Personal Financial Adviser NEEDED

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
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Topic Author
tanre
Posts: 6
Joined: Fri Jan 22, 2021 11:19 pm

Personal Financial Adviser NEEDED

Post by tanre »

Hi all. Im new here and looking for help. Trying to find a GREAT financial advisor. Can anyone who has been HAPPY with theirs please send me his/her info?
Someone familiar with RE investments, Stock investments, retirement planning and acting as a fiduciary. Thank you all. Much appreciated.
Golf maniac
Posts: 1359
Joined: Wed Dec 27, 2017 1:02 pm
Location: Florida

Re: Personal Financial Adviser NEEDED

Post by Golf maniac »

Most on here do not use a financial advisor. If you provide your location someone may have a specific recommendation. Are you looking for a flat rate advisor or someone who is paid a percentage per year? Are you looking for an individual or just a company? What is the basic size of your portfolio? More information may lead to more answers.
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Sandtrap
Posts: 19590
Joined: Sat Nov 26, 2016 5:32 pm
Location: Hawaii No Ka Oi - white sandy beaches, N. Arizona 1 mile high.

Re: Personal Financial Adviser NEEDED

Post by Sandtrap »

How to find and select a Financial Advisor, and "know" which one's are good and not good for you?

After the following, you will know as much or more than many Financial Advisors and be able to understand what they are telling and recommending, for the benefit of their brokerage, themselves, or you, and whether you need a Financial Advisor at all.

Read:
Here are links to the wiki's "Getting Started" and "Investing Startup Kit" pages:
https://www.bogleheads.org/wiki/Getting_started
https://www.bogleheads.org/wiki/Bogleh ... rt-up_kit
(follow the links and read the WIKI that continues from this).

Define your goals:
You will have to present your financial goals to a Financial Advisor. So, why not try formulating those goals on paper after reading this.
Define General Investment Goals and Objectives (what is your plan?)
https://www.bogleheads.org/wiki/Invest ... statement

Do:
Asking Portfolio Questions
https://www.bogleheads.org/forum/viewt ... =1&t=6212

The simple act of constructing a "Forum Portfolio Review Request" and printing it out will give you a solid understanding of your financial base and how you might plan a long term strategy to meet your goals.
The knowledgeble responses from your Portfolio Review Request" here, will give you something to compare with as you shop for a Financial Advisor.

Additional Reading so you will be prepared to speak with a Financial Advisor:
Suggested Reading List
https://www.bogleheads.org/RecommendedReading.php
Forum Library of Investing Advice with links
https://www.bogleheads.org/wiki/Main_Page

Finally:
Reading this is a "must":


*******How Financial Advisors Make Money
http://www.pamkrueger.com/how-does-my- ... ake-money/

*As for R/E Investing: feel free to post an inquiry or question on the forum. There are some knowledgeable people here with experience from owning 1 to 10 to 100 to 500 properties as businesses.

There are lot's of paths and personal points of view towards things and this is just one.
j :D
Wiki Bogleheads Wiki: Everything You Need to Know
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Rob5TCP
Posts: 3812
Joined: Tue Jun 05, 2007 7:34 pm
Location: New York, NY

Re: Personal Financial Adviser NEEDED

Post by Rob5TCP »

Most here will advise a low cost advisor (like Vanguard's PAS) which charge .30% of assets or less.
There are some robotic ones that charge less.

The traditional ones charge 1% and more.
Kenneth Fisher charges up to 1.75% and most here will avoid that firm at all costs.
There are advisors that charge on an hourly basis. If you have a large portfolio they are
probably your best options. If your portfolio is small, Vanguard, Schwab, or Fidelity
are then probably your best optopns. Many articles on here have listed horror stories
on Edward Jones and similiar firms.
MikeG62
Posts: 5065
Joined: Tue Nov 15, 2016 2:20 pm
Location: New Jersey

Re: Personal Financial Adviser NEEDED

Post by MikeG62 »

Golf maniac wrote: Sat Jan 23, 2021 7:39 am Most on here do not use a financial advisor.
^This.

