When do you no longer need a financial planner? (debt, pay, visa)

[exit82]

And how do I go about letting him go? I thought I needed one at 500k-but now I'm down to 1/2 that- more or less- Seriously- I think I’m about ready to let mine go-and I know there are some savvy financial types on this board that maybe can give me some words to use. So then, what do I say when he picks up the phone and says Hello? Then I say what? Do I just say- you lost me a butt load of money and I could have done that myself so why should I continue to pay you out of the paltry sum that is now left? Shouldn’t he have had the knowledge to protect my funds? If I do fire him- (is that the correct word?) do I immediately have to take over maintenance of my funds and do I have to remove them from where he has them invested or what? Yes I realize it is ludicrous that I am posting these questions here instead of asking my financial planner- but I’m sure it’s obvious why I can’t ask him. Thanks

[Tesaje]

I've had a financial planner, who does not have clients but makes his money by giving classes, tell me that it is never smart to hire a financial planner. They rarely actually make more money for you than they cost you. His advice is to get educated and make your own investments directly. There is tons of financial planning information available for free on the net and in books.

[oleo]

Originally Posted by Tesaje

I've had a financial planner, who does not have clients but makes his money by giving classes, tell me that it is never smart to hire a financial planner. They rarely actually make more money for you than they cost you. His advice is to get educated and make your own investments directly. There is tons of financial planning information available for free on the net and in books.

+1

Real men don't need to pay someone with a MBA to tell them what to do with their money. The same information is all over the internet, for free.

[Fat Freddy]

If you have so much money that you have to pay someone to tell you what to do with it, you have too much.

[iGlenn]

Originally Posted by exit82

And how do I go about letting him go? I thought I needed one at 500k-but now I'm down to 1/2 that- more or less- Seriously- I think I’m about ready to let mine go-and I know there are some savvy financial types on this board that maybe can give me some words to use. So then, what do I say when he picks up the phone and says Hello? Then I say what? Do I just say- you lost me a butt load of money and I could have done that myself so why should I continue to pay you out of the paltry sum that is now left? Shouldn’t he have had the knowledge to protect my funds? If I do fire him- (is that the correct word?) do I immediately have to take over maintenance of my funds and do I have to remove them from where he has them invested or what? Yes I realize it is ludicrous that I am posting these questions here instead of asking my financial planner- but I’m sure it’s obvious why I can’t ask him. Thanks

I wouldn't even bother calling. Transfer your assets to another brokerage company that he isn't associated with so he would no longer have access to your accounts (the new brokerage company can walk you through this process). Then write a letter to your advisor stating that you are terminating your relationship with him. You don't have to give a reason.

[TeamExit]

Originally Posted by Fat Freddy

If you have so much money that you have to pay someone to tell you what to do with it, you have too much.

i agree.. lol

[Oildog]

I've thought about getting one, but when I look at the fees I have a hard time thinking they can do better than I can with a variety of no-load mutual funds and Charles Schwab. I'm the one to blame if it goes down, and I didnt pay someone 3$ to beat the market 1 out of 4 years. Look at websites like msn.money, the motley fool, barrons etc and there is plenty of advice. Granted I don't have investments more complicated than stocks, bonds, mutual funds, ETFs, MLPs & REITs.

[OneDayAttaTime]

I interviewed 8 trying to find one. When I caught every single one of them telling me something that I checked and found out was not right I went solo and I have never regretted it.

[joey2000]

Some seriously narrow-minded and irresponsible responses here, frankly. A financial planner is no guarantee that someone will make money or do better - at best it is someone who (presumably) knows a lot more than the given person does about investing/etc and so PROBABLY, OVER THE LONG HAUL, will do better w/their money than they would have.

Additionally it might also (at least in part) be advisable to consider because it's something a person avoids or just doesn't feel like doing.

Now if a person has the time, desire and ability to do it on their own (I do as well), more power to them. But not everyone does.

Back to the question....

There's no need to dance around it, nor to be obnoxious. Just call him or her and say you've decided to handle your own finances. If he gets pushy about it, THEN be obnoxious. Also if they balk at taking care of the paperwork so that they can no longer directly handle your finances in any way, start throwing words like 'lawyer' out.

[Pilgrim21784]

I've never used one. I keep it simple and don't trust most "advice". Stay out of debt and save your pennies, they grow into dollars rather quickly.