Do I Need A Financial Advisor

I also want to create an investment account to make my savings money more productive, Im not sure how to start and a financial advisor charges fees that I would rather not pay if I can do it on my own, any advice?

If you are saving for college expenses, you should take advantage of federal tax breaks aimed at families saving and paying for college. These include the following:

Qualified Tuition Programs (529 plans)—Earnings grow tax-deferred and distributions are tax-free when used for qualified post-secondary education costs.

Coverdell Education Savings Accounts— Earnings grow tax-deferred and distributions are tax-free when used for qualified post-secondary education costs. May also be withdrawn tax-free for primary and secondary school expenses.

You can read about these at
http://www.savingforcollege.com/

If you are comfortable with the idea of investing in mutual funds, you can invest on your own. If you have not invested in mutual funds before, you need to read up on this. Some people feel comfortable doing it on their own, others need a financial advisor to hold their hand. I don't know enough about you to say what type of person you are. Below is one link about mutual funds.

http://finance.yahoo.com/funds/mutual_fu nds_101

2007-09-02 19:25:19 by E27G

At what point should you get a financial planner?

Can anyone please recommend their financial advisor. It doesnt matter to me if they are out of state (as long as they do phone conferences).
I have 25k in an online savings acct earning 3.5%
9k in a Roth IRA retirement fund through Vanguard
I want to retire rich and I'd like to have an investment now so that in me 40's I have some muoney working for me. I dont know if I should get a mutual fund in addition to what I have, if I should invest with sharebuilder (even though i dont know how to pick stocks). I would like to meet with someone that can offer me the best advice on reaching my goal. The thing is I did speak to a financial advisor before and he only sold american funds and that is the company he wanted me to buy from and it was a loaded fund, and from everything I've read it said don't buy loaded funds. So id ont know what is the best way to pay a financial advisor. SHould i look for an advisor that charges a fee rather than charges for each transaction.

Also i'd prefer if you all could refer me to a specific financial advisor and not just a website directory.

I am single and I just feel overwhelmed with
what hsould i invest in
am i saving enough for retirement
should i get life insurance now (since it will probably be cheap and maybe a fixed rate)

CD's wont be good for me since they are offering pretty much what I get what with my savings account plus my money is liquid...

OH on another note:
My dad is giving me 100 for a bond. Which bond should he get that will give me the highest return? is it worth getting a tax free bond although the rate is lower and where (what site) can I get that from?

You can do some reading and certainly be able to take care of your own situation...or you can get some help at a place like Fidelity...log on there and print up anything from " basics" to long-term investment strategies.
Basically, you seem to be in good shape...just keep maxxing that IRA...and certainly open a second " investment" account...get some of that 3.5% money into a few funds that could at least double that return...but still be available at the click of a mouse to be withdrawn.

If you take things a step at a time, you won't be " overwhelmed"... nothing has to be " set in concrete" right now...not every penny has to be placed in some " strategic" place. Get into one or two funds...see haw they perform for you after six or nine months... add to them...or move them around ..as the results will tell you what to do. It is Soooo simple now in this computer age.
If you still think you need more attention, that Fidelity site also has a phone number ..you can talk to a rep...have them send any info you think you might need...or ask them to suggest some...there is no " hard sell" with them...they know they have a good thing and just present it to you.
As far as the bond...I'd say ALWAYS go tax-free...just one less headache...and returns are still decent.

2008-09-12 17:47:17 by Ellie

Price: $22.00

On my eighteenth birthday, which is in just over a month, I come into the first $20,000 (US) of a lawsuit settlement. I am going to be in school, but I have $4,000 in grants (that covers all my tuition) and $12,000 in subsidized loans (no interest at all while I'm in school) for next year.

I come into the rest of the lawsuit settlement, $51,500, right about as I'll be finishing school, on my 21st birthday. I'd like to invest as much of this money as possible, in somewhat low-risk places. Since my loans are all no-interest while I'm in school, I figure I'm better off waiting to pay them off while my settlement money grows.

I've already registered with two financial advisory groups (the Respond Financial Planning Services Team and the National Association of Personal Financial Advisors [NAPFA]), which send all your information to financial advisors. Unfortunately, most financial advisors require a minimum portfolio of $100,000 (or they only do taxes, or they only work on retirement portfolios...).

So my question is two-fold.

(1) Do you have any advice for me? How should I invest that money?

(2) If you think it'd be good for me to talk to a financial planner, how do I find one who will accept someone with as small an amount as I have to invest? Are there any books I should read?

Thanks.

Your situation is unique. Your school tuition appears to be under control. Your financial furture once you get out of school looks bright.

I reccommend you take the first installment of your settlement and invest it in a varied portfolio of domestic and overseas options. At your age, it would be best to look into low-risk investments that show a decent rate of return, usually CD's. Get the longest term that you can. When it matures, drop the money into another CD. Keep doing that until you get the second installment, then look at stocks and bonds. If you handle your investments wisely, you'll develop a nest egg for yourself that will see you through any storm.

Of course, it always helps to have a good financial planner to guide you through the unfamiliar landscape of investments. Talk to family members (chances are, they can reccommend someone that you can trust) and close friends. They will always be your best resource. the planner does charge for his services, so make sure you discuss that and get "the biggest bang for your buck".

Good luck in school and in the future!

2008-08-03 14:15:54 by Elizabeth

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I have a 401K , a Roth IRA and some savings. I am in my mid forties.

I would recommend an advisor to help put all the pieces together. Go to one that will not charge you for helping put a financial plan together. Make sure they are an independent advisor and be upfront for what you want them to help you with.

Tell them you want to manage your own money but you need help to accomplish your goals. Even if you think you don't need help the advisor may see something you didn't know or never considered.

Everyone needs help in the risk management department of keeping what you have in the case of an emergency. Independent advisors generally will guide you in the process to protect your life savings. If you ever feel they are trying to sell you something you don't feel comfortable about or you do not understand, find a new advisor to ask their opinion.

So what's to lose by having a professional in your corner helping with advice that they work on everyday. You just need to know the correct questions to ask the advisor.

By the way you will need an advisor when you do retire. Why not start to establish a relationship now. Ask for referrals from friends, family and people you respect.

Good luck at set those goals for 2007 high. It's going to be a great year.

2006-12-31 09:02:12 by theenforcer

I earn well over 100K but I am very bad at Saving money. So I am planning to seek financial advice from a professional who can guide me to save some money and make small investments.

I want to know if these FAs will only give financial advice if we have a minimum amount? If so how much?

How expensive are they?
Do you know a cheap but good FA?

I appreciate your responses.

Thanks,
Sorry for not being clear but I live in the US. I like the Scwabb idea...will wait for some more answers though.

Thank you very much!

Firstly, you should go to a site that give impartial information such as 'money made clear' (http://www.moneymadeclear.fsa.gov.uk) by the FSA or Motley Fool (www.motleyfool.co.uk) as the best financial you will ever have ... is you

Secondly, search for an IFA (INDEPENDENT Financial Adviser) on any reputable website such as www.unbiased.co.uk

Thridly, do not be afraid to ask questions, such as
how do you get paid fees, commission or a combination of both?
what are your qualifications (note: the more qualified they are, the more expensive they are likely to be)

Be prepared to answer many questions the IFA may have, if you are looking to invest money, large or small, he/she needs to ascertain your ACTUAL attitude to risk rather than your PERCEIVED attitude. These tend to be different.

Lastly, if you don't feel comfortable with the recommendation, don't do it

HTH

2009-01-30 07:29:12 by Askme