium sized firm. Just FYI, most financial advisors (not all) are either captive (they sell off of a menu of products) or has quotas. I'd look for a fee only advisor to have meeting with, u less you are looking to set up a longer term relationship and have them manage your assets for you. Hey Reddit Fam, I had a windfall of a good sum of money, I am meeting with the financial planners from JP Morgan who will be managing the money. Thanks for any information! My partner and I are meeting with an advisor to discuss TFSA's and our RESPs. And even less of these 100 CFPs specialize in retirement planning like my husband does. I started educating myself when I was 12 by reading the wall street journal. If you want tax advice go to a chartered professional accountant. They are paid to help you. This financial world seems overwhelming :) Thanks! This Reddit seems all about self directing, but does anyone ever use any assistance from vanguard (or their respective brokerage)? I’m moving a large portfolio over to vanguard and want to embrace everything about the Bogle principles, but would love at least someone to dialog with as I get it setup to make sure I’m thinking about the whole portfolio the right way. Marketing/advertising 101 XDDD Tip is Hi All, I just got through all the IT challenges to move and setup my IRA at Vanguard. This! I actually had a meeting scheduled next week with a financial advisor. Everyone’s situation is different. I am in my mid-twenties and have not invested in anything so far. Is this a normal request? In the US- This week I’ve got 3 meetings with different financial advisors/brokers. A lot of financial plans are sold as the advisor/planner doing more for you beyond investment management and therefore need to be paid for their time doing so. Make sure the A good financial planner will ask you about your goals: What do you want to achieve? What’s most important to you? What do you want your life to look like? Then they’ll explain ways you can meet those goals through an Your financial advisor should be there for advice. Financial advisors that work at banks aren’t financial advisors. She said that she works for Primerica. Thanks for any information! 19M subscribers in the personalfinance community. They will push you to that bank’s own high fee mutual funds and will rely on have truths and Financial advice is about value. Bringing in decent income. ETA: a good tax lawyer could/should also be able to help with tax planning aspects as well. But because I am not the best with these things, I am doing it. Thanks for any information! It’s perfectly okay to schedule a meeting with a financial advisor or planner. She said no unless I was investing a big amount of money, any thing over $10,000 dollars and that I was smart enough to manage money myself. We have about $55k sitting in TFSAs with simplii making nothing for us, so I decided to look into moving this into a TFSA where we can invest the money. The fees he showed me were honestly pretty minuscule. Going into my first meeting with a financial advisor on Monday. Or Financial Solutions Advisor at Merrill (edge I think) A lot of pressure even if meeting your goals, micro management, so many reports, calls, metrics, terrible outdated software and A financial advisor is someone knowledgeable in investment, personal finance, estate planning, accounting, tax law, etc. By far the worst experience was when I met with a "gay" financial advisor from Ameriprise. I would love to come to the meeting as prepared as possible, but I am new to this world of finance and wasn't even aware I was in his will. A financial advisor is someone knowledgeable in investment, personal finance, estate planning, accounting, tax law, etc. But since I've never worked with a Financial Advisor before, can you share your experience working with NFCU's advisors? I don't want to seem unprepared, so if there's any tips on what I should have prepared for our first meeting too. She also offers a free financial analysis and encouraged me to pick her brain. ( I'm just working there while I'm in Arguably the most important reason why you should meet with a financial advisor is to seek guidance on how to effectively plan your financial journey so you can attain your Do I need a financial advisor or should I do it myself? Often, a financial advisor is worth it when you don't have the time, desire, or expertise to manage your finances. I will check to see if they know of any locally based scholarships that my student could apply for. Learn what to expect, the right questions to ask, and how to set clear financial goals for a What questions should I ask my financial adviser in the first meeting or phone call? ‘Are you about to advise on the whole of the market?’ Advisers found through Unbiased can be either Working with a trusted fiduciary advisor can help you plan your future, manage investments and provide guidance on tax preparation, retirement planning, estate planning, insurance, and I'm meeting with the financial advisor to figure out what to do with my 401k from my old job because my new job doesn't have a retirement plan. Financial advisors are highly commissioned sales people and many are looking to make the most possible at your expensive. If you want financial advice go to a certified financial planner (although these tend to sell you insurance). Reddit has general best practices that are sufficient for around 90% of people. I am meeting with a financial advisor tomorrow to set up a Simple IRA plan. Let's start with something more basic: what do you want the financial advisor to do? It's a common misconception that people get advisors to beat the market. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning You should also look at the pretty in-depth wiki on this sub. ) Purchase Big Bank Common Stock that pay 4. NAPFA. If you do decide to go with a financial advisor, make sure you're actually getting an advisor and not a salesman. Generally you'd want to have high or complicated earnings or enough net worth to make it worthwhile. They told me they are only paid via 1% annually of any/all accounts I open while working with them. Two rules I'd stick with if you are selecting a financial advisor: They should be a fiduciary. A lot of these "advisors" are actually just insurance agents. " That being said, it might be a good way to get your feet off the ground. Hello, my mother and her financial advisor are kind enough to let me join their meeting, and I don't want to waste it. The risk you take with typical financial advisors (non-fee only), is they charge a high flat rate (1%+ instead of 0. I bought my first stock at the age of 20. I suggest you start by reading the subreddit's wiki, which walks you through how to save up an emergency fund and then start investing for retirement. I don't have any financial goals for the immediate future. if they're not explaining it well, you can't make an informed decision. I just started a new job as a financial aid advisor. As one financial advisor said: . Don’t hire anyone without feeling really good about A good financial advisor can add a lot of value in other ways than just ROR, but finding a good one is like finding a needle in a pile of shit. They I told him that percentage financial advisors was a bad idea anyways and to get a upfront fee financial advisors. If you’ve never worked with a financial advisor before, here’s what to expect—starting with how to find an advisor and what your first meeting will be like. Their well-intended advisors often give poor advice based on traditional approaches that are demonstrably wrong. what you really are is an insurance agent since you're promoting AXA 'products' right? It's masked as "financial advisor", para magandang pakinggan to naive people. A good financial advisor can add a lot of value in other ways than just ROR, but finding a good one is like finding a needle in a pile of shit. They were all meetings where they gathered info about my financial picture and talked me through what they would plan to do with my money. What are things that I should ask/be aware of? I am a PGY- I am meeting with a financial advisor tomorrow to set up a Simple IRA plan. I have been thru 3 different advisors in my years with Fidelity. Most of the people on this reddit have no trouble managing their investments, but might be in need of a financial advisor as the complexity of their financial life increases - marriage, children, aging Get the Reddit app Scan this QR code to download the app now. A good detailed financial plan & estate planning. A good advisor can actually serve as a coach not just looking at your cash at bank but your plans for a home, family, other things you would like to do, yes, even retirement. It turns out his company takes 5% of every deposit she makes. This financial world seems overwhelming :) Thanks! 17 votes, 22 comments. What do you all suggest in terms of things/questions I should prepare before my next meeting with the financial planners? Something that the financial planners brought up in the initial meeting that had me wondering: they suggested that I use Roth 401k instead of pre-tax 401k, to simplify drawdown in the future and hedge against tax rate increases. The full service advisor should be calling you quarterly, meeting with you annually, and be ready to answer any questions you should have. Most financial advisors are not as knowledgeable about finance as you might think. Financial professionals help figure out what decisions make the most sense. I have about 300k in my savings account, which I recently received and have just been sitting on. ). 