You may want to consider Harry Sit. Harry has a service where for a modest fee (~$200) he will locate three financial planners in your area for you to consider - folks who work on a fee for hour (advice only) basis (no AUM fees). If I wanted a fee-only planner, I'd strongly consider letting him do the legwork for me. Harry also posts on these boards from time to time.

https://adviceonlyfinancial.com/

Full disclosure - I have no relationship with him. Never met or spoke or wrote to him. However, I think he will find someone competent for you.
Real Knowledge Comes Only From Experience
Rus In Urbe
Posts: 701
Joined: Sat Dec 09, 2017 1:12 pm

Re: Personal Financial Adviser NEEDED

Post by Rus In Urbe »

As mentioned upthread, most of us here are DIY investors, or at most hire someone on an as-needed basis. A cornerstone of Jack Bogle's philosophy was that Wall Streeters make it look complicated so they can charge high fees to suckers, basically, and that INVESTOR EDUCATION is key.

So, you want to hand off the responsibility of looking after your money to someone else.

Ask yourself why?

Because.....
---You've been burned in the past?
---You're watching the market go up and feel like you're missing out?
---You don't trust yourself to handle your investments?
---You don't know enough about investing?
---You came into a windfall and don't know what to do with it?
---You don't want to take the time to find out about investing?
---You don't think you have the time to learn about investing?
---Your family had negative ideas about money or money failures?
---You feel like you need a personal financial adviser, "a guy" as we often say, in order to be successful?
---You know someone who has "a guy" and s/he seems to be rich?
---Someone told you it's really complicated and you really need "a guy? in order to win."
---The whole issue of money repels you or makes you anxious, so you just want to hand it over.
---All of the above.

I really recommend that you investigate why exactly you think you need a personal financial adviser.

It is actually your attitude toward money that is going to make you succeed or fail.

Unless you are clear about about what value money has for you and what you are willing to do to accumulate it, nothing you do will succeed. It comes down to your awareness of the power of saving/spending choices, of financial fees, of diversification, of all the aspects of financial wisdom that are discussed on this board (and detailed in the links Taylor helpfully provided upthread). This is what makes success, whether you have "a guy" or not.

You have come to a place where you can learn from others about how they accumulated wealth.
It's actually rather easy to do----if you first build awareness and are clear about your goals.

Good luck to you!
:beer
I'd like to live as a poor man with lots of money. ~Pablo Picasso
tibbitts
Posts: 23716
Joined: Tue Feb 27, 2007 5:50 pm

Re: Personal Financial Adviser NEEDED

Post by tibbitts »

tanre wrote: Fri Jan 22, 2021 11:23 pm Hi all. Im new here and looking for help. Trying to find a GREAT financial advisor. Can anyone who has been HAPPY with theirs please send me his/her info?
Someone familiar with RE investments, Stock investments, retirement planning and acting as a fiduciary. Thank you all. Much appreciated.
In general, especially outside of Bogleheads, I would not lend much weight to someone being happy with their financial adviser. My experience has been that being "happy" is almost completely unrelated to actually receiving good investment advice.

Having said that, I've been happy with my TIAA adviser, but that was partly because of his very specific knowledge of some nuances of my multiple TIAA contracts from multiple employers. I wouldn't, for example, expect a TIAA adviser to know the same level of detail about my state government retirement benefits, or another employer plan unrelated to TIAA. And I wouldn't have a lot of confidence in an adviser from some other financial firm being very familiar with (or being willing to invest the time to learn about) the nuances of my TIAA contracts. The overall plan the TIAA adviser came up with was very similar to what I'd already come up with myself, and didn't involve moving any other assets to TIAA or increasing my costs in any way. The cost of the adviser services is built into the expenses of my TIAA employer plans, so it's not like an additional expense to me.
Bogglebendi
Posts: 58
Joined: Sun Jan 10, 2021 8:16 am

Re: Personal Financial Adviser NEEDED

Post by Bogglebendi »

MikeG62 wrote: Sat Jan 23, 2021 8:31 am
Golf maniac wrote: Sat Jan 23, 2021 7:39 am Most on here do not use a financial advisor.
^This.

