Author Topic: Financial Advisor  (Read 3050 times)

skibuns05

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Financial Advisor
« on: October 31, 2017, 12:51:21 PM »
Can anyone recommend a financial advisor? Specifically, someone who will understand the 'mustachian way'. Save lots, spend/consume little, retire from the rat race to pursue passions asap, and live on dividends and likely meager salary from a future fulfilling job. I am located in the Washington, DC area but I'm open to a digital meeting. Looking to meet with someone once and then again as life changes (job, marriage, kids, market tanks, etc.) Thanks!

(Please no comments on why I can't do it myself. I didn't study finance, tax, real estate, insurance, healthcare, retirement, etc. and I don't have time.)
« Last Edit: October 31, 2017, 03:17:01 PM by skibuns05 »

Cwadda

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Re: Financial Advisor
« Reply #1 on: October 31, 2017, 01:00:00 PM »
Quote
Hopefully you can find a good referral.

But what you are looking for may not in fact really exist.

+1

Which is why MMM exists.

trollwithamustache

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Re: Financial Advisor
« Reply #2 on: October 31, 2017, 01:05:00 PM »
ha, yeah everyone is gonna jump all over you to DYU it.

Would you consider an accountant instead? Every advisor I have met (the DT works for one so yeah I have met a lot) is a fee hungry succubus. 

There are a ton of accountants who got into it because they were cheap bastards and wanted to pay less taxes. Those accountants get what you are wanting to do and get why you want financial efficiently in all aspects of your life even if they don't get ER or the enviro side of MMM.  Purely anecdotal but enrolled agents appear to be cheaper bastards than CPAs.

wordnerd

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Re: Financial Advisor
« Reply #3 on: October 31, 2017, 01:31:35 PM »
I'm pretty sure ARS offers this service (or financial coach?) on his website, but also encourages everyone not to hire him, to DIY it instead :)

YttriumNitrate

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Re: Financial Advisor
« Reply #4 on: October 31, 2017, 01:40:12 PM »
I'm sure I'll get a few face punches, but in the DC area I used Ric Edleman for a few years. While his 2.0% annual fee on amounts less than $150k is kind of outrageous, his minimum to open an account is low ($5k I believe). One thing to remember is that you don't have to keep all your investments with the advisor, and you can have another (much larger) account that generally mirrors what is going on in the advisor managed account.

J Boogie

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Re: Financial Advisor
« Reply #5 on: October 31, 2017, 01:41:35 PM »
I'm pretty sure ARS offers this service (or financial coach?) on his website, but also encourages everyone not to hire him, to DIY it instead :)

we should also add that he donates 100% of this income to charity.

If you're new here, you can google adventuring along and you'll be able to find him.

loyalreader

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Re: Financial Advisor
« Reply #6 on: October 31, 2017, 02:52:59 PM »
I was going to say Edelman too. My dad uses then and loves them.

I met with one of the Edelman folks a little over 10 years ago when my ex-wife and I really started making money. This was maybe '05 or '06, just before the bottom fell out of real estate. The advisor told my wife - who *really* wanted confirmation we could move to a larger, more expensive house - that we could afford more house (than, of course, we needed) if did what she did, which was to get a low-interest ARM so we could afford the big mortgage. Curious to see what the crash of '08 did to that advisor's net worth.

Needless to say, we did not sign with Edelman.

On another, similar note, in the last year I convinced my girlfriend to stop using her financial advisor - who happened to be a dear, old friend from high school - because the 5% fee he was charging basically meant she'd do as well just putting her money in the bank.

Saying you don't have time to learn about this stuff is like saying you don't have time to eat right and exercise. You make time if you want to live a better life.

Luck12

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Re: Financial Advisor
« Reply #7 on: October 31, 2017, 02:57:27 PM »
On another, similar note, in the last year I convinced my girlfriend to stop using her financial advisor - who happened to be a dear, old friend from high school - because the 5% fee he was charging basically meant she'd do as well just putting her money in the bank.


Wow if I were her, I'd drop the friendship too in a not kind way too.   Some friend that person is. 

skibuns05

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Re: Financial Advisor
« Reply #8 on: October 31, 2017, 03:28:45 PM »
I saw the XY planning network thread and have reached out to several advisors. Thanks everyone.

