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re: Got an appointment with financial advisor Thursday.......
Posted on 1/15/13 at 11:38 am to tigerfoot
Posted on 1/15/13 at 11:38 am to tigerfoot
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
1
Posted on 1/15/13 at 12:01 pm to geaux2008
quote:
I'm definitely going to sign anything right away,
I would advise against this.
Posted on 1/15/13 at 12:15 pm to Zach
Nah, don't worry about it. Just have a seat right over there. Trust me this stuff is good
Posted on 1/15/13 at 5:48 pm to geaux2008
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!
Posted on 1/15/13 at 5:57 pm to amsterdam
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
Posted on 1/17/13 at 6:06 pm to geaux2008
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.
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 1/17/13 at 7:48 pm
Posted on 1/17/13 at 8:39 pm to geaux2008
#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!!
#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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