You may want to consider Harry Sit. Harry has a service where for a modest fee (~$200) he will locate three financial planners in your area for you to consider - folks who work on a fee for hour (advice only) basis (no AUM fees). If I wanted a fee-only planner, I'd strongly consider letting him do the legwork for me. Harry also posts on these boards from time to time.

https://adviceonlyfinancial.com/

Full disclosure - I have no relationship with him. Never met or spoke or wrote to him. However, I think he will find someone competent for you.
Thank you for this lead. I think what I need is $/hour advice from time-to-time. This will help!
Topic Author
tanre
Posts: 6
Joined: Fri Jan 22, 2021 11:19 pm

Re: Personal Financial Adviser NEEDED

Post by tanre »

First, thank you for all the advice and information. So, to answer a few questions and to address what Im looking for, here it is:

I am NOT looking for someone to manage my accounts. I am looking for a person who can break down various returns for different vehicles with potential outcomes so as to make some financial decisions. I am at a cross roads and need to figure out options. DO I sell this to use this money for that, or do I keep this and pay down this? Obviously a bit more complex, but that is the idea. I too have managed my accounts as a DIY guy, but now, near retirement, I need some help. I'm looking for a few consultations to help me decide which path to take, do some risk analysis and return rate calculations. Im looking for someone who they themselves have a personal portfolio of 1M minimum.

Anyone on here who has already accumulated a good net worth, but has someone who they use from time to time to help with allocation decisions?; not management. If you are that person, please share your contact. Thanks

As for location, it is not very important as the quality of the person for whom I work with is paramount. Im in the NE, but do not want to limit myself to that area for help.
Dave55
Posts: 2017
Joined: Tue Sep 03, 2013 2:51 pm

Re: Personal Financial Adviser NEEDED

Post by Dave55 »

I would recommend
Rick Ferri
https://rickferri.com
or
Allan Roth
https://daretobedull.com/overviewbio/

Dave
"Reality always wins, your only job is to get in touch with it." Wilfred Bion
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CyclingDuo
Posts: 6006
Joined: Fri Jan 06, 2017 8:07 am

Re: Personal Financial Adviser NEEDED

Post by CyclingDuo »

tanre wrote: Sat Jan 23, 2021 12:36 pm First, thank you for all the advice and information. So, to answer a few questions and to address what Im looking for, here it is:

I am NOT looking for someone to manage my accounts. I am looking for a person who can break down various returns for different vehicles with potential outcomes so as to make some financial decisions. I am at a cross roads and need to figure out options. DO I sell this to use this money for that, or do I keep this and pay down this? Obviously a bit more complex, but that is the idea. I too have managed my accounts as a DIY guy, but now, near retirement, I need some help. I'm looking for a few consultations to help me decide which path to take, do some risk analysis and return rate calculations. Im looking for someone who they themselves have a personal portfolio of 1M minimum.

Anyone on here who has already accumulated a good net worth, but has someone who they use from time to time to help with allocation decisions?; not management. If you are that person, please share your contact. Thanks

As for location, it is not very important as the quality of the person for whom I work with is paramount. Im in the NE, but do not want to limit myself to that area for help.
You may want to register for this upcoming panel of experts event and listen in (as well as submit a question or two). At least some of them work with clients (including consulting) and it would at least be a start when it comes to well regarded Boglehead planning and investing. Allan Roth, Mike Piper, Bill Bernstein, and Christine Benz combined will be a pretty impressive panel. I believe Rick Ferri also offers hourly consultation advice. IMO (and if it were me) - at least it seems like a logical place to start with your due diligence.

viewtopic.php?f=10&t=337069

CyclingDuo
"Save like a pessimist, invest like an optimist." - Morgan Housel | "Pick a bushel, save a peck!" - Grandpa
Greg in S. Carolina
Posts: 13
Joined: Sat Oct 03, 2020 11:59 am

Re: Personal Financial Adviser NEEDED

Post by Greg in S. Carolina »

I’ve had a very good experience with Mark Zoril of Plan Vision MN. Find it on the web.
Mudpuppy
Posts: 7409
Joined: Sat Aug 27, 2011 2:26 am
Location: Sunny California

Re: Personal Financial Adviser NEEDED

Post by Mudpuppy »

