I have recently been approached by a financial adviser from one of the financial companies. My wife and I both work and make decent income. Is it worth paying a financial adviser for investment and other purposes?
2007-02-04 12:37:22 · 8 answers · asked by musaddeqkhan 1 in Business & Finance ➔ Personal Finance
If you have no financial savvy, then yes it's worth the $400 to meet with a REPUTABLE financial advisor.
2007-02-04 12:40:46 · answer #1 · answered by T G 2 · 0⤊ 1⤋
I certainly would not pay for the advise.
If you live in Canada then it's easy as TD Canada Trust has Financial Planner's on site at certain branches and not only do they give you financial advise, you also get a free report where as other companies charge fpr it.
If you live in the USA, I would find out from the banks first and if there are none which I would find hard to believe, then I would find educational investment sites to learn first.
2007-02-04 22:04:52 · answer #2 · answered by lg 1 · 0⤊ 1⤋
No way.
My friend did this and they sold him annuities and other financial things that made the company lots of commission up front.
He pretends it may be a good deal - and it's been 5+ years.
Save yourself money.
1. Max - your IRA or Keogh at both jobs.
2. Max the 529 education accounts.
3. Get cd's
4. get municipal bonds - non-taxable
5. invest in a low fee - (like Vanguard)
They will tell you to budget your money, and pay yourself first.
If you really need the advice, there's money magazine online
and at the library.
Do you really want people out there to know everything about you - what you owe, how much you have for income, net worth, how much your home has in equity, how much you owe in cars,
REally?
Don't waste your money - educate yourself.
GOD bless us always.
MBA-Boston Univ.
CPA-retired
2007-02-04 20:54:24 · answer #3 · answered by May I help You? 6 · 1⤊ 0⤋
NO!!!!
Your bank should offer you a financial advisor FREE OF COST!!!
I work for a large U.S. bank who offers a financial advisor to all its clients, regardless of what their income may be! Our financial advisors are extensively trained investment specialists, (not to be confused with Personal Bankers, who are the people who maintain your checking/savings accounts) who meet with you one on one and recommend Investment opportunities to youbased on YOUR financial needs!!
Don't pay for it! Inquire at your bank first, and if they don;t offer free financial advisors, then you should ASK ME to direct you to the bank that offers free financial advising and many other things!!
2007-02-04 22:53:05 · answer #4 · answered by Yessi H 2 · 0⤊ 1⤋
It probably is. But don't go with the first one to approach you. Mine doesn't sell anything. He gets my money only, he gets it on a fixed basis and doesn't get commission on things I buy. I.E. I can fire him anytime I want to. The only way he continues to make money from me is if I am happy with the investments he recommends.
I hope I made that clear. I think I am getting tired. It is the difference between taking your heirloom silver to a licensed appraiser for a value or taking it to a pawn broker. The pawn will want to buy it.
I'm sorry, I am tired and I don't think I am making much sense. If you understand OK, if not just ignore this or contact me through my profile if you want me to try again.
2007-02-04 20:50:10 · answer #5 · answered by gimpalomg 7 · 0⤊ 2⤋
You pay your money and take the chance-Ask Yourself,in the medium or long term, can the Advisor SAVE you more than $400 for acting on their advice?
2007-02-04 20:45:51 · answer #6 · answered by Devmeister 3 · 1⤊ 2⤋
That depends; they probably also get commission for investments you make... so, to say its $400 may not be accurate.
For a lay person; it may be worth-it.
2007-02-04 20:44:30 · answer #7 · answered by Peaches 4 · 0⤊ 2⤋
only if you have so much money
that you don't know what else to do
with it!
otherwise
aren't you smart enough to
figure this one for yourself!
2007-02-04 20:47:23 · answer #8 · answered by retta 4 · 0⤊ 2⤋