Financial Advisor Get Out Of Debt

I am graduating from law school, and, contrary to what everyone says, most lawyers don't make a lot of money. I have about $150,000 in student loans, and they are all over the place. Some are subsidized government loans with low, fixed interest rates. Some are private loans with high variable rates. I need to figure out which loans should be consolidated, how to get low monthly payments, and when I should start saving.

My question is: which financial advisers are the best for helping to get out of debt? Is there anyone who specializes in student loans?

Answers relevant to Cleveland, Ohio would be nice, but not necessary if it's a big, national firm.

Most financial advisors specialize in growing your assets and planning how much you need to invest to reach certain goals. It sounds like you need advice on debt management and budgeting.

Check out some articles on CNN Money's website, personal finance. There are articles under "Money 101" that give you good advice on money management. Because you have debt instead of assets, a financial advisor would charge you roughly $2,500 per year to give you advice that you can figure out yourself.

Also, feel free to ask questions on this site. There are plenty of advisors like myself that will answer quick questions for you for free.

2007-05-09 15:49:53 by SB

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into debt. I moved in with my mom after two years of debt piling on and have been unable to even begin to pay any of it. I am in a place now to where I can start to eliminate the debt but I don't know where to start. I am in collections for pretty much every bill and alot of it has been sent to "refusal to pay" lawyers I think. I don't make alot now but I need to get this all paid off. Where do I begin? A financial advisor? debt counselor? Please let me know any ideas on how to get out of this hole. I need someone to like go through my debt with me and see where to begin and what I should do to fix it

I would suggest pulling your own credit report to see who all you owe. Then starting with the smallest debt pay them off. You may be able to settle with each one for less than whats owed. Call the smallest one first & see if they will offer you a settlement or payment plans. Don't call the others until you are ready to pay the next one. Good luck!

2009-12-16 07:58:43 by Angela S

I'd like to become a parttime unlicensed financial advisor to help people get out of debt and offer simple investment advice. Where can I get a form that waives my liability? Or for that matter, since I'm not licensed and independent, should I have any other concerns?

You can't waive your libaility. You should get liability insurance if you are going into business. Or E & O coverage is common. (Errors and Omissions)

2007-12-10 16:59:55 by Kyle B

I have been on many websites. I feel I would be good at this as I am always giving sound financial advice to other people. I would also love to give advice on getting people out of debt. Where do I train to do that?

According to the US Dept of Labor, this is what you need to know about becoming Financial Analysts and Personal Financial Advisors:

*A college degree and good interpersonal skills are among the most important qualifications for these workers.
*Although both occupations will benefit from an increase in investing by individuals, personal financial advisors will benefit more.
*Financial analysts and personal financial advisors who have earned a professional designation are expected to have the best opportunities; competition is anticipated to be keen for highly lucrative positions in investment banking.
*About 4 out of 10 personal financial advisors are self-employed.

Training required:

Employers usually do not require a specific field of study for personal financial advisors, but a bachelor’s degree in accounting, finance, economics, business, mathematics, or law provides good preparation for the occupation. Courses in investments, taxes, estate planning, and risk management also are helpful. Programs in financial planning are becoming more widely available in colleges and universities. Working for a broker-dealer is a good way to gain experience that can help individuals pass the security license exams needed to practice financial planning. Individuals who start out as independent financial planners may find it more difficult to build their client base, and they often start by servicing their family members and friends. However, many financial planners enter the field after working in a related occupation, such as accountant; auditor; insurance sales agent; lawyer, or securities, commodities, and financial services sales agent.

Certifications:
Although not required for financial analysts or personal financial advisors to practice, certification can enhance one’s professional standing and is strongly recommended by many employers. Personal financial advisors may obtain the Certified Financial Planner credential, often referred to as CFP (R), demonstrating extensive training and competency in financial planning. This certification, issued by the Certified Financial Planner Board of Standards, requires relevant experience, the completion of education requirements, passing a comprehensive examination, and adherence to an enforceable code of ethics. The CFP (R) exams test the candidate’s knowledge of the financial planning process, insurance and risk management, employee benefits planning, taxes and retirement planning, and investment and estate planning. The exam has been revised in recent years. Candidates are now required to have a working knowledge of debt management, planning liability, emergency fund reserves, and statistical modeling. It may take from 2 to 3 years of study to complete these programs.

Personal financial advisors also may obtain the Chartered Financial Consultant (ChFC) designation, issued by the American College in Bryn Mawr, Pennsylvania, which requires experience and the completion of an eight-course program of study. The ChFC designation and other professional designations have continuing education requirements.

Job outlook:
Deregulation of the financial services industry is expected to spur demand for financial analysts and personal financial advisors. In recent years, banks, insurance companies, and brokerage firms have been allowed to broaden their financial services. Many firms are adding investment advice to their list of services and are expected to increase their hiring of personal financial advisors. Many banks are entering the securities brokerage and investment banking fields and will increasingly need the skills of financial analysts.

Employment of personal financial advisors is projected to grow faster than the average for all occupations. The rapid expansion of self-directed retirement plans, such as 401(k) plans, is expected to continue. As the number and complexity of investments rises, more individuals will look to financial advisors to help manage their money.

Wages:
Median annual earnings of personal financial advisors were $62,700 in May 2004. The middle 50 percent earned between $41,860 and $108,280. Median annual earnings in the industries employing the largest number of personal financial advisors in 2004 were as follows:

Other financial investment activities $78,350
Securities and commodity contracts intermediation and brokerage 63,310
Depository credit intermediation 57,180
Agencies, brokerages, and other insurance related activities 56,950

Personal financial advisors who work for financial services firms are generally paid a salary plus bonus. Advisors who work for financial investment or planning firms or who are self-employed either charge hourly fees for their services or charge one set fee for a comprehensive plan, based on its complexity. Advisors who manage a client’s assets may charge a percentage of those assets. Advisors generally receive commissions for financial products they sell, in addition to charging a fee.

Good luck!

2007-02-03 14:24:11 by chealracer26

I'm trying to save up to buy a house and get out of debt in order to stop living paycheck to paycheck and to also create a nest egg or rainy day fund for myself. Would a financial advisor or financial manager be good for this? I just need some help to start off.

nope you do not need one -- what you need to do is every pay day the first person you pay is your self -- even if it is only 1% of you pay -- put that aside and donot touch it ever during the month == you may have to give up something that month a night out or peanut butter instead of pot roast -- once you get in the habit and watch your money grow you will find other ways to cut back and save even more-- i believe anyone over 40 should have more unearned income coming in monthly than earned!!!

2007-08-20 12:13:32 by n_roan