Based on your clarifications, it sounds like you're looking for a fee-based / hourly-rate financial planner/consultant to help you conduct essentially a financial wellness check-up and to run some scenario planning, rather than an advisor/manager. You may wish to edit your original post to point to your clarifying post, as the word "advisor" carries some negative connotations around here (as evidenced by the earlier responses). Those who don't read the whole thread before responding might give inadequate advice.
venkman
Posts: 1338
Joined: Tue Mar 14, 2017 10:33 pm

Re: Personal Financial Adviser NEEDED

Post by venkman »

I don't think anyone has yet suggested Garrett Planning Network. They can help you locate an hourly-fee-based advisor in your area.
neverpanic
Posts: 1023
Joined: Sun May 10, 2020 12:26 am

Re: Personal Financial Adviser NEEDED

Post by neverpanic »

tanre wrote: Fri Jan 22, 2021 11:23 pm Hi all. Im new here and looking for help. Trying to find a GREAT financial advisor. Can anyone who has been HAPPY with theirs please send me his/her info?
Someone familiar with RE investments, Stock investments, retirement planning and acting as a fiduciary. Thank you all. Much appreciated.
Start posting questions here. I've been amazed at the amount of knowledge the members are willing to share out of a desire to educate. Then if you do decide to meet with a personal advisor, you will be able to get even better value for your time. Perhaps no poster will become a fiduciary for you, but there is an endless amount of collective knowledge about real estate, stock market investing, and retirement planning (that's the part that brought me here).
I am not a financial professional or guru. I'm a schmuck who got lucky 10 times. Such is the life of the trader.
Pandemic Bangs
Posts: 375
Joined: Sat Dec 26, 2020 2:49 pm

Re: Personal Financial Adviser NEEDED

Post by Pandemic Bangs »

You asked for a "GREAT" financial advisor and I don't think that's a thing. There is appropriate advice and inappropriate advice but no one is a financial planning genius. There are not that many variables and anyone who "hits it out of the park" simply guessed well and/or took and out-sized risk without your knowing.
tanre wrote: Sat Jan 23, 2021 12:36 pm Im looking for someone who they themselves have a personal portfolio of 1M minimum.
You don't need this. And: do you have any idea who goes in to this field? It is not rich people looking to help others. It is very not-rich people who saw in Parade magazine that this is a great and not-too-hard way to start at $80K for a second career. Would you only go to a doctor who had cancer or a heart attack?
tanre wrote: Sat Jan 23, 2021 12:36 pm As for location, it is not very important as the quality of the person for whom I work with is paramount.
I think it is important -- there are a lot of state-specific tax, estate, and 529-related issues.

Good luck!
Wait 'til I get my money right | Then you can't tell me nothing, right?
Topic Author
tanre
Posts: 6
Joined: Fri Jan 22, 2021 11:19 pm

Re: Personal Financial Adviser NEEDED

Post by tanre »

neverpanic wrote: Sun Jan 24, 2021 1:38 am
tanre wrote: Fri Jan 22, 2021 11:23 pm Hi all. Im new here and looking for help. Trying to find a GREAT financial advisor. Can anyone who has been HAPPY with theirs please send me his/her info?
Someone familiar with RE investments, Stock investments, retirement planning and acting as a fiduciary. Thank you all. Much appreciated.
Start posting questions here. I've been amazed at the amount of knowledge the members are willing to share out of a desire to educate. Then if you do decide to meet with a personal advisor, you will be able to get even better value for your time. Perhaps no poster will become a fiduciary for you, but there is an endless amount of collective knowledge about real estate, stock market investing, and retirement planning (that's the part that brought me here).

I think I will take your advice. Thanks... will start a new thread with some specifics.:

viewtopic.php?f=10&t=337537
slickracer
Posts: 131
Joined: Sat Dec 26, 2020 9:00 am

Re: Personal Financial Adviser NEEDED

Post by slickracer »

I'm using a fee only fiduciary planner who created a comprehensive plan, including asset allocation, I then invest the funds myself and will use them for a yearly review. First year cost works out to about 20 basis points, ongoing will be 10 or less. And by consolidating everything with Schwab, I also get access to the CFP at the local branch and my Wife has real people to talk to if something happens to me.
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