My husband and I have our own business. I have been searching for the best company for financial planning and retirement for us. Any suggestions on who is the best?
2007-06-13 15:48:46 · 8 answers · asked by Bren 1 in Business & Finance ➔ Personal Finance
Most of the "financial planning" companies have good honest representatives as well as honest yet stupid Representatives.
Interview several of them. There will be large differences within a company (as well as comparing companies to each other).
A good rule of thumb is to run away as quickly as possible if one of the first products they suggest is an annuity product. You can search the web on annuities (Money Mag., Forbes, Kilpinger's and many more)........... Except in rare cases, the only ones that benefit from these most expensive financial products are the sales representatives.
ALSO: Be very careful with the suggestions on Yahoo Answers.... you'll never know the qualifications or motives of these people.
2007-06-13 17:02:39 · answer #1 · answered by Common Sense 7 · 0⤊ 0⤋
I agree with common sense. Every financial company will have good planners & some not so good planners.
I would recommend that you use a Certified Financial Planner. At least these professionals have received some formal education and training.
You also want to make sure that your financial planner isn't just some stock broker or insurance agent in disguise. They really should have a more well-rounded financial background.
2007-06-14 02:58:33 · answer #2 · answered by derek 4 · 0⤊ 0⤋
Why trust someone else with your hard earned money? Your local bank can help you set up a SEP which will allow you tax defered savings of up to $42,000 per year. SEPS have no defined contribution so you can vary the amount saved as needed dependant on your cash flow at the time. If you and your husband are both employees of the business then with a SEP you could contribute $84,000, 42K each, tax defered. Your investment options can be self directed, meaning you decide where the money is invested. By simply choosing a few indexed funds you can easily diversify your portfolio and 9 time out of 10 beat the proffesional money managers. Look for indexed funds with the lowest cost, a good place to start is morningstar.com, they offer a variety of free fund evaluation tools to help you decide on an investment path. If you want to invest considerably more on a tax defered basis you can look into starting a KEOGH plan, they are more difficult to set up and require a defined contribution so you may need assistance beyond what your local bank could offer.
2007-06-13 17:15:58 · answer #3 · answered by Guy 2 · 0⤊ 0⤋
My own experience is that more are Political...that is recommending what the company wants to sell rather than what is best for the customer. There is no such thing as integrity in the stock market. Just keep interviewing until you feel comfortable with the advice and then double check
2014-07-30 01:30:27 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Good job by clearing all debt. Well, I am not in your area of I would certainly help you guys. 1st Make sure to maintain positive cash flow and if your employer offers retirement plan then make sure to contribute in to it. besides get a local financial planner who can understand your needs, make sure to get some references (sorry, too many crooks in my business) Good luck
2016-05-19 22:45:08 · answer #5 · answered by luann 3 · 0⤊ 0⤋
This is a challenging question, and one that has been the source of confusion for me for quite a while.
2016-08-24 05:39:36 · answer #6 · answered by Anonymous · 0⤊ 0⤋
depends on your preferences, you should definitely meet with the people to ensure you're comfortable with them managing your money.
2007-06-13 15:52:02 · answer #7 · answered by brk 4 · 0⤊ 0⤋
Was wondering this too
2016-07-29 07:31:08 · answer #8 · answered by Anonymous · 0⤊ 0⤋