Got an appointment with financial advisor Thursday....... - Page 2 - TigerDroppings.com

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amsterdam
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Boiler Room
Member since Jul 2008
879 posts

re: Got an appointment with financial advisor Thursday.......


quote:

I am 50/50 on financial advisors knowing anything. One terrible, one solid


I work in the industry and far less than 50% of series 6 or 7 financial advisors know anything.

On the other hand a Certified Financial Planner will almost certainly give you competent advice. Only work with someone that has the CFP initials. CFP's generally do not make commissions off of selling products like a broker but instead are generally fee based






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Zach
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Member since May 2005
63437 posts
 Online 

re: Got an appointment with financial advisor Thursday.......


quote:

I'm definitely going to sign anything right away,


I would advise against this.






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GoCrazyAuburn
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Member since Feb 2010
14266 posts
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re: Got an appointment with financial advisor Thursday.......


Nah, don't worry about it. Just have a seat right over there. Trust me this stuff is good








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adavis
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Member since Aug 2007
3391 posts

re: Got an appointment with financial advisor Thursday.......


I don't see any reason why you need to meet with a financial advisor for this, especially one offers free analysis. That means they have a product they are going to try to sell you. These guys live off of selling you a product, such as life insurance, or investment products, not by crunching numbers for you. If you insist on getting one, find a CFP-one that charges a fee for advice. Good luck!





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foshizzle
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Washington DC metro
Member since Mar 2008
29858 posts

re: Got an appointment with financial advisor Thursday.......


quote:

a Certified Financial Planner will almost certainly give you competent advice.


I don't know about the "certainly" part but they're better than most. Investment advice isn't rocket science and is something most people can do on their own with a little desire and study, just stick with good asset allocation. But if you need details on succession planning, insurance, that sort of thing you might want to talk with a CFP.

quote:

amsterdam








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Libertariantiger
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Member since Nov 2012
399 posts

re: Got an appointment with financial advisor Thursday.......


My experience:

We (wife and I) got references and met with a financial advisor that was recommended by peers. He specialized in disability ins. Do u have that now? We got a plan about the point u are at because it is cheaper to get the plan if u are in residency. They lock ur rate for the amount u make now where that amount would be more if u get it after u grad. Then u expand the amount to ur liking after ur new income starts. He also offered life ins, but we got it through the wife's practice instead. Only thing I would watch is amounts. They want to sell u way more coverage then u need sometimes. He also does investments, but the disability stuff is something they all do not specialize or have knowledge in, which is why we chose him.
We also built a home and the physician loan was not a great option. The only real benefit is that they do not count student loans. That keeps some from qualifying from conventional loans. Fir our situation a conventional was better. 3% interest rate closed last month. I looked at the physician loans mainly online bc most mortage brokers didn't deal with them.
Next order of business is finding a good accountant. I think I will be a one percenter staring at standard deduction if I don't do something. Financial adviser helped some, but suggested we talk to an accountant. God damn the amount of taxes u are about to pay. More than most people make!
Edit: I thought of graduating as getting out of residency. May have misread, but may help for future reasons. I had no money to advise while wife was in residency.



This post was edited on 1/17 at 7:48 pm


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LSUAZ
LSU Fan
Member since Nov 2012
17 posts

re: Got an appointment with financial advisor Thursday.......


#1) Focus on paying off your debt...
#2) Focus on #1
#3) Keep your expenses low
#4) Only if you absolutely need a loan/home etc
#5) Focus on your debt as in getting out of it...
LOL there is 15 years of Financial Advisor practice.....Good Luck!!






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