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Started By
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Are financial planners full of shite? Should I trust them?
Posted on 6/16/25 at 8:55 pm
Posted on 6/16/25 at 8:55 pm
I’ve talked to a few, but today I met with one I really liked. Thinking about giving him the keys to the car. I would like to retire without being consigned to perpetual poverty.
49
Posted on 6/16/25 at 9:01 pm to Slippy
No. You should only trust God.
Posted on 6/16/25 at 9:01 pm to Slippy
Their job is to sell you stuff. They seem to really like selling whole life policies.
Posted on 6/16/25 at 9:01 pm to Slippy
Make sure they're a fiduciary.
The good firms have tax lawyers in house. They can help you navigate around certain pitfalls. Depending on your relative incomes and SS payouts, it can make a major difference which spouse dies first. That's the kind of thing you have to plan.
If it's a simple estate with relatively even lifetime earnings and savings you can do it yourself. Especially with you being an attorney.
The good firms have tax lawyers in house. They can help you navigate around certain pitfalls. Depending on your relative incomes and SS payouts, it can make a major difference which spouse dies first. That's the kind of thing you have to plan.
If it's a simple estate with relatively even lifetime earnings and savings you can do it yourself. Especially with you being an attorney.
Posted on 6/16/25 at 9:01 pm to Slippy
Ask if they are fee only and a fiduciary.. A lot of CFPs make bank pushing customers into funds where they collect a commission.
Plus there are others that are really insurance salesman and not really financial planners at all
Plus there are others that are really insurance salesman and not really financial planners at all
This post was edited on 6/16/25 at 9:02 pm
Posted on 6/16/25 at 9:02 pm to Slippy
Sir, we have a Money board here. You will have better luck there.
Posted on 6/16/25 at 9:03 pm to MyRockstarComplex
quote:
They seem to really like selling whole life policies.
And they frame it as an investment illegally because they don’t have securities licenses. Whole life and IULs are the biggest scams out there and people fall for it every day.
Posted on 6/16/25 at 9:20 pm to Slippy
Some financial advisors put you in investments that make them commissions whether you win or lose… Other financial advisors have a commission structure that puts them in the same boat as you… They make money when you make money… and take a hit financially when you do the same. Nothing wrong with asking about their compensation structure.
Posted on 6/16/25 at 9:21 pm to Slippy
Mine is pretty amazing. He’s a great friend and I trust him 100%
Posted on 6/16/25 at 9:23 pm to Bestbank Tiger
quote:
Depending on your relative incomes and SS payouts, it can make a major difference which spouse dies first. That's the kind of thing you have to plan.
Do they typically have a hit man on staff or do they refer you to an outside service?
Posted on 6/16/25 at 9:25 pm to Slippy
Yeah that's a no for me.
Posted on 6/16/25 at 9:28 pm to Slippy
Posted on 6/16/25 at 9:31 pm to Slippy
They can be good, but unless you are paying for active management, they’ll probably just put your money in American Funds.
Posted on 6/16/25 at 9:34 pm to Slippy
Ours has been good for us. Equities, IRAs and LTC insurance as we planned for retirement some 10 years ago. Haven't touched any of it and she makes the investment calls but we always get a heads up...we are not risk takers
Posted on 6/16/25 at 9:44 pm to Slippy
VTSAX and chill.
Advisors, even good ones, are a waste of money unless you have very complex financial needs.
Advisors, even good ones, are a waste of money unless you have very complex financial needs.
Posted on 6/16/25 at 9:52 pm to Slippy
Financial planners can be great and amazing.
Problem is the ones who are worth it typically don’t care about your couple 100k or are saturated to the point they don’t want to grow their portfolio.
I’m sure there are exceptions to this rule, but not sure if the effort to find them is worth it vs just staying the course with low cost index investing.
Problem is the ones who are worth it typically don’t care about your couple 100k or are saturated to the point they don’t want to grow their portfolio.
I’m sure there are exceptions to this rule, but not sure if the effort to find them is worth it vs just staying the course with low cost index investing.
This post was edited on 6/16/25 at 9:53 pm
Posted on 6/16/25 at 9:55 pm to Slippy
Financial planners are like doctors, trust them at your own risk.
Your post-covid perspective will directly correlate with your future outcome.
Your post-covid perspective will directly correlate with your future outcome.
Posted on 6/16/25 at 10:02 pm to Slippy
They seem to make 3-6% gains seem as complicated as possible…while taking their cut.
This post was edited on 6/16/25 at 10:05 pm
Posted on 6/16/25 at 10:04 pm to GEAUXT
quote:
Advisors, even good ones, are a waste of money unless you have very complex financial needs.
Agree with this. Most of the information is readily available on YouTube by other financial planners. I suggest you educate yourself on those topics
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