Financial Advisor Choosing

I will soon be getting a fairly large inheritence from the death of a relative. I'm in my mid twenties, still have two years of college left, so I'll need to get a financial advisor but I've heard of a lot of advisors ripping people off or not working for their best interest. How do I choose a reliable one?

Make yourself into one. That is the best advisor you will ever get.

Take and put the money into liquid funds at Schwab or Fidelity. Then invest it as you learn how. Small amounts at a time. Liquid funds at these brokerages pay 4.92 Yield on money market (5.03 APY) and on Yield Plus the yield on that is 5.68% and an APY of 5.88

Dont let the banks or the Merril Lynch's steal from you.

2007-04-15 15:50:09 by Dawood

EverythingFinanceBlog.COM A financial advisor can help you develop a well-thought-out personal investment plan that is tailored specifically to ...

where to start. Thanks

Proceed with caution!

Do some internet research first on the pitfalls of commission based planners. Look for independent planners.

Figure out what your goals are in your financial plan and then interview the planner and get a price quote before you commit to the services.

Run don't walk from those that want you to put all of your assets under their control for a 1% yearly fee .

Word of mouth from friends in similar circumstances is a starting point. Bankrate.com also gives good advice in starting your search.

I did a year long search and finally ended up with a planner who has given us a very good analysis and advice for a flat fee of $700.00.

2006-10-13 18:43:14 by g j

I live in Anaheim, CA and am looking to seek the help of a financial advisor but don't know where to start. Can anyone point me in the right direction? Thanks!

Go to the Certified Financial Planner Board - http://www.cfpboard.org/ to find planners in your neighborhood.

You can also use a CPA with a Personal Financial Specialist designation. You can find them at http://www.aicpa.org/

You should look for a fee only adviser - one that gets paid by the hour or the task. Some advisers work on a commission basis. So although you don't need to pay for their services, you have to be concerned about conflict of interest - the adviser might steer you to a product that pays him well but is not necessarily the best for you.

Advisers are supposed to file a Form ADV which lists potential conflicts of interest. Ask for it and see if there is anything that makes you uncomfortable.

If you aren't a millionaire don't look for advisers who specialize in high end clients. You want someone who is more familiar with your personal financial circumstances and who is also one you feel comfortable confiding in and working with.

2007-08-08 11:19:36 by Rez

Price: $29.95 $19.77

I'm trying to find what qualties or personality traits one would look out for in choosing the apointment of a financial advisor.

Your input is greatly appreciated...

I would say that honesty and integrity are most important. I would advise you to use a fee-only planner rather than one who earns from commissions. In addition, seek out someone that has the necessary certifications (i.e. CFP, RIA). Anyone can hang a shingle and call themselves an 'advisor' without any prior experience or qualifications.

www.msmoneysavvy.com

2008-02-15 13:15:31 by Stephen L

I have a limited amount of savings. I want to invest to try and increase amount.

Everybody wants to make money off your hard work. Try doing it yourself. First thing is to pay yourself first. Try to put aside 10 percent of your wages. After that, pay the rest of your bills. Read up on things like mutual funds and other investment vehicles and make your own decision.

Remember that your investment goals like risk and capital preservation will change over time. So don't be afraid to adjust. Try not to change your goal more then once a year.

2007-02-06 10:59:36 by ladnerboy2002