We need a financial planner/ advisor
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Anonymous
| My husband doesn't like to manage money nor does he plan well. So it's up to me to figure out how to make sure we have enough for kids tuitions and retirement. I am looking for a great financial planner or advisor in Virginia. What kind of questions should I be asking before I hire them? Our HHI is in the 500-600K range. |
Anonymous
| Read some books and you will be fine. |
Anonymous
| We use Edelman some people here don’t like that model but it’s worked for us. |
Anonymous
| Read bogleheads |
Anonymous
What do they charge? |
Anonymous
If you want to be destitute in 10 years sure |
Anonymous
Wait, what? |
Anonymous
https://youtu.be/ON6U6IMn8GI?si=m95thT-pPxRgvxaJ |
Anonymous
|
It's not difficult to manage money yourself, and you will save $ doing it (typically advisors charge 1 percent of your total assets that they manage, each year). There are also reasons to let others guide you (your shortage of time, shifting of responsibility in case spouse doesn't agree with your decisions, etc.).
Hire someone with a CFP credential. Ask them how they make their money - is it the assets under management model, or commission from products they sell, or a flat fee. It seems rare in this area to find a flat fee planner. You will have to decide whether you want a model where you give them all or part of your $ to manage, or if you are just seeking advice and will do it yourself. Basic questions like saving for college or retirement etc. are fairly easy to plan for, and like a PP mentioned, Bogleheads is a good and conservative source of information. Your advisor should listen to you, hear your situation and financial goals, and help you get there. Basically, the advisor should tell you to save $ (about 15% of your gross income depending on your current age and savings) in your retirement accounts and in taxable accounts, fill up your 529s, save up to pay for things in cash instead of taking out loans. Your investments should be in a diversified stock portfolio, the easiest and most cost-effective being something along the lines of an S&P 500 fund. They will also want to make sure you have your estate planning (wills etc.) in place. Red flags are folks who want to sell you an annuity or put you into some kind of investment that you don't understand. |
Anonymous
Yes, probably 3/4 of the guys I see panhandling on the street now have a sign that says "This happened because of John Bogle" |
Anonymous
| 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. |
Anonymous
This is a good answer. I would add, though, that a really great advisor is going to be asking you questions too, to see if you qualify to work with them. HHI doesn't impress advisors; investable assets does. So if you're just starting out and want to put away, say, $1,000/mo into a 529 plan, you won't have the assets necessary to work with a successful, experienced advisor. The best advisors have asset minimums. This is because the majority of advisors charge a fee for assets under management. Many of the best advisors have minimums of $1M or more, ensuring that their fee is at least $10k/year. Probably your best bet is to find someone who will write you up a plan that you can implement on your own at a low cost vendor like Vanguard. |
Anonymous
Give it a few years |
Anonymous
You believe this BS? |
Anonymous
You don’t need a financial advisor if your income is only 500-600K. Don’t waste your money. |