I think I need to seek some advice from a financial planner. How do I ?

Question

Do you just call on the phone and tell them you need financial advice. Do they charge you a rate for their advice? Do you bring all of your bank account information, 403b, bonds and savings information with you. How do I go about this? Who will give me good advice on investing?

Answer 1

Yep, you definitely want to get references. You can always check with the Better Business Bureau, but I'd suggest checking with sources you know - friends and relatives who have been happy with the advice they've gotten. There are thousands of people out there that provide advice. Not all are honest, and not all are knowledgable. For that reason, it might pay you to do a little reading first, before you hire someone, so that you know enough to recognize whether someone is "blowing smoke" or if they're real.

Realistically, you shouldn't need to bring EVERYTHING with you, but some companies teach their newbies to demand to see all your paperwork. It really is overkill, but I guess they think they are doing "due diligence" by inspecting every document. What you really need to know is how much you have invested, where, and how much you earn and how much of that you can afford to invest going forward. So, to some extent, 403b's, bonds, etc. would be helpful, but you don't need bank statements, just a general idea of balances that you can invest.

Best of luck to you.

Answer 2

Get references for a financial planner from people yuou know, if you can. They should either be a Certified Financial Planner or a Registered Investment Advisor. Check with your state securities agency. They should be registered there and you can check on their background. Also check with the National Association of Securities Dealers. Thats the agancy that regulates broker//dealers, investment advisors etc. You may be able to get a list of financial planners in your area from the NASD or your state agency. Also you may want to check with the Better Business Bureau. When you chose a planner you should recieve a copy of their ADV. Thats their disclosure statement that tells their background, qualifications, services they offer and their fees. Fees are usually charged either on an hourly basis for a set amount of time and advice which yiou can implement yourself. They may charge a couple hundred dollars an hour for this. Or by a percentage of how much you have invested with them, if you want them to continuously manage your portfolio for you. That fee should be less than two percent annually.

Answer 3

To get the proper financial advice you should either get a referral or speak to two or three professionals in person or over the -phone before making your decision. It is important to know that big names do not guarantee you sound, personal advice. A good advisor will offer you a free consultation. In that initial conversation, you should determine if the person is trying to "sell" your or help you understand what planning will do for you. Once you agree to work with a planner, you will be told what the fee will be.

Your question makes me wonder whether you need a financial planner to help you set up your estate, or an investment advisor who can help improve your financial condition. If all you want to do is reduce your taxes, debt and losses in the stock market, an advisor with a minimum of five years in the field is your answer.
Don't expect to get advice that can help you build wealth, for free.
The typical fee for expert advice starts at $500 and can go as high as $5000.

A good advisor will listen to you first, without making a lot of ovations. Beware the hounds that are out there who come in with their laptops and start spitting out terminology that will make your head swim.

I treat people as if they are the last person I will ever meet. The result is that they are happy that they came to us. There are a lot of professionals that will do the same. If you have assets valued from $200,000 and upward, you should demand good service and references. Don't be taken by people who are well-dressed and have glossy looking literature to spread out in front of you. That's the last thing they should offer you if they are success oriented.

Be diligent in your search for investment support and keep your ears and eyes wide open. You will find what you're looking for soon enough.

Hawk

Answer 4

how much do u have? if its significant u need to go to someone that specializes in over 250K in assets since they are better.

otherwise, look up highly rated fin planners off of money magazine, or fortune magazines list and contact one of them.

they will charge u a fee of around 1% or so to manage your money.

u wont neccessarily have to take the bonds to them. u will need to be able to provide them accurate infor on what u have.

they will need to know all your assets etc and speak with you about your risk tolerance and a lot of other factors to determine what mix of investments are right for you. its important to go to someone that is highly regarded for knowledge and honesty, obviously.

Answer 5

You can go to some websites listed below. I have personally used Ameriprise through American Express and love them. They came out to my house and went over some of the money flow systems, retirement and savings for my future house.

Mike

http://www.ameriprise.com/amp/default.asp
http://www.prudential.com/index/

Answer 6

1) Yes.
2) Yes.
3) Yes.
4) Frank Castle.