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My experiences with financial advisors has never been good. Generally, since they make money only for selling certain vehicles over others, they tend to push people to investing only what would benefit themselves the most. Some I have met have been outright dishonest. Others have been the pushy salesmen types, trying to pressure me into buying things I do not want.
I generally use the web to research investments, read prospectus, look over financial hisptry and market trends. My return has been quite good. I stay away from mutual funds that require a financial planner, going instead with ones where I can call in and place orders over the phone or on the internet. I recently started for my kids, to teach them more about investing and how the marlets work, a UGTM Account through one reputable large broker. I spoke briefly with someone on the phone to get started, and the sales and transfers of funds are left entirely to me, which is how it should be.
I am not saying that everything I have ever picked has always been a winner, that is the nature of investing. I am thankful that we live in a computer age where we can all invest at our own means and pace without the stress of a financial planner.
I use a no-fee financial advisor. We have all the insurance we need and are very happy with what we have and the investment accounts we use through him are pretty much what we would have picked anyway so why not. We meet with him a couple times/year, things are going well.
I use a financial planner who has a team of strategists. No fees for buying or selling, no matter how many times they do it. It's structured as a straight percentage (1%). He makes more if I make more. We've been doing really well.
in my opinion a good financial planner isnt just about picking funds or stocks. unless he has a crystal ball no one knows.
a good planner though is about structuring to meet your lifes goals, tax and estate planning and retirement structuring.
I agree...at one review many years ago it was discovered that we would have had some pretty major estate tax implications because of the laws at that time, we rearranged some things, no longer an issue. We have a nice balance of taxable and non-taxable plans for retirement so we can keep as much of our money as possible.
we just had the annual review at work by the consultants who sold us our 401k plan.
just for giggles i met with them.
they couldnt understand why i had the bulk of my equities in my taxable account and all the bond funds in my retirement momey.
they said arent you going to hit your taxable money first?
i said no way. thats my equities section , my ira money will be spent first decreasing my rmd's along the way.
i said my equities are only taxed at 15% outside the iras and 401k and i can write off losses why would i want that any other way? whatever is left i can pass tax free to my heirs unlike my tradional iras and 401k.
...my ira money will be spent first decreasing my rmd's along the way.
...
...they said thats backwards.....
I have a balanced withdrawal plan with an eye on tax rates and the loss of control with RMDs.
I also have been told it was wrong but when I questioned the logic it seemed to me that many advisers quote a text instead of offering a logical argument. I met with my first advisor 25 years ago and have consulted with 6 or 7 before I finally decided I would just make my own guesses and mistakes.
Consulting with someone knowledgeable can be valuable but with all the information available today is not critical for all.
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