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Financial Advisor Question
Posted on 12/17/13 at 6:59 am
Posted on 12/17/13 at 6:59 am
I have a few brokerage accounts with Charles Schwab and I have life insurance with Northwestern Mutual.
Which company should I go with for financial planning advise? Anyone have any experience with these companies in Baton Rouge??
Looking for recommendations. Thanks!
Which company should I go with for financial planning advise? Anyone have any experience with these companies in Baton Rouge??
Looking for recommendations. Thanks!
4
Posted on 12/17/13 at 7:12 am to Cantstandya
You're going to get a whole bunch of answers. In reality the name behind the advisor isn't that important, it's the advisor that's important
Posted on 12/17/13 at 9:30 am to Cantstandya
Don't get your financial advice from an insurance salesman.
Posted on 12/17/13 at 10:30 am to Broke
What if he is a CFP or a Financial Advisor? You wouldn't take financial advice from him because he works somewhere that sells life insurance?
As the first poster said, it depends more on who you are using, te company is secondary. If the advisor is a good one and had a great track record, go with him/her
I've run into plenty of prospects that have been churned and screwed by people at brokerage firms like Schwaab and plenty that have been told terrible information at different insurance companies as well. So, there isn't a right answer besides pick who you trust the most.
As the first poster said, it depends more on who you are using, te company is secondary. If the advisor is a good one and had a great track record, go with him/her
I've run into plenty of prospects that have been churned and screwed by people at brokerage firms like Schwaab and plenty that have been told terrible information at different insurance companies as well. So, there isn't a right answer besides pick who you trust the most.
This post was edited on 12/17/13 at 10:33 am
Posted on 12/17/13 at 10:43 am to Broke
quote:
Don't get your financial advice from an insurance salesman.
this x2. let me add, don't get your advice from a financial advisor that spends all day on td and when someone comes on to ask who they should get to manage their 401k says "pick me, pick me"
Posted on 12/17/13 at 10:52 am to Broke
quote:90% of the people I meet who call themselves financial advisors are insurance salesmen. When a "financial advisor" makes a presentation to one of my clients the first thing I look at is how life insurance fits into the financial plan being proposed.
Don't get your financial advice from an insurance salesman.
The same applies to estate planners. I can't count the number of times I see an irrevocable life insurance trust as the centerpiece of proposed estate plans.
Posted on 12/17/13 at 10:55 am to BigErn
Again, I'll ask, what if he is a FA? His advice is invalid due to the company he works for?
Sounds pretty silly to me.
I think what you guys are trying say is don't use someone who is only licensed to sell insurance as a financial advisor, which would be illegal for them to do anyways.
Sounds pretty silly to me.
I think what you guys are trying say is don't use someone who is only licensed to sell insurance as a financial advisor, which would be illegal for them to do anyways.
Posted on 12/17/13 at 10:56 am to Poodlebrain
quote:
90% of the people I meet who call themselves financial advisors are insurance salesmen.
Are they certified advisors? If not, they are breaking the law.
Posted on 12/17/13 at 12:07 pm to Cantstandya
If you are just looking for advice, not a salesman, I would look at the larger local accounting firms to see if someone can do some fee based planning, I know one firm in BR has a CFP that does this and they are not a salesman. Just my two cents, it's sometimes better to find someone to help planning that doesn't have a dog in the hunt.
Posted on 12/17/13 at 12:21 pm to Mako
Not a bad point. Just make sure that they have training in the area. I have a client who, before coming to us, got all his advice from his accountant. Sure his tax advice was good, but he really knew nothing about the type of financial planning he was advising him on.
This post was edited on 12/17/13 at 12:26 pm
Posted on 12/17/13 at 5:02 pm to GoCrazyAuburn
I can give u a couple guys that are in our Morgan Stanley BR location if you'd like
The problem with accountants in terms of advising is they will advise you on the year you're in bc that's their job.
The problem with accountants in terms of advising is they will advise you on the year you're in bc that's their job.
This post was edited on 12/17/13 at 5:04 pm
Posted on 12/17/13 at 10:21 pm to roguetiger15
quote:If the accountants you have worked with have focused solely on one year then you haven't worked with any competent accountants.
The problem with accountants in terms of advising is they will advise you on the year you're in bc that's their job.
Posted on 12/18/13 at 6:20 am to Poodlebrain
quote:
When a "financial advisor" makes a presentation to one of my clients the first thing I look at is how life insurance fits into the financial plan being proposed.
What is wrong with that? Protection is a key part of the overall financial picture, especially if you have a family that relies on your income.
Posted on 12/18/13 at 11:36 am to Cantstandya
I recently checked into a fee only group. We are at a point we are more interested in keeping what we have, not outliving it and having a bit to pass on.
I was very intrigued by the methodology for handling our account.
Now I am torn. We have a good relationship with our current broker, but I also have realized some of the investments we have made were b/c the company pushed the broker to sell the investments.
We realize the best business decision is to move the account (Stewart Welch Group) but we hate breaking the relationship with our broker as we consider him a friend, and I am pretty sure our account is considered a sizable one.
I was very intrigued by the methodology for handling our account.
Now I am torn. We have a good relationship with our current broker, but I also have realized some of the investments we have made were b/c the company pushed the broker to sell the investments.
We realize the best business decision is to move the account (Stewart Welch Group) but we hate breaking the relationship with our broker as we consider him a friend, and I am pretty sure our account is considered a sizable one.
Posted on 12/18/13 at 11:50 am to Broke
quote:I wanna buy bitcoins while they are down
Broke
Posted on 12/18/13 at 12:54 pm to Bama54
quote:
I recently checked into a fee only group. We are at a point we are more interested in keeping what we have, not outliving it and having a bit to pass on.
I was very intrigued by the methodology for handling our account.
Now I am torn. We have a good relationship with our current broker, but I also have realized some of the investments we have made were b/c the company pushed the broker to sell the investments.
We realize the best business decision is to move the account (Stewart Welch Group) but we hate breaking the relationship with our broker as we consider him a friend, and I am pretty sure our account is considered a sizable one.
Is your current guy not capable of doing fee based advising?
Posted on 12/18/13 at 12:56 pm to Janky
He works for a major broker so I am guessing no
Posted on 12/18/13 at 12:58 pm to Bama54
Most B/D have the ability to go fee based that I know of. The broker may not have discretion and might be forced into seperate accounts, but they can be fee based. Who does he work for?
Posted on 12/18/13 at 1:35 pm to Janky
Merrill Lynch
Posted on 12/18/13 at 1:49 pm to Bama54
I would be floored if Merrill doesn't have a fee based platform. You can always ask him. Most advisors prefer fee based to commissions, so it may be best for both of you.
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