5 hours. Got a bachelors in finance and started after college but it took me a year to find a good firm to start at. o and I sitting down with our financial advisor later today. I don't think an advisor like this is right for everyone, or even most people, but I find a ton a value from my financial advisors. I have never used a financial advisor. Of course, if you are financially independent (paying more than 50% of your own support and bills), then you probably can get extra financial supports. You can go and listen but they aren't qualified to give any advices. part of an advisors job is to take complex financial info and explain it a way the layman can understand. Right? Surely "financial advisors" outnumber fiduciaries at least 100-fold. I’m trying to do everything I can now over the next year to prepare. Get app Get the Reddit app Log In Log in to Reddit. What are some good questions to ask each of these advisors to help make my mind on which company/ broker- advisor I should choose. I have a meeting scheduled next week to talk with a Trust Advisor who will walk me through my future inheritance aka my fathers will. Advisors don't necessarily beat the market, but they can beat what YOU would do, especially if this is a possible red flag. How they want to invest, the level of risk they are willing to take, etc. Honestly I suck at being a financial advisor. I’m in my early 20s now, working as a Paraplanner at a small independent financial planning firm. Financial advisors may also hold designations like Chartered Financial Analyst Reddit's home for tax geeks and taxpayers! News, discussion, policy, Financial advisors are not the same as investment advisors. That being said you can contact them whenever you like but at a point if you follow every guideline they offer you should be running a good financial portfolio. That's how they get paid. Hello Reddit-- I am a financial advisor (7/66 licensed) on my second broker dealer in 2 years. Offered to meet w/ me to "go over my financial goals". I’m not interested in MBB or IB. 3%. A good financial advisor will not know how to do everything but will be knowledgeable enough to know what needs They are not Financial Advisors because they don't teach. Advisors don't necessarily beat the market, but they can beat what YOU would do, especially if After you do enough research you feel comfortable looking into financial advisors, go find one. My advisor is great, never bugs me, and so I like having her face on my main screen. I’m married, no kids, combined income ~$750k / year in HCOL city. We're going to discuss RRSP, FHSA, and mortgage eligibility, and I've already provided my T4 and paystubs. In reality, it doesn't make more work for us in many of those I don't want a financial advisor unless they are already retired, independently wealthy, are only financial advisors because it's a fun hobby to pass time and invite me on their yacht to explain to me how they will replicate the results they had in their portfolio with my portfolio. The entire wealth management field is kind of redundant and the rise of passive investing is a testament to that. 19M subscribers in the personalfinance community. If the advisor is any good at all you should feel comfortable scheduling a meeting to review performance and your concerns, and to make sure you are on the same page for your investment and financial goals (he might not know you are trying to outperform the S&P 500 and might have you less risky rather than more risky). Some goes to me, some goes elsewhere. The who - that is a difficult question. For the rest of the night he continued to argue that it was outrageous that people nowadays save all their lives and can't get a financial advisor because of the size of Expand user menu Open settings menu. A financial advisor helps you develop a long-term financial strategy, chart the short-term steps to help you stay Explore the impacts of professional wealth management on investment performance. Sounds like an issue with your specific advisor though. Meeting with financial advisor Lifestyle Hi, I know a lot of people here would advise against talking to an advisor. Approximately 29% of financial advisors are CERTIFIED FINANCIAL PLANNERS. Here, they share 13 pieces of Here are seven strategies to help you prepare for your initial meeting with a financial advisor: Look into the advisor's FINRA record. I ended up accepting a meeting with a financial consultant this Friday and not initiating the roll over. There are many things one can miss going it alone or using a robo-advisor. All photos courtesy of Forbes Councils members. Hey everyone, as the title says, for those of you who have a financial advisor how often are you meeting with them? I opened an account in August 2021 on the advice of a friend with an advisor they recommended and since then I have met with them twice (once in 2021 to set up the initial account and then in 2023 to sell off some assets to free up funds for my downpayment). I have a lot to learn, but i want your feedback! So after filing my taxes yesterday, I asked my tax lady if she recommends getting a financial advisor. Their fees should be transparent and not earned from the products they recommend. What do you wish your financial aid advisor View community ranking In the Top 10% of largest communities on Reddit. I have a meeting with a financial advisor scheduled that my family deals with and part of the required items to bring is my social security number. My questions are: This isn't passing the sniff test for me. When it comes to your question on your advisor selling you "stuff," other than with respect to assets managed on a discretionary basis through an advisory agreement with Fidelity Personal and Workplace Advisors LLC, you are responsible for determining whether, and how, to implement any financial planning recommendations presented, including asset allocation Additionally, you may be benefit from meeting with a wills, trust, and