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I am one of the lucky ones who is 57 years old with $1.5 million in retirement savings. Looking to pack it in 5-7 years from now. I am not happy with my broker who has been with me for +30 years. Problem is my returns in 2010 (4%) and he is my age and I want to go younger just as I did with my MD. First guy I interviewed was a dud but the next one looks good. What "certifications" etc should I look for to avoid a "Bernie M"?
Good for you---you are one of the lucky ones. Most boomers don't have that type of cash once they finally retire. I would definitely lookf for a CFP and or MBA. I found my FP through WORTH magazine about 8 years ago. There are also associations for Independent Financial Planners who are in good standing that you can find.
The personal finances columnists in the Los Angeles Times recommend "fee only" financial planners. That is, you pay them a fee for their services instead of them pushing the sale of investment products on which they get a commission. So you are paying out of pocket up front for "objective" advice. Saving that fee might sound tempting, but is probably short-sighted. I suppose the analogy would be if you wanted advice on which car to purchase. If you could pay a fee to an independent expert who was not getting a kick-back from any of the car manufacturers, then you would get better advice. If you consulted a Chrysler salesman who charged no fee, well, guess where he would steer you.
I would stay with someone who is with a known company. AAA has investment services as do credit unions, banks and other businesses. AAA charges a fee. I have 401K with a credit union and the fee is based on how much money you have to invest. My fee is $35.00 a year and I don't have that much with them but he guy has gotten nearly all the money back after the stock market went south.
It seems like old standby advice, but I'd suggest you ask friends / relatives / neighbors who they use. Get recommendations from people you know. I'd be wary of newspaper ads as anyone can take one of those out. A ranking in a magazine such as Worth might be good.
We found our FA through an employee of mine. I listened for at least a couple of years to what investments and what strategies he was recommending before we even had an initial meeting. At that meeting he put us at ease, I knew so much about him it was almost as if we knew him. He's a small town guy in an independent office, which has since been acquired by a much larger firm, (UFC). However they've stayed very independent.
We've been working with them for over 10 years, and over that time we very slowly transferred investments over to their management. Their results compared to our own was the measuring stick we used. Today we're comfortably retired because of their advice and strategies.
Do you want a finacial advisor or a broker. These can be two different jobs. You might what a financial planer and a discount broker if you feel you can do your own investing.
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