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Message
What exactly does a financial advisor do...and do I need one?
Posted on 1/27/15 at 3:13 pm
Posted on 1/27/15 at 3:13 pm
I currently have 35K in a ubs account all XOM stock.
I recently put $400 into a share builder account to start a small play type trading account to try and learn
I would like to purchase a condo near LSU to rent out for the next 10-15 years.
I would like to move the $ out of UBS and get with an advisor in Mandeville/Covington area. Our current broker is retiring and is in New Orleans CBD and have never really had a relationship with them. Stocks were handed down and have never changed.
How do advisors work, commission, fees, certain rates?
Anything specific I should be looking for?
I recently put $400 into a share builder account to start a small play type trading account to try and learn
I would like to purchase a condo near LSU to rent out for the next 10-15 years.
I would like to move the $ out of UBS and get with an advisor in Mandeville/Covington area. Our current broker is retiring and is in New Orleans CBD and have never really had a relationship with them. Stocks were handed down and have never changed.
How do advisors work, commission, fees, certain rates?
Anything specific I should be looking for?
5
Posted on 1/27/15 at 4:12 pm to mandevilletiger34
quote:
.and do I need one?
quote:
I currently have 35K in a ubs account all XOM stock.
Yes.
Posted on 1/27/15 at 4:58 pm to RadTiger
Posted on 1/27/15 at 5:10 pm to mandevilletiger34
Call Raymond James in Mandeville. Ask for Andre. He's a genius mostly because he lurks on here and doesn't post.
Posted on 1/27/15 at 8:04 pm to Motorboat
How do they typically charge? Do they only do stocks ?
Posted on 1/27/15 at 8:33 pm to mandevilletiger34
You had a UBS account and all you had was XOM stock? Why again were you paying for the account?
Any financial advisor is probably going to recommend a bit of diversification.
Most of them these days are "registered investment advisors" and they charge a percentage of asset value. You can give them discretion to trade for you, or, they can just advise you and you still call the shots.
Any financial advisor is probably going to recommend a bit of diversification.
Most of them these days are "registered investment advisors" and they charge a percentage of asset value. You can give them discretion to trade for you, or, they can just advise you and you still call the shots.
Posted on 1/27/15 at 8:37 pm to tigertail34
They can charge a commision each time there is a transaction (example $100 a trade), an annual fee (example 1.15% of assets annually), or they might try to sell you an a share mutual fund and pocket 5% up front. Always know where you stand with your Advisor in regards to fees.Ask them how they get paid or what their commission is. Any broker worth a shite has been asked this question 100 times, and remember, you're the boss and can fir him at the drop of a hat.
Posted on 1/27/15 at 8:50 pm to Jawja_Joe
Go to bogleheads.org
Posted on 1/27/15 at 9:13 pm to mandevilletiger34
quote:
currently have 35K in a ubs account all XOM stock.
Don't know what this is. I'm a noob
Do you need an advisor? I don't think so. But what do I know.
Posted on 1/27/15 at 9:46 pm to HailToTheChiz
UBS is a swiss international bank. XOM is the ticker symbol for ExxonMobil
Posted on 1/27/15 at 9:50 pm to mandevilletiger34
Definitely reach out to an advisor. Speak to a few local guys and come back here before you commit to something.
You won't be a huge fish though, so don't expect any exotic recommendations. But sounds like you do need to diversify what you own if that's your only investment.
You won't be a huge fish though, so don't expect any exotic recommendations. But sounds like you do need to diversify what you own if that's your only investment.
Posted on 1/27/15 at 10:16 pm to southernelite
Posted on 1/27/15 at 11:02 pm to HailToTheChiz
Depends on what you want. Brokers like ubs typically make money on the stuff they sell. Registered investment advisors typically charge an annual fee of around one percent to manage your money. RIAs don't push product but are normally looking for assets of 100,000 or more.
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