Oregon Nesties
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Financial Planner?
Do you have a financial planner?
If so, how did you find that person? would you recommend them?
If you care to, how much does it cost?
TIA!!!
Re: Financial Planner?
Can you give me a little more information?
I used to be (no longer) a financial advisor --there are quite a few things an FA can do for you, including pretty complete financial planning.
Are you looking for investment advice? Budgeting advice? Accounting advice? A bookkeeper? Insurance?
Depending on your situation, you may not need a CFP. Some situations, lend themselves to a team, some a single person works well.
I would start by asking friends, who are in similar financial situations as you.
Following that, I would call the people recommended and ask to meet with them. They will likely ask you to bring your financial information (bank statements, investment statements, retirement funds, insurance, information on debt, etc). Depending on your situation, you may or may not feel comfortable bringing that information. You don't *have* to provide that information on the first meeting but you should expect to provide some information (ideas of what you are looking for and your capacity). For instance, if you are simply interested in opening an IRA, let the person know that. If you are interested in full financial planning and have numerous accounts that you'd like to consolidate or have reviewed, let them know that. You will get a better idea of what someone can provide if you give them some information.
Most people don't need more than a regular financial advisor (found at brokerage firms). Some people do fine investing through their banks (tend towards conservative investments).
I would caution you against anyone who gets too excited about selling you insurance. Insurance can offer a lot of value to people but it's also expensive (in addition to mgt fees that are embedded in mutual funds held in insurance products, insurance carries a high commission -- 6-7%). In addition, frequently insurance is sold as a one-stop shop when there are better/ more cost effective products. I had my insurance license and was appalled to find many people were sold insurance in IRAs and other ludicrous things that simply gave the sales person good commission while not benefiting the client. Now, it's possible you do need an insurance plan -- I'm just saying, don't jump because someone tells you it's the best option for retirement or buying a house some day in the future.
Banks tend to focus on insurance, some mutual funds and CDs. If you want individual stocks or a wider variety of mutual funds and more expansive knowledge, you'll be better off at a brokerage firm. The people that work at banks (unless you make an appt w/ an FA), tend to have their series 66 / 63. Financial Advisors at brokerage firms have their 7, 65, 63 (there's a combination license that covers the 65 & 63 -- it may be the 66 but I can't remember) and insurance. (I had 7, 65, 63 & insurance).
There are also people that advise for a price and do not sell you product. There are benefits to that but it's really not necessary unless you have a substantial amount of money.
If you are looking for general investment advice, you might look at Morningstar.com. They have a lot of resources and some really great mutual fund rankings (they rank all mutual funds -- Morningstar is not a fund company). I used the site when I was an FA and I know a lot of investors that purchase a subscription if they invest on their own through a discount brokerage.