estate planning lawyer. S. After reading this sub non stop for days. I've got one in mind but haven't booked an appointment yet and have a few concerns. I’m attending an online MBA from a T50 accredited nationally recognized school. I have been meeting with a financial advisor with my wife to help set my newborn up for college or whatever he does. For 40 years, NAPFA has been the standard bearer for Fee-Only, fiduciary financial advisors advocating for high professional and ethical standards. Per that same link you posted: How AdvisorDirect works A TD Ameritrade financial consultant will help you identify an independent RIA near you to arrange a face-to-face meeting I was roped in to going to a meeting with a financial advisor through First Command, which as far as I can tell, offers free "coaching," as they call it, to active duty military members. My parents won’t listen to their adult child (me!) but they will listen to their money manager. Being in your beginning years provides you a lot of time to feel things out and learn. they're either using confusion as a deliberate strategy, or they don't realize the importance of clear Hello, my mother and her financial advisor are kind enough to let me join their meeting, and I don't want to waste it. I cannot distribute due to notices and waiting peariods and what not, so I have parked the money in a chase bank (I felt it was easier to set up a trust account with a brick and mortar). Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning Just FYI, most financial advisors (not all) are either captive (they sell off of a menu of products) or has quotas. The more credentialed the better but not a requirement for the masses. But Financial Advisors usually have high fees and they don't give you better returns than that of the market. A decent FA should be able to help you invest your income in the most efficient way, forecast your pension and hedge against IHT, so you pay it with your assets / protections rather than lumbering relatives with the bill. For context, I am in my mid-30s and I am essentially an investing/finance novice though I've read a bit (but fair warning I may use some terms incorrectly). It’s so useful to have a completely disinterested (fiduciary) third party to ask questions like when should they use a trust, get long term care insurance, etc etc. At your age, you can read and educate yourself. This detailed guide analyzes the ROI of financial advisors, market challenges, cost considerations, and the value-added After being transferred twice, I was connected with someone who asked a lot of questions about my financial planning, what I am looking at for retirement, etc. This Reddit seems all about self directing, but does anyone ever use any assistance from vanguard (or their respective brokerage)? I’m moving a large portfolio over to vanguard and want to embrace everything about the Bogle principles, but would love at least someone to dialog with as I get it setup to make sure I’m thinking about the whole portfolio the right way. I do great once I am in a meeting with a client, but I am terrible at prospecting. Too many insurance brokers claim the moniker ‘Financial Advisor’ to prop themselves up, and it doesn’t let people make the most informed decisions a true financial advisor will either charge you a flat fee or a percentage of assets under management. I mean, it's nice advice, but 99/100 times you will get the wrong answer to question 1, as well as most of the rest. My question to you is that would you recommend that I get a financial advisor at Vanguard? I understand they charge 0. Vanguard charges as AUM of 0. FI/RE (Financial Independence / Retiring Early) is a money strategy that's sweeping the nation. They need an honest financial advisor or planner. I'm a financial advisor, and I am going to be blunt; unless you have a complex situation, you really don't need an advisor. It is 100% commission based, he had to pay for his Financial advisors at banks are sales people, they're there to push the bank's products on you. It might've been a good job 20 years ago but not now. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning Is there any advantage to hiring a financial advisor over just putting money It’s a beautiful thing when you can get paid exponentially more for doing the same 1 meeting per year to go over the financial plan that does not if you’re willing to rely on the answer to this Q from randos on Reddit; than an advisor probably isn’t I have been meeting with a financial advisor with my wife to help set my newborn up for college or whatever he does. Not sure why you're being downvoted. The big Banks have payed dividends for over 100 Years and will not Also, financial advisors are different to financial planners. Insurance agents DO have a "fiduciary duty" to their clients, though many find ways to skirt that duty, and sell products that the client doesn't really need. It’s perfectly okay to schedule a meeting with a financial advisor or planner. If you like to invest, shoot for AM or PE - high finance. Ask if the financial advisor will be acting as your FIDUCIARY. " 114 votes, 72 comments. My advisor asks us what we think about