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Started By
Message
Financial Planner Advice
Posted on 5/8/13 at 3:34 pm
Posted on 5/8/13 at 3:34 pm
Gents of the MB, a few questions regarding financial planners.
Current situation: I'm early 30's with a wife and kid. We put 20% into our respective companies' retirement plans currently. I've got about $47k in an old 401k that's just in the account. Mortgage, car note, minimal unsecured debt, savings account, the usual stuff. We also want to save for our kid's education.
I've been thinking about working with a financial planner regarding matters of other savings accounts (IRAs), education savings, etc. My parents and trusted friends use Besselman and Associates out of Metairie (which is who I will likely use). How do these type of firms work? How do they get paid? I had met with someone from Edward Jones and for them to take my old 401k and put it into an IRA was going to cost me like $5000. I mean, I can open an IRA account and transfer the money in myself, right?
I guess it boils down to I don't want to pay for things I can do myself for free, but I do want someone (and am willing to pay) for sound financial advice and help with savings/other financial questions. I'm not totally retarded when it comes to money but I know enough to realize I don't know much. Is working with someone like this a smart move?
Current situation: I'm early 30's with a wife and kid. We put 20% into our respective companies' retirement plans currently. I've got about $47k in an old 401k that's just in the account. Mortgage, car note, minimal unsecured debt, savings account, the usual stuff. We also want to save for our kid's education.
I've been thinking about working with a financial planner regarding matters of other savings accounts (IRAs), education savings, etc. My parents and trusted friends use Besselman and Associates out of Metairie (which is who I will likely use). How do these type of firms work? How do they get paid? I had met with someone from Edward Jones and for them to take my old 401k and put it into an IRA was going to cost me like $5000. I mean, I can open an IRA account and transfer the money in myself, right?
I guess it boils down to I don't want to pay for things I can do myself for free, but I do want someone (and am willing to pay) for sound financial advice and help with savings/other financial questions. I'm not totally retarded when it comes to money but I know enough to realize I don't know much. Is working with someone like this a smart move?
6
Posted on 5/8/13 at 3:38 pm to poochie
quote:
I guess it boils down to I don't want to pay for things I can do myself for free,
There is your answer.
quote:
but I do want someone (and am willing to pay) for sound financial advice and help with savings/other financial questions.
You can't have everything in life poochie.
Posted on 5/8/13 at 3:38 pm to poochie
I can't help you as far as recommending financial advising. One thing though, regarding this statement:
You could get that advice for free on here. Much less pay someone on here for not even a $100 to take care of that.
quote:
I had met with someone from Edward Jones and for them to take my old 401k and put it into an IRA was going to cost me like $5000
You could get that advice for free on here. Much less pay someone on here for not even a $100 to take care of that.
Posted on 5/8/13 at 3:40 pm to RickAstley
buy coke,exxon,phillip morris,mcdonalds, and johnson and johnson $10k each....drip....thank me in 30 years
Posted on 5/8/13 at 4:25 pm to ThaBigFella
its easy to do it yourself when every stock is going up, we (fa's) make our hay when the market goes down bc thats when all the "experts" aren't experts anymore.
Posted on 5/8/13 at 4:40 pm to roguetiger15
I guess I worded the question wrong. I am willing to pay going forward but if its as simple as "put your money in an IRA and five us $5k". F that.
Posted on 5/8/13 at 4:43 pm to poochie
quote:
I guess I worded the question wrong. I am willing to pay going forward but if its as simple as "put your money in an IRA and five us $5k". F that.
How much of the $5K is to cover your tax bill for converting to a roth?
Posted on 5/8/13 at 4:44 pm to poochie
quote:
guess I worded the question wrong. I am willing to pay going forward but if its as simple as "put your money in an IRA and five us $5k". F that.
You have no idea what we do. You should totally do it yourself.
Posted on 5/8/13 at 4:45 pm to poochie
Move everything into the Shaft IRA, only a 5.75% load, and a 1.85% expense ratio
Posted on 5/8/13 at 4:47 pm to MamouTiger65
"$5000 fee"
Posted on 5/8/13 at 4:51 pm to Broke
quote:
You have no idea what we do. You should totally do it yourself.
Please don't tell me you are a FA and stating this?
I had one that lost almost a 100K and when I told him enough is enough and told him I wanted to transfer my monies to another acc. He told me that crap and that he wouldn't help me transfer my monies.
What a dickhead!Posted on 5/8/13 at 4:55 pm to fishfighter
quote:
Please don't tell me you are a FA and stating this?
Yes
quote:
I had one that lost almost a 100K and when I told him enough is enough and told him I wanted to transfer my monies to another acc.
Sorry hear that. I've never lost money for a client that stayed with me for 5 years or longer. I'm conservative.
quote:
He told me that crap and that he wouldn't help me transfer my monies. What a dickhead!
Yeah, dickhead move imo.
ETA: I also add that you probably got nervous at the wrong time too and wanted to pull out. Now if you invested 2 and lost 1 I think that's a problem.
This post was edited on 5/8/13 at 4:58 pm
Posted on 5/8/13 at 5:57 pm to Vols&Shaft83
quote:
Move everything into the Shaft IRA, only a 5.75% load, and a 1.85% expense ratio
this
Posted on 5/8/13 at 6:23 pm to Vols&Shaft83
did you just "this" your own comment? 
you should report him to the state securities adm. if he did not do as u told him to.
you should report him to the state securities adm. if he did not do as u told him to.
Posted on 5/8/13 at 6:28 pm to roguetiger15
quote:
you should report him to the state securities adm
shite, better start converting everything to bitcoin now
Posted on 5/8/13 at 6:37 pm to roguetiger15
Actually, i think the EJ fee was higher for less than $50k. I think he told me something along the lines of "our fee is 10% on the money you invest with us so if you were to move the $47k+- and invest $3000 more it would be at $50k and our fee would be $5000 for that plus 10% for future investments." That sure seems like a lot. Maybe remembering the details wrong but I def remember thinking "I have to give you $5000 just to roll over?"
But regardless of what I should do with my old 401k, tell me more about what financial advisors do, how they charge, and why it's worth it? (The last item being the most important)
But regardless of what I should do with my old 401k, tell me more about what financial advisors do, how they charge, and why it's worth it? (The last item being the most important)
Posted on 5/8/13 at 6:40 pm to poochie
Your looking for a Certified Financial Planner. A fee based account will only cost a fraction of the commission the Jones guy was going to charge. If you want to DIY but want professional guidance then get a CFP to write a financial plan for a one time fee. And the MB is right about everything they say when it comes to the local EJ brokers
Posted on 5/8/13 at 6:44 pm to poochie
quote:
Actually, i think the EJ fee was higher for less than $50k. I think he told me something along the lines of "our fee is 10% on the money you invest with us so if you were to move the $47k+- and invest $3000 more it would be at $50k and our fee would be $5000 for that plus 10% for future investments."
Yeah, you definitely are missing part of this story. I eat Edward Joneses and shite Merrill Lynches, but I know their fees aren't 10%, that's outrageous.
Just roll everything into Shaft IRA
, or if you're a big pussy, just go to Vanguard and roll it over there.
Posted on 5/8/13 at 6:48 pm to Vols&Shaft83
This is funny.
Posted on 5/8/13 at 6:49 pm to Janky
quote:
I eat Edward Joneses and shite Merrill Lynches, but I know their fees aren't 10%, that's outrageous.
ok shooter mcgavin
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