LPL Financial Advisors...advice for investing (55, moving, marriage, community)

[Sunaimer]

Our credit union bank asked if we would be interested in speaking to one of their financial advisors. The person they have us talking to is part of LPL financial advisors. The advisor is a member of FINRA/SIPC. I also noted in the email that says not NCUA/NCUSIF insured. Not credit union guaranteed. May lose value. Not obligations of BECU (Boeing Credit Union). We are looking into retiring within five years and are looking for a reputable financial advisor to take over our IRAs and 401(k) which will be rolled over into an IRA. Any recommendations or advice or questions I should ask this financial advisor? Is this a reputable place? I have never heard of LPL financial advisors but I would think that BEC you would have good advisers. Any advice recommendations etc. would be most beneficial and helpful to us. TIA

[davebarnes]

You should read As LPL Financial Expands, Scrutiny of Its Practices Intensifies - The New York Times

You should run away.

You should become better educated before engaging the services of any advisor.

Spend time at https://www.bogleheads.org/forum/viewforum.php?f=2
Lots of time

[eliza61nyc]

Originally Posted by davebarnes

You should read As LPL Financial Expands, Scrutiny of Its Practices Intensifies - The New York Times

You should run away.

You should become better educated before engaging the services of any advisor.

Spend time at https://www.bogleheads.org/forum/viewforum.php?f=2
Lots of time

the only problem I have with bogleheads and I do love the site but it is really geared for the person who is super smart on investing. I signed up a few years ago and I knew nothing. well they are not really "patient" with newbies (just my opinions) now I admit my questions were probably kindergarten level questions but whew they were brutal, most typical response was "if you won't bother to learn about investing, you obviously don't care about your money" or some variation.

I read but I definitely don't post there anymore.

Anyhoo, op, here's my story.

My late husband was pretty much the financial "partner" in our marriage. Now I participated and knew pretty much what we had but as far as what to invest in and things like that, he loved it (MBA). So when he died I knew I wanted a financial planner.

I agree with Dave you have to do your homework but I disagree vehemently that they are all con artist out to take your money (I know dave you didn't say that but that is a very prevalent attitude).

Now I'm a research chemist so the thing I do know how to do is investigate. Long story short, after my wonderful old guy died 4 years ago, I know had to take a more hands on approach.

I have a FP who is part of the LPL financial services. They are independent FP that work with LPL as their broker-dealer.

So some of the things you need to find out
1) are you a fiduciary? meaning your interest come first.
2) how do you get paid? if they get commissions from products, pass
3) How will we work together?
4) do you have any complaints or lawsuits against you? check that out?
5) education background? are you a CFP? things like that
6) who is your custodian? some one else must be handling the money. never give any person the keys to the kingdom?

Go on line and google "how to chose a FA" or some thing similar, it will give you a ton of tips.

Now as I learn more and more I'm moving my money to more self invested things but I work well with my financial planner.

[davebarnes]

Originally Posted by eliza61nyc

the only problem I have with Bogleheads and I do love the site but it is really geared for the person who is super smart on investing.

I disagree.
It is for the person who is willing to invest of lot of time/effort in becoming better educated about finances.
For example, if you see a reference to glide path, then you are expected to research and read the original paper.

For me personally, I don't believe in using/paying a financial planner.
Probably because of the 2 engineering degrees and the MBA. After all, engineers know everything.
It is not quantum physics, it is arithmetic.


And, this "I would think that BEC you would have good advisers." is a naïve belief.

Another good site, in my opinion, is Early Retirement & Financial Independence Community

And, I think everyone should put their own numbers into Crowdsourced Financial Independence and Early Retirement Simulator/Calculator

[lenora]

My experience with my father's LPL advisor has been very positive and I would have no problem recommending him to friends.

[don6170]

Originally Posted by Sunaimer

Any advice recommendations etc. would be most beneficial and helpful to us. TIA

Find a fee-only (not fee based) advisor near you
https://www.napfa.org/find-an-advisor#tab=filters
https://www.garrettplanningnetwork.com/

The first group tends to focus on on-going money management while the latter tends to do hourly analysis/plan development, etc,

[eliza61nyc]

Originally Posted by davebarnes

I disagree.
It is for the person who is willing to invest of lot of time/effort in becoming better educated about finances.
For example, if you see a reference to glide path, then you are expected to research and read the original paper.

For me personally, I don't believe in using/paying a financial planner.
Probably because of the 2 engineering degrees and the MBA. After all, engineers know everything.
It is not quantum physics, it is arithmetic.


And, this "I would think that BEC you would have good advisers." is a naïve belief.

Another good site, in my opinion, is Early Retirement & Financial Independence Community

And, I think everyone should put their own numbers into Crowdsourced Financial Independence and Early Retirement Simulator/Calculator

cool just giving my experience with bogle heads.

I am an active participant on early retirement. org though. their retirement calculator can be found at

firecalc.com