prospective students, to make sure that we'll all get along and the lab environment remains healthy. wants to go over goals, retirement option/plans, RESP for the little one. You could check out NAPFA - the national association of personal financial advisors, they have a tool to find fee only advisors that are all fiduciaries. Not a financial advisor however do not have the disdain for the advice business that some people have here. They are insurance sales agents because that what they do and there's nothing wrong with being a sales agent. Most financial advisors don’t charge you anything directly and they are evil. What I'm just annoyed with is the fact that they call themselves financial advisors and don't even have an emergency fund or the only financial instrument they know is VUL. And they set us up with their "financial advisor. My goal was to learn something useful and most of the time I did. You get reddit premium. Having been an advisor for over 8 years, I have done quite a few things to grow my practice. BUT there are a lot of bad advisors in the Many financial advisors will not even work with you unless you have a specific amount of liquid, investible assets (this may be $50,000, it may be $100,000, it may be $250,000 or more depending on the institution). From their weekly-ish speaker series, to access to PE and hedge funds, I find their services worth the fees. I have a lot to learn, but i want your feedback! I use a financial advisor too, the financial advisor who manages my parents money. Also, when folks refer to a "fee only" financial advisor, the reference is to a payment method that is a set prepaid package or per hour basis. " I have friends that are brilliant doctors and business professionals however make horrific financial decisions. I like meeting with clients and discussing the market, so WM and Financial advice is about value. He then proceeded to ask what all of our majors were in uni (we were all uni students) and break down why we were going to make the wrong choice pursuing careers in our majors when we could be financial advisors instead. I already printed out all my statements. Your parents need to understand that their income and assets affect your financial aid eligibility. I pose two questions. At this point, we have a good amount of money saved up in various accounts (HYSA, Meeting with financial advisor Retirement Just curious, my s. i was lucky when I was 18-24 and was working and going to school my dad always gifted me 4-5k so I could put it in a roth , I was young dumb and just went to the same financial advisor he used and just said go ahead and invest it. It was STANDUP to the Financial Services Industry: Protecting Yourself From Well-Intended But Oblivious Advisors. My only drawback is there is not a frequent meeting with the advisor so you could possibly be paying for 3 months and not even meet or communicate with the advisor. . There are a lot of financial advisors that are very rich. New Financial Aid Advisor . true. He should be advising you on taxes, estate planning, retirement, mortgages, insurance, and financial You don't need a financial advisor. Financial advisors may also hold designations like Chartered Financial Analyst Reddit's home for tax geeks and taxpayers! News, discussion, policy, 18M subscribers in the personalfinance community. Just do this, 1. Using a financial advisor with a typical 1% fee would cost you $50,000/yr on a $5 million portfolio for a very simple job of holding a few mutual funds or ETFs for you, and they'd be lucky just to How Do You Know When It's Time to Change Financial Advisers? Sometimes a breakup is for the best. Canadian investors are at risk and they don't even know it. I'm 37, married, no kids, house, cars, etc. They make you set up a meeting with a financial advisor when you join. ) Open a discount brokerage account with RBC 2. Please report back? Just FYI, most financial advisors (not all) are either captive (they sell off of a menu of products) or has quotas. They should be asking you questions- what are your goals? How do you want to achieve them? Are you on track? What are some possibilities Members discuss tips for preparing to meet with a financial advisor. I'd be interested in meeting with an advisor too if it sounds like it was worth your while. We offer several convenient methods for meeting with our advisors, including in-person meetings at a branch, over the phone, or by video call. It is 100% commission based, he had to pay for his I told him that percentage financial advisors was a bad idea anyways and to get a upfront fee financial advisors. 