[jesse_f]

Depends on how you define "financial adviser". What you've read/heard is that, over a long term period (usually 20 years), actively-managed funds don't outperform their benchmark index funds. I think what OP is looking for is someone to help steer him into how he should be allocated his money into funds (hopefully low cost index funds, such as those offered by Vanguard and others), not necessarily someone picking 5-10 stocks for him to invest in. So yes, many people can benefit by working with a fee-only financial adviser in some capacity, even if it's just someone to help plan insurance, IRA, and leftover money into index funds, etc; but no - it's often not worth picking individual stocks unless you consider it gambling money, or something of the sort.

For the record, I work in the markets and have all my money in IRA, 401k, and other low-cost (25-50 mil) funds/etfs. I've lost enough trying to pick individual stocks, never really works out of the long term.

[MrGompers]

Your employer may offer consultation with an adviser free of charge as part of their 401k plan. This is more likely to happen with large employers though.

[Armyvet1]

Company match 401k plan is what we have and it continues to grow

[MikefromCT]

If you're in the Hartford area, I can recommend a couple if you still need help. Unless you assign an authorized 3rd party to your account (family member or power of attorney with expertise in financial services), any advisor who's active on your holdings will usually receive some sort of commission. And these fees vary from firm to firm.

The sooner you find a trusted advisor, the better. If you'd rather not seek out a person recommended here on this forum, you can always ask if a friend or a neighbor can refer you to someone they have come to rely on and trust. But I agree that I would NOT rely on someone who charges a hefty fee up front and just pushes products that you don't fully understand or feel comfortable being in.
Good luck!

[Vin100]

Regarding the person I met at Ameriprise, I was recommended by a very senior/ old colleague of mine whose investments have been managed by him for past 15 yrs. This advisor at Ameriprise is a relatively old man with lots of experience.

My problem is that I want to start some basic investments as I am 40 yrs of age with no investments till date in USA (We came to USA 3 yrs ago). I agree that saving for the house is a priority and we are prepared for it, but I would not like to delay some basic investments like retirement planning, planning for kids education etc. $750 every year seems to me on higher side as I dont anticipate that I will be investing so much amount to be able to get this much returns immediately. Moreover, with limited funds I know that I just need basic important investments like IRA (Roth or traditional) and some dependable mutual funds where I can invest monthly. I don't mind any advisor taking reasonable commissions.

Jesse_f: you seem to catch my situation…I am looking to guidance towards which funds and how to allocate. Also I am not looking at stocks at this moment. Priority is to start IRA. I don't have 401K as we are on yearly contractual fellowship positions in hospital for next 3 yrs.
MikefromCT: Sure. Any more recommendations besides that I got would be welcome.

[Vin100]

While going through Internet search, I also realized that probably Ameriprise has one of the highest commission percentages and fees on investments. Didn't get very favorable reviews. Some said Fidelity of Schwab are better.

[jesse_f]

If you're just starting out, then like BlakeSQ you're probably best putting 1/3 into a low-fee (Vanguard-ish) us stock, us bond, and int'l stock fund. However, I'm not an adviser and am not giving advice.

Don't forget to save up 6 months to a year's worth of living expenses (mortgage, etc) first though. Stocks go up and down, and the market can stay irrational longer than you can stay liquid.

[Vin100]

I get your advice. Need to save first for the house..
Tell me- If I open a IRA account on Vanguard.com, am I able to invest in only Vanguard Index funds, or can I also diversity to Fidelity or any other Index funds?

[JayCT]

Originally Posted by Vin100

Regarding the person I met at Ameriprise, I was recommended by a very senior/ old colleague of mine whose investments have been managed by him for past 15 yrs. This advisor at Ameriprise is a relatively old man with lots of experience.

My problem is that I want to start some basic investments as I am 40 yrs of age with no investments till date in USA (We came to USA 3 yrs ago). I agree that saving for the house is a priority and we are prepared for it, but I would not like to delay some basic investments like retirement planning, planning for kids education etc. $750 every year seems to me on higher side as I dont anticipate that I will be investing so much amount to be able to get this much returns immediately. Moreover, with limited funds I know that I just need basic important investments like IRA (Roth or traditional) and some dependable mutual funds where I can invest monthly. I don't mind any advisor taking reasonable commissions.

Jesse_f: you seem to catch my situation…I am looking to guidance towards which funds and how to allocate. Also I am not looking at stocks at this moment. Priority is to start IRA. I don't have 401K as we are on yearly contractual fellowship positions in hospital for next 3 yrs.
MikefromCT: Sure. Any more recommendations besides that I got would be welcome.

Vin - You do not need a financial advisor. We tried one years ago and they only said to do what we were already knew we had to do. That included putting as much as possible in a 401k and saving agressively for our goals at the time. We laready had a house but we had small kids and needed to save for college.

For you I would say to definitely do the IRA. The tax advantages are very good. Look for the ones with the lowest fees. Second save a set amount each month for your home downpayment. Do not get eloborate or take chances with this money. You do not want it to be overly complicated to get to the money or take unnecessary chances with ti. Good luck, Jay

[Vin100]

Thanks Jay for your advice. I also feel that I don't need any financial advisor at this point. Need to focus on home downpayment and IRA. Once I start earning more and have more money to spare, then probably financial advisor may be needed.
Any recommendation for opening IRA? Vanguard Vs. Fidelity. Also, once we open IRA Roth (I am considering this over traditional IRA- correct me if you feel I am wrong) do we need to manage funds actively ourselves or just keep investing in Index funds and sleep?