We need a financial planner/ advisor

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you may $500k per year and are worried about saving for retirement and college, a financial planner is not going to help you. There are spending and lifestyle problems that need to get under control.

I'm the OP and this is absolutely not true. We barely go on vacations. The last vacation was to Emerald Isle in 2021. I don't get my nails done. I wear my hair in a low bun so get my hair cut at a salon just once every 6 months. I don't buy jewelry. I haven't bought any new clothing except socks and underwear and an occasional sweater (which is once a year, if even). Only the kids get new clothing as they outgrow old ones. We have seen one financial consultant who broke down our spending and said we don't overspend in any area EXCEPT on food (we eat mostly organic) and our rule for takeout is that we get it just once every week from low priced restaurants like Moby Dick or Panera. I mistakenly left the finances up to my husband believing he could manage it well and then later realized we had very little savings/investments/retirement. I was shocked and I still have no idea why. We are now saving but we got a very late start. I need to figure out a way to save a massive amount before the kids go to college and before we retire.

That’s your problem right. Where did the money go? You need an audit, you need to find out. Maybe your husband stole your money, maybe he put it in risky investments and lost it, maybe he gambled, maybe….
Confront him and find out what happened.

[Anonymous]

Anonymous wrote:
We went with an advisor before we really understood what was what. Terrible decision because they put us in things that made them money whether we made money or not.

So they weren't an independent advisor? For example, they worked for Fidelity and put you in Fidelity funds?

[Anonymous]

You need a marriage counselor not a financial planner.

[Anonymous]

You say you don't have much in savings/assets but have a $500k+ income. So that makes little sense. You also don't list your age so it is hard to really know what is the issue(s) here. You and your husband have a responsibility to manage your $$$ effectively. A visit to a fee only CFP probably makes sense to get a financial plan that you could implement to meet your financial goals. You right now need a plan not a financial product. Do not see a Life insurance salesperson playing the role of a FA.

[Anonymous]

You can find fee only advisors (who don’t expect a chunk of your life savings every year—which is a ripoff, but very common in this area).

Studies show that index funds tend to equal or outperform asset managers, but they will never admit that.

Find a Certified Financial Planner at Garrett Planning Network.

They could be in another set of the country if you find one you like.

(I did that, for a major life transition. Paid a flat fee for a plan. I could trust their advice since they had no reason to head me in I’ve direction vs another.)

Good luck