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Financial Advisor Meeting
Posted on 11/19/19 at 1:02 pm
Posted on 11/19/19 at 1:02 pm
My SO and I will be meeting with a financial advisor soon about a significant windfall that we'll be receiving. This will be our first time ever meeting with one.
Any questions that we should ask as first timers? I know to ask or listen about fees, etc., but anything else? We would like to get a small monthly draw from the investment, but I don't know how to ask about that. Any pointers will help.
Thanks.
Any questions that we should ask as first timers? I know to ask or listen about fees, etc., but anything else? We would like to get a small monthly draw from the investment, but I don't know how to ask about that. Any pointers will help.
Thanks.
This post was edited on 11/19/19 at 3:08 pm
14
Posted on 11/19/19 at 1:33 pm to btnetigers
Based on my experience, do not feel pressured into letting them manage all of your assets or feel obligated to purchase any of their funds/products. For me, a flat advisory fee works well.
Interested to see what some of the more knowledgeable folks on here say.
Interested to see what some of the more knowledgeable folks on here say.
Posted on 11/19/19 at 1:49 pm to btnetigers
If the word "fiduciary" isn't one of the first things out of their mouth, turn around and walk out.
Posted on 11/19/19 at 1:56 pm to btnetigers
Plan to meet with more than one advisor. You'd never buy the first car from the first salesman you encountered--you'd go out and comparison shop. Do the same with a FA. Don't just stick with the first guy....find a fee-only advisor who fits your needs.
Posted on 11/19/19 at 2:17 pm to btnetigers
1a) Fee only
1b) Fiduciary
If those criteria are not met, then find someone else. Those are exact words are required. Not "fee based" or any other creative lingo.
Do you actually need the cash flow monthly? Why is the small monthly draw required? I'm assuming you are younger folks so trying to get context on the need.
1b) Fiduciary
If those criteria are not met, then find someone else. Those are exact words are required. Not "fee based" or any other creative lingo.
Do you actually need the cash flow monthly? Why is the small monthly draw required? I'm assuming you are younger folks so trying to get context on the need.
Posted on 11/19/19 at 3:02 pm to btnetigers
Which city does your FA work out of. Maybe some of us can share positive experiences with different FA’s pending on where we live.
Posted on 11/19/19 at 6:09 pm to btnetigers
I would go fee only. You eliminate the conflict of interest that broker/dealers have. If a broker is calling himself an “advisor” and selling you funds, then he is just a middle man in Product distribution. A true “adviser”, will be a fiduciary and manage your stocks and bonds. Not sell you a product.
Posted on 11/19/19 at 6:41 pm to btnetigers
If they work for Northwestern Mutual or those other rip off companies, then cancel and save your $. Would recommend toni robbins or some other material to learn how to manage your money, its not a rocket science
Posted on 11/20/19 at 4:23 am to btnetigers
Based on the research I've done they charge around $150 an hour or you can do a whole financial planning session for around 3K initially and $1500 annual follow ups. I'm not sure if this is worth it or not I guess that's for you to judge. I'm curious which is the better way to go. I'm not sure if those fee's are charged in addition to the 1% of assets under management fees or not. I've been going back and forth if I would rather pay a fee only and get a plan put together that I could follow or pay on a continuing basis with annual follow ups.
Posted on 11/21/19 at 2:13 pm to btnetigers
Here are some questions from the great Jason Zweig:
LINK /
Additional tips:
If they're not a fiduciary- run.
If you can't understand how they're paid- run.
If they talk investments/portfolios, returns, and fees first- run.
You're looking for someone that will walk you through a financial planning process before making recommendations, someone that is willing to invest time rather than "close" you quickly, and someone that you mesh with personally. Bonus points for someone that is knowledgeable, but not a know it all- that is one of the most important factors IMO.
LINK /
Additional tips:
If they're not a fiduciary- run.
If you can't understand how they're paid- run.
If they talk investments/portfolios, returns, and fees first- run.
You're looking for someone that will walk you through a financial planning process before making recommendations, someone that is willing to invest time rather than "close" you quickly, and someone that you mesh with personally. Bonus points for someone that is knowledgeable, but not a know it all- that is one of the most important factors IMO.
Posted on 11/23/19 at 11:48 am to btnetigers
How much money is enough money to go to a financial advisor or planner?
Posted on 11/25/19 at 4:12 pm to btnetigers
After you meet with the "advisor", then take a look at Schwab's investment management with a one time $300 advisor fee (Automated Investing with Professional Guidance)to set your investments. $25k asset level and above to open. Investing doesn't have to be difficult.
Schwab
Schwab
This post was edited on 11/25/19 at 4:15 pm
Posted on 11/25/19 at 6:04 pm to btnetigers
OP, is this the same financial adviser that has had the money for awhile? Or did you receive a windfall, and are meeting someone on how to invest?
If we are talking over $500k, I'd HIGHLY recommend finding 2 advisers. Especially while you are young. There's not really anything to lose but your time with the 2nd adviser.
