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Message
Hiring a financial adviser............Updated
Posted on 11/27/12 at 1:39 pm
Posted on 11/27/12 at 1:39 pm
Does anyone have good tips on doing this? My wife's employer is offering a fixed amount to their employees to hire someone to do this. I have a couple recommendations...do most work on a fee or commission basis? I feel like a cheapo if I just come out and ask, but don't feel like I would interested currently if I had to come out of pocket for a significant amount.
This post was edited on 12/6/12 at 11:01 pm
2
Posted on 11/27/12 at 1:42 pm to TJG210
quote:
do most work on a fee or commission basis?
Depends on the financial advisor.
quote:
I feel like a cheapo if I just come out and ask
If one of your first 3 questions isn't asking about how he gets paid, you are doing your hiring wrong.
quote:
but don't feel like I would interested currently if I had to come out of pocket for a significant amount.
I thought the employer is paying this fee. If the advisors fee is higher than that, tell the advisor that is what the employer is paying and see if they accept.
Also, who is managing the investment options? Would the advisor be doing that also? This is sorta weird.
Posted on 11/27/12 at 1:44 pm to Broke
I've been an advisor for about 15 years. I always get asked that question and it's not uncomfortable. We expect it.
Posted on 11/27/12 at 1:50 pm to Broke
quote:
I've been an advisor for about 15 years. I always get asked that question and it's not uncomfortable. We expect it.
This, and if he does not come out and clearly answer the question...leave. Any advisor that is worth a crap will not be apologetic or bashful about how/what he gets paid. People are willing to pay for something they perceive as value and if the advisor needs to try deflect then he is probably not what you are looking for.
Posted on 11/27/12 at 1:55 pm to Broke
quote:
I thought the employer is paying this fee. If the advisors fee is higher than that, tell the advisor that is what the employer is paying and see if they accept.
The employer is paying, but will only pay a set amount.
quote:
Also, who is managing the investment options? Would the advisor be doing that also? This is sorta weird.
By investment options, do you mean any company options she may receive?
Posted on 11/27/12 at 2:13 pm to TJG210
quote:
By investment options, do you mean any company options she may receive?
I mean is the money going into an account that is not controlled by an advisor? And the hiring of this advisor is just to provide help with allocation of funds to the 401k? I'm trying to find out if the advisor you hire will actually have an account at his office where funds go. That will matter when discussing fees.
Posted on 11/27/12 at 2:44 pm to Broke
No this person will be totally independent from any compensation she receives. Now during our consultation I may ask that he help out with our 401ks, etc. I also want some advice on tax planning, etc.
Posted on 11/27/12 at 2:55 pm to TJG210
quote:
No this person will be totally independent from any compensation she receives. Now during our consultation I may ask that he help out with our 401ks, etc. I also want some advice on tax planning, etc.
Interesting. I've only run into this once before where the gentleman pays me $700 per year to manage his 401K allocations and just generally help him out with his financial life. His company pays for it. I have a fee per hour but I pretty much let him have whatever time he needs for any questions. It's worked out pretty well. He doesn't abuse my time. More than likely it will be the same scenario.
Posted on 11/28/12 at 7:48 am to TJG210
quote:
good tips?
Just ask. When our prospective clients ask how we get paid, we answer them directly by giving them a full explanation. We are very comfortable letting others know we become wealthy: we make our clients wealthier.
Posted on 12/6/12 at 11:07 pm to BestBanker
Went today to meet with a guy a friend recommended and was completely disappointed. As soon as we sat down the guy started trying to peddle his funds. Several times throughout the hour and twenty minutes I mentioned to him that we just really want someone at this point to manage our 401k's and to make sure we are making wise decisions as to where we are putting our money. Finally we got to a point where he briefly discussed our 401ks, then started back on the funds and at the end basically told us that we need to put a chunk of our savings with him (2/3). I understand that he sells product, but at no point did we discuss our risk tolerance, etc.
I'm not sure why he didn't tell us this upfront, I was pretty straight forward in my e-mail to him what I expected and how we wanted him to work on a fee basis. Then even after explaining the fee situation, he just kept going with his sphiel.
I'm not sure why he didn't tell us this upfront, I was pretty straight forward in my e-mail to him what I expected and how we wanted him to work on a fee basis. Then even after explaining the fee situation, he just kept going with his sphiel.
Posted on 12/7/12 at 1:16 am to TJG210
Run. Look for a fee based only advisor that listens and you get a long with. Preferably, a CFP.
Posted on 12/7/12 at 3:34 pm to TJG210
Wow. Interesting but not totally shocking. Sounds like he may not even be able to do fee for service type business. Keep looking. I assume you are in New Orleans and I have absolutely no connections or recommendations there.
Posted on 12/7/12 at 3:49 pm to Broke
If you can't spend a few hours a week on your retirement then just throw the money away.
Either you want to be able to let your money work for you, or you work for your money.
You decide, the money is there, managed accounts are not the road to success.
Do your homework, invest wisely, and enjoy your life.....
Either you want to be able to let your money work for you, or you work for your money.
You decide, the money is there, managed accounts are not the road to success.
Do your homework, invest wisely, and enjoy your life.....
Posted on 12/7/12 at 4:29 pm to RetiredG8tr
You have no idea what he's asking for.
Posted on 12/7/12 at 4:40 pm to Broke
quote:
I've been an advisor for about 15 years
quote:
Broke
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