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Started By
Message
Financial adviser/planner
Posted on 3/20/18 at 7:30 am
Posted on 3/20/18 at 7:30 am
Looking for recs for a financial adviser/planner. I am in the Southeast area of LA
Will be coming into possibly a couple million fairly soon and am looking for financial help to make the right investments
Will be coming into possibly a couple million fairly soon and am looking for financial help to make the right investments
4
Posted on 3/20/18 at 7:44 am to TigerDat
Full disclosure, I'm in the industry. I'd be happy to provide a short list of several other wealth management teams I trust and who do an excellent job.
<-----@gmail.com
Edit: A few suggestions:
1) Look for a team of advisors. Why? What happens if "your guy" gets hit by the bus? Also 2+ heads are always better than one.
2) Look for experience and multiple designations in areas of planning, wealth management, trusts and estates, etc. CFP likely being the most important for what you are looking for.
3)Look for a fee only advisor. It puts the client and advisor on the same side of the table. They aren't trying to sell you something or generate trades in your accounts. The only way they grow, is by growing your assets.
<-----@gmail.com
Edit: A few suggestions:
1) Look for a team of advisors. Why? What happens if "your guy" gets hit by the bus? Also 2+ heads are always better than one.
2) Look for experience and multiple designations in areas of planning, wealth management, trusts and estates, etc. CFP likely being the most important for what you are looking for.
3)Look for a fee only advisor. It puts the client and advisor on the same side of the table. They aren't trying to sell you something or generate trades in your accounts. The only way they grow, is by growing your assets.
This post was edited on 3/20/18 at 9:29 am
Posted on 3/20/18 at 8:47 am to juice4lsu
Stay away from anyone who charges commissions on products or is pushing anything insurance based. Look for a Registered Investment Advisor (RIA) as they will be required to provide recommendations that are in your best interests, not that are merely suitable for your situation.
Depending on the area I have several that I can recommend depending on what you are looking for.
Depending on the area I have several that I can recommend depending on what you are looking for.
Posted on 3/20/18 at 9:12 am to Maderan
Everyone with a securities license is a registered investment advisor. You need to set the bar a little higher than that. I would only work with fee-based certified financial planners. The designation CFP should follow their name and credentials list.
Posted on 3/20/18 at 9:25 am to Maderan
quote:
pushing anything insurance based
That’s kind of a blanket statement there. I agree with that money to stay away from anything annuity based, but it very well could be a good idea to put some of this $ into a life insurance/ltc product to protect these assets as well as continue to leave a legacy.
There’s a lot of info that needs to be known that a qualified FA could help him with. Please don’t throw out blanket statements such as above to derail someone’s goal.
Posted on 3/20/18 at 9:30 am to juice4lsu
Is it important to have a financial advisor with a strong tax background, or do most people keep financial planning and CPA separate?
Posted on 3/20/18 at 9:35 am to Disgeaux Bob
Let me clarify, look for someone who is RIA only. This would make them a fee based or flat rate advisor.
CFP is good if you want to look for a designation but is not indicative of ability to manage assets. There are several other quality designations including CFA, CIMA,and AIF. I would ask people you know and trust about their experiences with their advisors.
CFP is good if you want to look for a designation but is not indicative of ability to manage assets. There are several other quality designations including CFA, CIMA,and AIF. I would ask people you know and trust about their experiences with their advisors.
Posted on 3/20/18 at 9:39 am to LSUTOM07
Most FAs would tell you we don't give tax advice (mainly for legal reasons). However, being tax sensitive in how income is distributed, tax loss harvesting, general tax planning, and working with your CPA should be an important part of any strategy.
Posted on 3/20/18 at 9:41 am to Shepherd88
Yes, it is a blanket statement when it comes to investments.
Insurance is certainly part of a financial plan but should be incorporated depending on the goals and objectives of the individual. Insurance as an investing vehicle is usually an expensive and poor performing choice.
Insurance is certainly part of a financial plan but should be incorporated depending on the goals and objectives of the individual. Insurance as an investing vehicle is usually an expensive and poor performing choice.
Posted on 3/20/18 at 10:01 am to TigerDat
I use Personal Capital. I've been happy with their service quality and rates.
Posted on 3/20/18 at 10:47 am to Maderan
My mistake here...Was thinking of the term "Registered Representative".
Posted on 3/20/18 at 10:56 am to juice4lsu
quote:
Look for a fee only advisor. It puts the client and advisor on the same side of the table. They aren't trying to sell you something or generate trades in your accounts. The only way they grow, is by growing your assets.
This, and with a seven figure account that should be easy to do.
Most of the advisors out there working for commission do so because otherwise it's nearly impossible to make a living servicing low value accounts. If you only have $25,000 and an income to match, you will pay hugely because otherwise it isn't worth an FA's time.
With a couple of million though all that changes and a fee-only advisor will be happy to work with you.
Posted on 3/20/18 at 8:40 pm to Maderan
What do you think os indexed annuities for someone looking for low risk investment and retirement income
Posted on 3/21/18 at 2:08 am to TigerDat
Index funds, like Vanguard and Columbia, are great places to invest your money.
Also consider a trust.
Also consider a trust.
Posted on 3/21/18 at 9:24 am to Pussykat
You are paying a lot for the guarantee. There is a reason that insurance companies put these products together and still make money. They are not afraid of the market risk as they will win in the long term.
If you need secure income in the 3-4% of portfolio range I would build a basket of dividend paying stocks that have long histories of paying and raising their dividends.
You will average a 5% income raise per year with the increases in dividends (something you likely won't get with an annuity). You will have very secure income (if the dividends were stable through 08 they likely will be for the foreseeable future) and get to own your principal (which will be subject to the market but over long periods of time should only go up).
To me that is a win on all fronts over annuities.
If you need secure income in the 3-4% of portfolio range I would build a basket of dividend paying stocks that have long histories of paying and raising their dividends.
You will average a 5% income raise per year with the increases in dividends (something you likely won't get with an annuity). You will have very secure income (if the dividends were stable through 08 they likely will be for the foreseeable future) and get to own your principal (which will be subject to the market but over long periods of time should only go up).
To me that is a win on all fronts over annuities.
Posted on 3/21/18 at 10:06 am to Pussykat
quote:
What do you think os indexed annuities for someone looking for low risk investment and retirement income
I think they have their time and place. You do give up some up side potential for the comfort of having downside protection, and that appeals to some people.
Posted on 3/21/18 at 12:30 pm to LSUTOM07
quote:
Is it important to have a financial advisor with a strong tax background, or do most people keep financial planning and CPA separate?
You could find a CPA that has a PFS credential if you want you want someone who can do both.
I would say that it is important to have an advisor that is willing to work with your CPA if you would like them to.
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