Loyalreader, hopefully, my future advisor will give me some tips, assure me that I'm FI, and weekdays won't be like a trip to Panera 'just pick 2'. I'll be able to have a daily quiet time, eat, exercise, catch up w/friends and family, learn new things in areas unrelated to my field of work, volunteer, and go on adventures.

surfhb

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Re: Financial Advisor
« Reply #9 on: October 31, 2017, 03:35:14 PM »
Hell, pay me for advice

I've already set up several friends on good path.   My mother was being charged %4 per year before set her straight

BTW....If I can manage my own investments, anyone can

Fomerly known as something

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Re: Financial Advisor
« Reply #10 on: November 01, 2017, 05:04:40 AM »
I used a friend who is on the XY network earlier this year for a Financial Check up.  He knew going in I was looking for a consultation vs. Management.  I found it was good to have an outside perspective that I provided where all the bodies were buried.  (All my accounts etc.)  He verified that I wasn't crazy and made some proposals that I considered and partially implemented.  We worked with the premise that I would retire in 2025 which is why I only partially implemented the plan, I might try to FIRE earlier.  Also he favors the same asset allocation overall accounts where as I am choosing to following his advise with my taxable accounts (70/30 split) which will be used first but continue to be more aggressive in my 401k/IRA because it is more than 5 years away money.  I need the more aggressive plan if I FIRE before 2025

skibuns05

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Re: Financial Advisor
« Reply #11 on: November 03, 2018, 01:01:01 PM »
Haha. Thanks everyone. I took a financial planning and investments course at UVA this summer and, spoiler alert, made no changes to my investments.

use2betrix

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Re: Financial Advisor
« Reply #12 on: November 03, 2018, 01:29:10 PM »
How much are you looking to invest with this planner? I have a couple very close friends who I would trust to do my planning, should I ever decide to go that route.

Personally, my finances are rather simple. I do understand why people with super high incomes and net worth who have no interest in finance, may hire a CFP.

DoneFSO

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Re: Financial Advisor
« Reply #13 on: November 05, 2018, 01:08:28 AM »
"If you know how to pick an advisor, you don’t need one." - William Bernstein

Freedom2016

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Re: Financial Advisor
« Reply #14 on: November 05, 2018, 08:59:49 PM »
How much are you looking to invest with this planner? I have a couple very close friends who I would trust to do my planning, should I ever decide to go that route.

Personally, my finances are rather simple. I do understand why people with super high incomes and net worth who have no interest in finance, may hire a CFP.

Wait, why would she have to invest with the planner? Find a fee-only fiduciary and get advice, not products pushed at you.

accolay

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Re: Financial Advisor
« Reply #15 on: November 06, 2018, 07:46:16 AM »
+1 on the fiduciary.

Otherwise I'm going to offer facepunch because "I don't have time" to learn about most of the stuff yourself first. You don't have to learn about it in a day, the information isn't that difficult to process, and it keeps you from getting screwed by other people who don't have your best interests in mind.

goalphish2002

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Re: Financial Advisor
« Reply #16 on: November 06, 2018, 08:12:07 AM »
There are fee-only advisers.  SMH, everyone on this forum acts like it is an issue to use one.  I say use them.  A consultation fee is worth the time saved if you don't want to spend your free time researching.  They don't sell you anything.  They give you information and options based on your situation.  What's funny is there are so many smart people on this forum that know it all, yet they don't sit for the exam and make money doing so, heh...

I could learn how to be a plumber.  But guess what?  I don't want to, and I would rather pay for it.

goalphish2002

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Re: Financial Advisor
« Reply #17 on: November 06, 2018, 08:15:11 AM »
https://www.napfa.org/financial-planning/what-is-fee-only-advising

I have an M.S in Accounting and have taken financial planning and investing courses at the graduate level.  I have considered becoming a fee-only planner.  Let the haters hate. 

goalphish2002

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Re: Financial Advisor
« Reply #18 on: November 06, 2018, 08:16:50 AM »
How much are you looking to invest with this planner? I have a couple very close friends who I would trust to do my planning, should I ever decide to go that route.

Personally, my finances are rather simple. I do understand why people with super high incomes and net worth who have no interest in finance, may hire a CFP.

Wait, why would she have to invest with the planner? Find a fee-only fiduciary and get advice, not products pushed at you.

