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Started By
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Financial Advisers/Investor
Posted on 12/22/16 at 2:37 pm
Posted on 12/22/16 at 2:37 pm
Somewhat new in the investment game and I'm looking into the option of just paying a "professional". Who do you guys use, and what is a good, bad, and normal year from them? Baton Rouge area if that matters!
TIA
TIA
5
Posted on 12/22/16 at 3:11 pm to yankfand
I'm going to say this as bluntly as possible. I understand what you are asking. Being "new" to investing, have you considered/done any researching, reading, and/or learning about different options before you pay someone to put you in the same things you could do yourself? What have you learned? What do you think you need help with? Are you familiar with costs associated with "using" someone to assist you? Do you care? Do you know what types of accounts you may be eligible to use? Do you understand the tax implications and benefits of these types of accounts? Is the rest of your financial "house" in order? How's your debt?
I'm not against anyone seeking help in managing important financial decisions, but only after they've done the research and have decided that cannot or aren't willing to learn about and understand the options.
I suggest you start by reading up on Jack Bogle's philosophy.
LINK
If you work through that information and still feel you need help. Please be informed in your analysis of potential advisers, the options they try to SELL you, and the costs associated with their services. It's not as simple as "this guy does well." If I'm reading too much into your initial post, my apologies.
Good luck.
I'm not against anyone seeking help in managing important financial decisions, but only after they've done the research and have decided that cannot or aren't willing to learn about and understand the options.
I suggest you start by reading up on Jack Bogle's philosophy.
LINK
If you work through that information and still feel you need help. Please be informed in your analysis of potential advisers, the options they try to SELL you, and the costs associated with their services. It's not as simple as "this guy does well." If I'm reading too much into your initial post, my apologies.
Good luck.
This post was edited on 12/22/16 at 3:13 pm
Posted on 12/22/16 at 3:12 pm to yankfand
I'll let other make specific recs, but I'll share a couple of tips since you are new:
1) Look for someone that is fee based, that is paid a percentage of assets. Don't pay traditional commissions. If your account value drops, they get paid less, so, you want their interest aligned with yours. This only happens with fee-based.
2) Interview at least three people/firms. If any of them start pushing products owned by their company, run.
1) Look for someone that is fee based, that is paid a percentage of assets. Don't pay traditional commissions. If your account value drops, they get paid less, so, you want their interest aligned with yours. This only happens with fee-based.
2) Interview at least three people/firms. If any of them start pushing products owned by their company, run.
Posted on 12/22/16 at 3:20 pm to yankfand
see thread stickied above.
run away from Edward Jones as fast as you can.
you're welcome
run away from Edward Jones as fast as you can.
you're welcome
Posted on 12/22/16 at 4:10 pm to yankfand
A great way to start investing is to plan for it, without actually investing just yet. You can start by (assuming you haven't already done so) calculating what your net earnings are per month: Income, less debt payments, credit card balances, bills, and everyday purchases like gas, groceries, going out, and such. Not saying this is you, but you don't want to live paycheck-to-paycheck trying to save and invest while not making dents into any debts you owe. Over time you may start drifting away towards saving and investing to pay off bills and put it off until the next time you get paid. Do this enough and you may lose significant amount of time on potential investing.
Get a monthly goal down to see what you can save in total monthly, then assess your emergency fund. Do you have 6 months saved towards expenses if you were to not have stream of income during that time? If not, start funding that. The peace of mind knowing you have this is valuable in a monetary sense and mentally.
Get those few things down which takes little time to workout then start looking into what type of account you want: traditional IRA or Roth IRA. There's a lot of good sources to look this information up to get an idea what may be most tax beneficial for you.
As far as "who" to use, I don't know of any to recommend. A self-managing, low cost index fund is something I recommend. A poster above me already suggested reading up on someone like Bogle. It's a passive investment strategy, but it's effective. I don't recommend anyone because I've never used anyone to personally and/or actively manage my portfolio. That's not to say there are none out there, but some like Edward Jones have load fees, commission fees, and higher management fees for funds that you can get ten-fold cheaper by just directly buying through a service like Vanguard, Fidelity, TDAmeritade and such.
Get a monthly goal down to see what you can save in total monthly, then assess your emergency fund. Do you have 6 months saved towards expenses if you were to not have stream of income during that time? If not, start funding that. The peace of mind knowing you have this is valuable in a monetary sense and mentally.
Get those few things down which takes little time to workout then start looking into what type of account you want: traditional IRA or Roth IRA. There's a lot of good sources to look this information up to get an idea what may be most tax beneficial for you.
As far as "who" to use, I don't know of any to recommend. A self-managing, low cost index fund is something I recommend. A poster above me already suggested reading up on someone like Bogle. It's a passive investment strategy, but it's effective. I don't recommend anyone because I've never used anyone to personally and/or actively manage my portfolio. That's not to say there are none out there, but some like Edward Jones have load fees, commission fees, and higher management fees for funds that you can get ten-fold cheaper by just directly buying through a service like Vanguard, Fidelity, TDAmeritade and such.
Posted on 12/22/16 at 8:03 pm to Fat Bastard
Told EJ goodbye within the past six months or so
Posted on 12/23/16 at 5:48 pm to yankfand
Well Yankfand?
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