Author Topic: Help me find my Boyfriend a Financial Advisor (Alexandria, VA)  (Read 1111 times)

Saffron

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Help me find my Boyfriend a Financial Advisor (Alexandria, VA)
« on: January 12, 2020, 08:39:35 PM »
My longtime boyfriends's mother passed away last week. Boyfriend has been a bit of a wreck since mom's passing, but his brother who's executor is moving through the money things pretty quickly. Mom left a mid-six-figure estate and boyfriend stated that he intends on using a financial adviser for investment advice using the proceeds of the estate.

He already has a Fidelity account and has no desire to use any other brokerages, so he has a good of a start there. I know that he should find a fee only adviser that is a fiduciary. And I've read that he should probably choose an adviser does not also sell insurance, since the fiduciary duty applies only to investments. 

Any other advice on choosing an adviser? Any recommendations on DMV-based advisers?

I know I could easily coach him on a setting up a Boglehead three-fund portfolio or even something more tailored, but I would feel uncomfortable having that kind of responsibility to be hanging over me, especially since that could cause resentments during a market dip. At this point, I'm going to do my best to recommend that boyfriend slow down and not make any big decisions quickly. I'm not quite even sure I'd like to give him a single specific adviser, but I'd ideally like to give him a list of "good" advisers and give him the tools to properly vet whoever he chooses.
« Last Edit: January 12, 2020, 08:42:40 PM by Saffron »

Capsu78

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Re: Help me find my Boyfriend a Financial Advisor (Alexandria, VA)
« Reply #1 on: January 14, 2020, 03:34:27 PM »
At least punch in your zip code and see if any Fee Only folks in your area fit the need.  This is where I found mine:
https://www.napfa.org/find-an-advisor#

MDM

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Re: Help me find my Boyfriend a Financial Advisor (Alexandria, VA)
« Reply #2 on: January 15, 2020, 12:08:38 AM »
I know I could easily coach him on a setting up a Boglehead three-fund portfolio or even something more tailored, but I would feel uncomfortable having that kind of responsibility to be hanging over me, especially since that could cause resentments during a market dip. At this point, I'm going to do my best to recommend that boyfriend slow down and not make any big decisions quickly.
Condolences to all for the loss.

You might point him to Managing a windfall - Bogleheads.  If that goes over well, you could suggest he look at the three fund portfolio himself and let him draw his own conclusions.

sfb

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Re: Help me find my Boyfriend a Financial Advisor (Alexandria, VA)
« Reply #3 on: January 15, 2020, 06:10:36 AM »
Ric Edelman is a fee for service adviser who originally started in the VA but is now nationwide. He does a radio show every Saturday 10AM-noon on WMAL 105.9 FM.

Car Jack

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Re: Help me find my Boyfriend a Financial Advisor (Alexandria, VA)
« Reply #4 on: January 15, 2020, 08:48:16 AM »
Ric Edelman is a fee for service adviser who originally started in the VA but is now nationwide. He does a radio show every Saturday 10AM-noon on WMAL 105.9 FM.

No....his people take 1+% AUM.

I'd rather stick with Fidelity than Ric.  For the actual fund names, after a Fidelity person makes their recommendations, go post over on Bogleheads.  Chances are, simply making switches to index funds that do the same thing will achieve the same thing at lower cost.  Fidelity has the lowest ER funds anywhere (well, besides SALT, where they have a negative ER fund).

Another Reader

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Re: Help me find my Boyfriend a Financial Advisor (Alexandria, VA)
« Reply #5 on: January 15, 2020, 09:03:29 AM »
Your boyfriend is under the mistaken assumption that an adviser has some magic that will get him better returns and avoid losses.  The assumption is wrong.  Half of a mid six figure estate is not enough to send to an adviser anyway.

He can put the money in a money market fund at Fidelity while he reads up on investing.  The Bogleheads starter information is helpful.  For a beginner, JL Collins' series is also useful.  There are other books and websites as well.  What he ultimately does with this windfall should depend on what jobs he wants the money to do.  Short term house down payment is invested differently than retirement money as an example.

iris lily

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Re: Help me find my Boyfriend a Financial Advisor (Alexandria, VA)
« Reply #6 on: January 15, 2020, 09:38:05 AM »
OP, the important thing here is that your boyfriend get started investing.

The immediate wall of Nopes here is to be expected about hiring a financial advisor. So what if he takes 1%? If this is what it takes to  get BF in the door of investing, do it. Or better  yet, the preferred route to using a financial guy is to pay him directly for his advice and mentoring. Those are called “fee for service” financial consultations.

You BF needs to jump in to placing money in investment vehicles. Later he can learn about it all and start to manage his own funds.

Capsu78

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Re: Help me find my Boyfriend a Financial Advisor (Alexandria, VA)
« Reply #7 on: January 17, 2020, 04:10:14 PM »
I have totally gotten value from my fee only advisor.  He has a sophisticated Morningstar "x-ray machine" that can make sure I'm not backing the same horses in multiple funds.
I already had the bulk of our 2 income portfolio in VG and Fidelity when we first met him.  He said his fees are usually offset by following his advice, but not in our case. 
His advice is move all your IRA's to VG or Fidelity!  It was worth the fee to have a third set of eye's to tell me we were already doing smart things.

marty998

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Re: Help me find my Boyfriend a Financial Advisor (Alexandria, VA)
« Reply #8 on: January 17, 2020, 09:36:26 PM »
At this point, I'm going to do my best to recommend that boyfriend slow down and not make any big decisions quickly.

I agree with not jumping into things early. He needs to get used to the mindset of having the extra assets.

It can be a life changing amount of money if used properly. Not necessarily the $$, but the habits and discipline that is formed.

Good luck to both of you.

El Gringo

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Re: Help me find my Boyfriend a Financial Advisor (Alexandria, VA)
« Reply #9 on: January 18, 2020, 03:50:34 PM »
Sorry to hear about that. My wife lost her mother last year (and her father a couple years before while we were dating), so I understand.

I've only used him a few times, but here in the DMV, I've liked Alvin Carlos who runs District Capital Management (https://www.districtcapitalmanagement.com). His focus is helping middle class professionals in their 30s & 40s in the DMV.  Super nice and trustworthy.