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Message
Is a CFP necessary for young investors?
Posted on 3/31/15 at 4:47 pm
Posted on 3/31/15 at 4:47 pm
Kind of a spinoff from another thread, but I've been interviewing a couple of different advisors, 1 from my bank and 1 local advisor that holds some rollover accounts and it seems like at this point- I'm 32 and my wife is 36- I'd be better off sticking with the Scottrade ROTH/SEP Accts that I opened last year. I bought a few individual stocks, and the rest is in VTSMX & VTIVX (2045 Target Retirement Fund). My local guy pitched a fund that will cost 2.25% annually ( PWDAX), and my banker/advisor wants to charge 1.25% for what it seems like I'm already doing with Scottrade for $7/trade and 0.17% annual fees from Vanguard. I can see it being worth it once I've amassed millions in retirement funds 
, but I'm just not sure it is right this second.
Thoughts?
, but I'm just not sure it is right this second. Thoughts?
This post was edited on 3/31/15 at 8:22 pm
2
Posted on 3/31/15 at 5:49 pm to LSUGUMBO
Dude. I don't think you understand what you are saying.
Posted on 3/31/15 at 5:57 pm to TheHiddenFlask
I think the consensus on this board with a 15+ year time horizon is to put everything into low fee index funds
Posted on 3/31/15 at 6:35 pm to TheHiddenFlask
To clarify: There is no way that anyone should willingly do this to themselves. Studying for this thing absolutely details your life for 4 months at a time three years in a row.
Posted on 3/31/15 at 6:52 pm to TheHiddenFlask
I think he means should he invest his money on his own or should he hire an advisor. I may be wrong but I don't think he has any intentions in taking the cfa test himself.
Posted on 3/31/15 at 6:53 pm to TheDirty1
I agree, and no I don't think a CFA is necessary.
Posted on 3/31/15 at 7:08 pm to LSUGUMBO
Do you mean CFP?
Posted on 3/31/15 at 7:11 pm to Janky
If you want someone to make money on doing what you already know, feel free to pay them.
I believe you already knew the answer to your question
I believe you already knew the answer to your question
Posted on 3/31/15 at 7:27 pm to UltimaParadox
Well this has been a confusing thread
Posted on 3/31/15 at 7:32 pm to UltimaParadox
Ok, so I definitely thought CFA was Certified Financial Advisor- I meant a CFP and I thought I knew the right answer, which is that I could do it myself for the near future, I just wanted to make sure that I wasn't missing something. I don't consider myself a financial genius, although as an avid reader of this board I have learned a bunch about different funds and doing it yourself. I was up over 15% before oil crashed last fall in my total portfolio, but the oil crash taught me a lot about diversifying. My portfolio is a work in progress, but I feel like I can handle it on my own. Thanks everybody 
Posted on 3/31/15 at 8:43 pm to Janky
Stick with what you are doing. Asset allocation is not rocket science.
Fees matter more...stick w/low fee based accounts.
Fees matter more...stick w/low fee based accounts.
Posted on 3/31/15 at 9:28 pm to LSUGUMBO
quote:
Ok, so I definitely thought CFA was Certified Financial Advisor- I meant a CFP
Yep, CFP was what you meant I think. And that guys fees are pretty outrageous but bear in mind that if you have a small account it probably really isn't worth a CFP's time unless it's a flat rate - and that flat rate won't be cheap either if he's any good.
My suggestion is that you start out with a Target EFT of some sort. They're just about ideal for someone who doesn't really know much about investing and aren't bad for anyone at all for that matter - the risk/return ratio is hard to improve on, especially for a small portfolio.
Posted on 4/1/15 at 6:48 am to LSUGUMBO
Gotcha. Now this makes more sense.
I don't think you need to get one to manage your money, but it might be a good idea to pay some money for a one hour meeting with one so that they can walk you through the common pitfalls.
I don't think you need to get one to manage your money, but it might be a good idea to pay some money for a one hour meeting with one so that they can walk you through the common pitfalls.
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