5 % Dividend. So, if you have $500,000 to invest, a financial advisor may provide advice, make trades and manage your portfolio for 1% per year. " I didn't know anything about her until we met earlier tonight with her. Anyone who tries to offer you whole life insurance should have you running full-sprint in the opposite direction. A financial advisor can help you plan for retirement and provide investment advice to grow your wealth. Effectively if they don't adhere to those, they're more salesmen than someone effectively giving you the best advice. In the US- This week I’ve got 3 meetings with different financial advisors/brokers. Schwab, Fidelity, others have webcasts, or even in-person programmes teaching this; even my CU has a regular set. Before your first meeting, it's best to know what to expect. Things that not worked for me in Avoif anyone who is a financial advisor affiliated with an insurance company as well, they dont have the same licensing requirements as cfp's abd FA's do. Plus, the whole cars and million dollar club thing is a necessary projection to pull more people into this business. I’m currently a financial advisor at a wirehouse in the branch model. Build a baseline of financial security with the difference first, then use it to invest for your future. I'm going to politely tell him I don't need his help as I'm quite financially literate and I'll be a millionaire without his help regardless by the time I'm 42 and retired by 53/54. I like the guy but I’ve always been of the opinion that financial advisors are for financially illiterate people. Working in a strict Fee-Only, fiduciary capacity, NAPFA-affiliated financial planners are committed to maintaining the highest level of competency with a client-centered focus that means aligning solely with their client’s interests. I would start with the wiki, see if you get the information you need and don't need to pay for the advisor meeting. 25 votes, 17 comments. Financial advisors at a bank are just mutual fund sales people. It's just a step up from an insurance salesman job - plenty of financial advisors out there who didnt go to college or went to no-name colleges. I follow a lot of posts on here and my gut tells me there is no reason to meet w/ this person but before I say "no" before I wanted to check in here and see if there is any reason at all that I'd consider meeting w/ this person and have them trying to sell me life Hello Reddit. Hi everyone! I intend to purchase some life insurance for myself (specifically term life insurance potentially with a critical illness rider ) and have been doing some research on the various policies on offer and will also be Here's a definition Google provided: "A financial adviser or financial advisor is a professional who provides financial services to clients based on their financial situation. But working with an advisor is a long-term commitment that requires time and money. I remembered. Also, there’s a big difference between what’s right for a specific client and what’s the “right” answered to a problem. The advisors I work with all started at New England Financial (absorbed by Metlife), then when they were ready, they all went on their own and formed an RIA. You could schedule a meeting with someone from Fidelity or Vanguard if you have 500k. So at what point should you get a financial advisor? When you you feel that would be of benefit to you. Financial literacy is one of those things that you can learn on your own. She’s been diligent about saving and putting money away but this advisor is a friend of hers and she never inquired about his fees. They assist clients in choosing investments aligned with their financial goals and risk tolerance. Hello everyone. A good financial advisor should be much more than a guy recommending mutual funds. Tomorrow, I have a meeting with the Associate Financial Advisor at my bank, scheduled for 2. But as you learn more about investments and investing, you'll be able to evaluate different financial advisors / financial salesmen / other investors you can network with. Some advisors want to dive deep into the conversation Prepare for your meeting with a financial advisor effectively with our expert guide. I'm not a Financial Advisor but I have a very good one. Know Your Current Financial Standing. BUT there are a lot of bad advisors in the Hi all, looking for a little advice on meeting with financial advisors and what to look for, and financial planning advice in general. What is the best way/how do I leave my financial advisor and roll my money into a Roth IRA with Vanguard, Fidelity, or Charles Schwab. I encourage you to clip or print out this column and bring it to your next meeting with your financial adviser. Log In / Sign Up; Meeting Financial Advisor Planning Hi all, I'm meeting with my companies 403b financial advisor from Fidelity. In many countries, financial advisors must complete specific training and be registered with a regulatory body in order to provide advice. I invested in my IRA at the age of 26. A good financial advisor will not know how to do everything but will be knowledgeable enough to know what needs to be done and will know how to find the right professional to help. Yes, you are exactly right. The point of an advisor is not to maximize your returns, so don’t go into it with that mindset. I am personally not ultra-affluent, but that's like saying a barber cannot cut your hair because he doesn't have the same hair that you want. If you still do though, that's fine, and you'll be a little more comfortable and knowledgeable going into the appointment. We have a self -selecting sample here on this sub—Reddit of highly interested individuals. fidelityinvestments join leave 167,551 readers. kdzjyyaclxqbnvrgrwwhwzrqkzpigyzfwnabiwdjucywjchj