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at what income level does one need the advice of a financial planner....
Posted on 2/4/14 at 12:55 pm
Posted on 2/4/14 at 12:55 pm
as opposed to going it alone. Let's say I know very little about investing. What I do know, I learned from y'all (thanks). I already invest in a 401(a) and a 457 plan. I know I need to also get a roth and stuff. But, would getting advice/guidance from a financial adviser/planner open up any new avenues? I Also have a Schwab account where I hold one whole share of the fund PBS (and I'm down about $1 off my purchase price).
TIA
TIA
2
Posted on 2/4/14 at 1:18 pm to white perch
I've pondered this before.. trying to come up with a number where it would be beneficial to pay someone to help manage. Different for everyone of course but interested in hearing various opinions.
Posted on 2/4/14 at 1:31 pm to raw dog
I'm making my first trip to one in the next week or so, though I'm not sure if they will be able to provide what I'm looking for.
I went to an advisor last year and left greatly disappointed, I went in looking for advice and all I got was an hour long hard sell on some BS funds the guy was peddling...after I told him upfront I was able interested in getting sold something.
I'm looking to get:
1. Advice on if my various insurances are adequate.
2. Tax planning advice and how I can do this wisely. We employ a nanny so that complicates this some.
3. General evaluation on where my wife and I are at financially.
4. Suggest some non-traditional avenues of investment.
Not sure I'm really interested in this person actually performing any day-to-day functions because I manage my wife and I's 401ks, stock holdings, etc. and I've done a pretty solid job. I just want a knowledgeable person to do a once over to make sure we are headed in the right direction.
Is there a difference between a financial planner/advisor?
Sorry for the hijack.
I went to an advisor last year and left greatly disappointed, I went in looking for advice and all I got was an hour long hard sell on some BS funds the guy was peddling...after I told him upfront I was able interested in getting sold something.
I'm looking to get:
1. Advice on if my various insurances are adequate.
2. Tax planning advice and how I can do this wisely. We employ a nanny so that complicates this some.
3. General evaluation on where my wife and I are at financially.
4. Suggest some non-traditional avenues of investment.
Not sure I'm really interested in this person actually performing any day-to-day functions because I manage my wife and I's 401ks, stock holdings, etc. and I've done a pretty solid job. I just want a knowledgeable person to do a once over to make sure we are headed in the right direction.
Is there a difference between a financial planner/advisor?
Sorry for the hijack.
Posted on 2/4/14 at 2:02 pm to TJG210
quote:
1. Advice on if my various insurances are adequate.
Read Dave Ramsey's financial peace university book. He outline BS insurances and which ones to have.
quote:
2. Tax planning advice and how I can do this wisely. We employ a nanny so that complicates this some.
Just use a CPA
Posted on 2/4/14 at 2:23 pm to Duckman13
quote:
Just use a CPA
Posted on 2/4/14 at 2:24 pm to Duckman13
quote:
Just use a CPA
Wife and I did this last year and it was worst experience ever. Not only did he f up our taxes, he offered little more than I could have figured out on my own in regards to tax avoidance.
ETA
We didn't expect miracles, but a suggestion here and there to lower our tax liability.
This post was edited on 2/4/14 at 2:27 pm
Posted on 2/4/14 at 2:33 pm to white perch
quote:
would getting advice/guidance from a financial adviser/planner open up any new avenues?
Would definitely bring new perspective and ideas to the table. If you go with an FA, they have a fiduciary responsibility to think in their client's shoes, and recommend in their best interests.
I think everyone should at least talk with an adviser. I would say it would be foolish not to, especially if you aren't in some type of financial field. I mean Law could be my biggest hobby in the world, but I would still at least seek some legal council for issues.
Whether you end up using them, that is a different story. However, if they charge you for just meeting with them, I wouldn't use them
ETA: Or as others have said, using a CPA can be very beneficial for much of your tax questions. Maybe not so much for full scale financial planning.
This post was edited on 2/4/14 at 2:45 pm
Posted on 2/4/14 at 2:33 pm to Duckman13
quote:
He outline BS insurances and which ones to have.
He outlines his opinions of BS insurances.
Posted on 2/4/14 at 6:14 pm to GoCrazyAuburn
Look in your area for a CFP at an accounting firm. This matches what you are looking for - a hourly consultant who does both tax and finance. They are two sperate things, but this sounds like what you are looking for. There are a few CFP CPA's in BR.
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