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Old 10-17-2018, 09:10 AM
 
Location: Columbia SC
8,984 posts, read 7,753,935 times
Reputation: 12191

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Quote:
Originally Posted by volosong View Post
Also seek a fee-only financial planner at: https://www.napfa.org/

They earn their income from a check you will write to them for their time and advice, not from commissions on products that they want to sell to you.
I agree. Fee based is the way to go.

Several years back major insurance companies called all their Insurance Sale Agents to a meeting. They gave them some basic training on selling Annuities. They they gave them all new business cards that said Financial Planner. Be careful when you see Financial Planner especially when they have stuff to sell you.

Another company that was basically selling stocks did the same thing. Overnight they were all Financial Planners. Care to guess the name?
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Old 10-17-2018, 09:13 AM
 
Location: NYC
2,917 posts, read 1,591,544 times
Reputation: 7957
Financial Planners don't work for free, a "free meeting" is a sales meeting. "Free" financial planning means they are getting an annual commission from the funds they sell you as long as you own them. As mentioned "Fee-Only" are honest about it & you can inquire about their fee, make sure they will act in a fiduciary capacity by asking them this.

Most FPs are oriented towards mutual funds, asset allocation, withdrawal plans, market conditions, etc & may not be the best people to get info on Social Security planning or tax planning. If there is any way to find someone who specializes in elder finances re., taxes & SS near you if possible this would be the way to go.

I used a fee based FP but he didn't really have much info on SS or future taxes, just investments.
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Old 10-17-2018, 09:19 AM
 
Location: 5,400 feet
2,625 posts, read 2,581,534 times
Reputation: 3679
Quote:
Originally Posted by MsMaeMae View Post
Thanks for the advice about trying our bank. I had not thought of that.
As far as talking to SS, what I am looking for is partly information, but also advice. I don’t think they would provide the advice part.

It's been awhile, but I've spoken with financial advisors at two banks. Oddly enough, each one determined that exactly what I needed were the products offered by their banks. I expect you'd find that advice given by an insurance agent would be a variable annuity offered by an insurance company s/he represented.



Others have suggested a fee based advisor, and that is probably your best alternative.
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Old 10-17-2018, 09:40 AM
 
1,515 posts, read 967,241 times
Reputation: 2858
Quote:
Originally Posted by volosong View Post
Also seek a fee-only financial planner at: https://www.napfa.org/

They earn their income from a check you will write to them for their time and advice, not from commissions on products that they want to sell to you.
Napfa is where I was directed when I had the opportunity to ask someone whose advise I trust, because that group had its own code of conduct which required members put their clients' best interest ahead of their own ("best interests duty"). This was before the Department of Labor's rule requiring that FAs to act in the best interest of clients, which was to go into effect a couple of years ago.

Ask friends and family - people you personally trust - if they have recommendations on who to consider and who to avoid.

Personally, I would only meet with a planner who is fee-based.
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Old 10-17-2018, 10:28 AM
 
Location: Southeast
10 posts, read 5,925 times
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Yes, I think fee-based will be the way to go for what I need. Thanks for the input and the link to Napfa. I will check it out.
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Old 10-17-2018, 11:00 AM
 
2,066 posts, read 869,124 times
Reputation: 5090
Why don't you ask your questions here? You will get plenty of advice. The downside to financial planners is that they are usually selling something so you won't necessarily get the best advice for you. Also they don't have a crystal ball so they can be right or wrong, depending on how the economy goes in the future. If any financial planner had a crystal ball they would be independently wealthy and wouln't have to work as a financial planner. The best they can do is give you approximate risk vs. reward projections for different scenarios, but you still have to make up your own mind.
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Old 10-17-2018, 11:23 AM
 
6,885 posts, read 7,289,708 times
Reputation: 9791
Yes, you can ask here...Lord knows all kinds of SS issues and topics have come up (some ad nauseum) and there is some excellent knowledge here....people with actual experience going to SS, talking with SS, dealing with SS, researching SS, etc. And some -- even woking FOR SS.
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Old 10-17-2018, 11:29 AM
 
Location: Florida
4,370 posts, read 3,706,500 times
Reputation: 4111
Quote:
Originally Posted by mathjak107 View Post
Cpa’s Area of expertise is corporate auditing .they are usually the worst people to go to for financial planning .most know very little about retirement tax planning as well. As cpa’s It just is not what they do.

Our financial planner works with an estate attorney / elder law attorney and a tax attorney where needed .
You might want to follow the second link. They have to study to become qualified for financial planning and if taxes was their prior area of expertise I would think they can be a good choice. Also CPA normally work on an hourly basis and this fits the desire of the OP

Remember I did not say any CPA, I said one that practices in the financial planning area. Just like you would not go to a family doctor for a hart operation. I would agree with you that a CPA that specialized in corporate auditing is not the person you would want for financial planning.
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Old 10-17-2018, 11:36 AM
 
Location: Florida
4,370 posts, read 3,706,500 times
Reputation: 4111
This organization is free and will help with health insurance questions. Do not know if they could point you to someone for SS answers. SHINE - Home. Shine is by state so you will have to look for the one in your state.
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Old 10-17-2018, 11:47 AM
 
1,837 posts, read 790,090 times
Reputation: 3385
What you need is an elder care financial planner. They create a plan not sell you stuff. The first visit is usually free but it won't give you much other than giving the planner information to determine cost and time to help you plan your future.
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