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Started By
Message
2
Posted on 6/16/25 at 10:10 pm to Finch
quote:
Mine is pretty amazing. He’s a great friend and I trust him 100
What all does he do for you?
Posted on 6/16/25 at 10:16 pm to Slippy
Financial planning has become a universal term. What exactly are you looking for?
Posted on 6/16/25 at 10:56 pm to Slippy
I’ve wondered the same. I hate working and want to retire. But I just have zero interest in finances. None at all. So I would like someone to do it for me.
Posted on 6/16/25 at 10:57 pm to Bestbank Tiger
quote:
Make sure they're a fiduciary.
This. I looked into doing it, but after checking around, they only wanted me to sell life policies, and not IULs or annuities, or anything that can actually make wealth. I worked in insurance and sold life policies, if I wanted to do that I would have just stayed in insurance.
Posted on 6/17/25 at 5:50 am to Slippy
I can tell you I did most of my own investing my entire life and built a nice retirement plan
I'm less than 5 years away and started working with a CPA/CFP and holy sheet I had no idea what role taxes play in getting ready for SS etc but you need a CPA/CFP in your corner.
I'm retiring at 58 btw...
I'm less than 5 years away and started working with a CPA/CFP and holy sheet I had no idea what role taxes play in getting ready for SS etc but you need a CPA/CFP in your corner.
I'm retiring at 58 btw...
Posted on 6/17/25 at 5:55 am to Slippy
A good one can be helpful when you have big life decisions around your money.
- Make sure they're a fiduciary
- Don't buy a whole life insurance policy
- Check their Broker Check record
AI will likely render most of these guys useless in 5 years anyways.
- Make sure they're a fiduciary
- Don't buy a whole life insurance policy
- Check their Broker Check record
AI will likely render most of these guys useless in 5 years anyways.
Posted on 6/17/25 at 5:57 am to Slippy
quote:
Are financial planners full of shite? Should I trust them?
There are some good ones out there but also a lot of snake oil salesmen.
I'm sure the OT will think you're a simpleton because you can't invest the time to track and manage your own financial investments, but they are what they are.
Posted on 6/17/25 at 5:59 am to East Coast Band
quote:
Seems like this is something AI would be a breeze at in helping the general public
Thank god they aren’t biased or often owned by public companies or private equity with public arms.
Posted on 6/17/25 at 6:08 am to GEAUXT
[quote]chill. Advisors, even good ones, are a waste of money unless you have very complex financial needs.[/
All you need to know is get as much money in that Roth as you can in your lifetime if you plan on leaving something to the kiddos.
All you need to know is get as much money in that Roth as you can in your lifetime if you plan on leaving something to the kiddos.
Posted on 6/17/25 at 6:10 am to Slippy
One of them has lost my FIL as much money as he has earned for him. Kind of ironic when you see the guy on TV giving people financial advice.
Posted on 6/17/25 at 6:15 am to Volvagia
quote:
Problem is the ones who are worth it typically don’t care about your couple 100k
If you only have a couple 100k, you probably don’t need financial planner
Posted on 6/17/25 at 6:18 am to Slippy
The average financial advisor takes a large annual fee, think around 1.5%, to put you in some index or mutual funds that you could have done yourself with about 3 hours of research.
You also risk them putting you in funds that have large frontload fees or large expense ratios while you could have just opened up an account with Vanguard, Fidelity, or Schwab and put your money in better funds with miniscule fees.
I almost got duped by a northwestern mutual advisor that was recommended to me and "really good friends" with someone I know. It's very common for someone to be great friends with their financial advisor because the average person thinks they are doing something unique when they are just a thief that isn't being honest about their fees.
You also risk them putting you in funds that have large frontload fees or large expense ratios while you could have just opened up an account with Vanguard, Fidelity, or Schwab and put your money in better funds with miniscule fees.
I almost got duped by a northwestern mutual advisor that was recommended to me and "really good friends" with someone I know. It's very common for someone to be great friends with their financial advisor because the average person thinks they are doing something unique when they are just a thief that isn't being honest about their fees.
Posted on 6/17/25 at 6:22 am to Slippy
In the 90’s crash mine cost me $125,000. He was a clueless imbecile.
Posted on 6/17/25 at 6:26 am to Slippy
Here’s free advice. Pay off all debt. Invest in long term CD. That’s it
Posted on 6/17/25 at 7:08 am to Slippy
A financial planner makes everything simple. Yes it comes at a cost but I think its worth it to have someone outside of family giving you financial advice, and they instill level headed decision making when the market turns. I experienced that just a few months ago.. Also, they opened the doors to other necessities like life insurance and setting up a trust. I would have procrastinated if it was not for their services.
I am sure there are snake oil salesmen out there, but none of the people I use do that. We discuss pros/cons of certain investments, and they advise on how to handle life events and future anticipated events. They also respect if I want to invest in certain markets, like nuclear, even though their analysts won't recommend them. Getting great returns so far.
I don't have an issue with them. I think I am better off than doing it myself, Maybe I got lucky.
I am sure there are snake oil salesmen out there, but none of the people I use do that. We discuss pros/cons of certain investments, and they advise on how to handle life events and future anticipated events. They also respect if I want to invest in certain markets, like nuclear, even though their analysts won't recommend them. Getting great returns so far.
I don't have an issue with them. I think I am better off than doing it myself, Maybe I got lucky.
Posted on 6/17/25 at 7:14 am to Mariner
quote:This.
I don't have an issue with them. I think I am better off than doing it myself, Maybe I got lucky.
Been with the same ~10 person firm since the ‘90s.
They control about $800m in investments now.
My comfort level is at 10 with them.
Posted on 6/17/25 at 7:15 am to Slippy
I have never seen a financial plan that doesn’t say you need more life insurance.
ETA: don’t take advice from most of the idiots in this thread.
ETA: don’t take advice from most of the idiots in this thread.
This post was edited on 6/17/25 at 7:25 am
Posted on 6/17/25 at 7:19 am to Slippy
quote:
Thinking about giving him the keys to the car.
Do not give them the keys to the car. You can do it yourself. Research the Three Fund Portfolio. Put your money in Schwab, Fidelity or Vanguard. Buy broad index funds and sit and wait and save the few percent he/she will likely charge.
Post more of your specifics and someone here or on the Money board can set you up well.
This post was edited on 6/17/25 at 7:21 am
Posted on 6/17/25 at 7:25 am to soccerfüt
This is who I need.
I've got to set up some irrevocable trusts for some assets and philanthropic directives.
I've got to set up some irrevocable trusts for some assets and philanthropic directives.
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