Finally, you said SO? Not spouse? So its her money? If its your money, you SHOULD NOT bring them to the first meeting IMO. Same for them honestly.
If we are talking over $500k, I'd HIGHLY recommend finding 2 advisers. Especially while you are young. There's not really anything to lose but your time with the 2nd adviser.
Finally, you said SO? Not spouse? So its her money? If its your money, you SHOULD NOT bring them to the first meeting IMO. Same for them honestly.
Posted on 11/27/19 at 10:46 am to btnetigers
quote:
My SO and I will be meeting with a financial advisor soon about a significant windfall that we'll be receiving. This will be our first time ever meeting with one.
Any questions that we should ask as first timers? I know to ask or listen about fees, etc., but anything else? We would like to get a small monthly draw from the investment, but I don't know how to ask about that. Any pointers will help.
Hear them about, but I'd skip the financial advisor if you are young. Throw your money into a couple of funds via Schwab, Vanguard, etc. Keep funneling the money in and don't stop. You have to be systematic with it. Once you and your spouse reach a certain age (say 55 or 60), then go speak with a financial advisor.
For now, I'd say it isn't needed.
Posted on 12/3/19 at 2:03 pm to btnetigers
your situation is gonna matter on the amount of dollars, your time horizon and risk tolerance etc etc, the specific advisor.
Inheriting $120,000
Scenario 1
let's say you have a 25 year time horizon and the advisor has a good reputation. If they are "managing your account" you are getting charged an asset management fee it is gonna be most likely 1 percent every year usually charged quarterly. $120k that is gonna be 1200 bucks a year for the first year etc so on and so forth based on the total amount of the account
Scenario 2
The advisors sells you some A-shares of a couple of funds from same fund family. 3.5% front end commission with 0.25% 12b-1 fees. These funds can be exchanged at anytime free of charge after 1 year the event your risk tolerance changes which it will
Scenario 3
you pay a planner $2,000 one time and you manage everything yourself through no load funds.
Scenario 4
you believe everything your read on the MB and don't listen to anyone and pay zero fees.
Many advisors "manage" accounts that charge a fee. That same advisor will also sell a product like scenario 2 if it makes sense for the client. Scenario 1 will lead to more revenue for him over the long run, and cost you more. Scenario 2 will cost more on the front end and less over the long haul.
Fee based is actually more money over the long haul for companies. That is why many are moving towards that model contrary popular belief that they will magically be a better advisor.
Due to my role I see all accounts and all advisors and we have some crappy ones and some that are amazing. The style of account doesn't determine the quality of the advisor so get multiple opinions and make sure they have access to a Certified Financial Planner if they are not one.
Good luck.
Always remember this past performance doesn't guarantee future results.
anytime you hear someone make a guarantee, that is when you should run.
Ideally scenario 2 is best assuming all returns are the samee and you get treated the same as if the advisor were actively managing the account... to get that type of customer service I would look for someone younger that has been mentored by a seasoned advisor. The financial planner should be in at least one of the initial meetings.
This is a hypothetical situation to illustrate different accounts. If you are receiving something > 500k that changes the dynamic
Inheriting $120,000
Scenario 1
let's say you have a 25 year time horizon and the advisor has a good reputation. If they are "managing your account" you are getting charged an asset management fee it is gonna be most likely 1 percent every year usually charged quarterly. $120k that is gonna be 1200 bucks a year for the first year etc so on and so forth based on the total amount of the account
Scenario 2
The advisors sells you some A-shares of a couple of funds from same fund family. 3.5% front end commission with 0.25% 12b-1 fees. These funds can be exchanged at anytime free of charge after 1 year the event your risk tolerance changes which it will
Scenario 3
you pay a planner $2,000 one time and you manage everything yourself through no load funds.
Scenario 4
you believe everything your read on the MB and don't listen to anyone and pay zero fees.
Many advisors "manage" accounts that charge a fee. That same advisor will also sell a product like scenario 2 if it makes sense for the client. Scenario 1 will lead to more revenue for him over the long run, and cost you more. Scenario 2 will cost more on the front end and less over the long haul.
Fee based is actually more money over the long haul for companies. That is why many are moving towards that model contrary popular belief that they will magically be a better advisor.
Due to my role I see all accounts and all advisors and we have some crappy ones and some that are amazing. The style of account doesn't determine the quality of the advisor so get multiple opinions and make sure they have access to a Certified Financial Planner if they are not one.
Good luck.
Always remember this past performance doesn't guarantee future results.
anytime you hear someone make a guarantee, that is when you should run.
Ideally scenario 2 is best assuming all returns are the samee and you get treated the same as if the advisor were actively managing the account... to get that type of customer service I would look for someone younger that has been mentored by a seasoned advisor. The financial planner should be in at least one of the initial meetings.
This is a hypothetical situation to illustrate different accounts. If you are receiving something > 500k that changes the dynamic
This post was edited on 12/3/19 at 2:28 pm
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