This!

accolay

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Re: Financial Advisor
« Reply #19 on: November 06, 2018, 01:59:38 PM »
I could learn how to be a plumber.  But guess what?  I don't want to, and I would rather pay for it.

It's not necessary to have to learn an entire trade to make sure you're not being screwed, or you at least have informed questions to ask the people doing work for you. It's still good to know the basics of anything so a person doesn't get taken advantage of by the unscrupulous, even if you're willing to pay for a service. This thread doesn't matter so much since the OP took a course but, for example, there are plenty of people who are still paying Edward Jones or American Funds way too much money.

I know someone who paid $95 for an oil and filter change (in a small car) because they didn't know how much it should cost. The mechanic must have had to move the flux capacitor out of the way.

goalphish2002

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Re: Financial Advisor
« Reply #20 on: November 07, 2018, 05:54:56 AM »
I could learn how to be a plumber.  But guess what?  I don't want to, and I would rather pay for it.

It's not necessary to have to learn an entire trade to make sure you're not being screwed, or you at least have informed questions to ask the people doing work for you. It's still good to know the basics of anything so a person doesn't get taken advantage of by the unscrupulous, even if you're willing to pay for a service. This thread doesn't matter so much since the OP took a course but, for example, there are plenty of people who are still paying Edward Jones or American Funds way too much money.

I know someone who paid $95 for an oil and filter change (in a small car) because they didn't know how much it should cost. The mechanic must have had to move the flux capacitor out of the way.

Understood, I totally agree.  My point is I have also have taken graduate level financial planning and investment courses (M.S. in Accounting).  However, I will gladly pay a CPA or Fee-Only Planner for an hour of their time to clarify things when necessary.  I can then make my own decisions. 

radram

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Re: Financial Advisor
« Reply #21 on: November 07, 2018, 08:03:13 AM »
Welcome to the forum!

I agree that seeing a professional for general guidance can be of benefit while getting started. Be very careful of the term "fee-only".

It used to be advisers were paid by commission, encouraging buying and selling of stocks for a fee. Then buying mutual funds(often loaded), where they were often paid to sell, and received a small percentage annually. Now much of the public understands that paying for advice does not guarantee a better return, so they need something new. "fee-only" is born.

Fee only can mean a few things.

You want fee based that charges only an hourly rate, or a flat rate for a specific service. These are much harder to find.

Most of today's fee only advisers are paid a percentage of assets under management. 1% is very common. To me, this is the absolute WORST agreement to enter into. They have taken this phrase, "fee-only", and have marketed the piss out of it to make it sound like it is this great idea, while it is really the most lucrative idea the industry has ever come up with.

When I looked at my fathers "fee-only" account, they had a percentage of his assets in guaranteed items with a .75% yield, while charging him 1%. He was paying MORE than that money was earning. Even the good short term bonds, paying 2% at the time, means the adviser takes HALF of the earnings.

I could not disagree with you more when you say you "do not have the time". You MUST be face-punched for that(I hope you understand what that phrase means).

Fees you pay for your expert advice could add YEARS to your FIRE date. Spending 100 hours to become knowledgeable in something today can easily avoid paying an adviser tens, or even hundreds of thousands of dollars in your lifetime. In my opinion, KNOWONE can afford to not take the time to learn this stuff.

Keep coming here. Keep reading. Keep asking questions. If you absolutely insist that do it yourself is not for you, you are probably at the wrong site. DIY is exactly the advice you should get here.

Paying a set amount of money to get confirmation you are on the right track makes great sense. Just remember people here will do the same thing for free. Before paying someone, calculate your spending. That is what matters most. From that, everything else is just addition, subtraction, multiplication, and division. This is a very humbling step, and you often dislike what you find. It is from this number that all other plans must come. Any financial planner worth anything will need to know that figure anyway.

As a side note, I have not met 1 entity that is an expert in all the things you listed you do not have time for. I have met advisers that do not know shit about taxes for example. It is all overwhelming. Start small, and build your knowledge over time. We are here to help.

Goldielocks

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Re: Financial Advisor
« Reply #22 on: November 07, 2018, 11:06:26 AM »
There are fee-only advisers.  SMH, everyone on this forum acts like it is an issue to use one.  I say use them.  A consultation fee is worth the time saved if you don't want to spend your free time researching.  They don't sell you anything.  They give you information and options based on your situation.  What's funny is there are so many smart people on this forum that know it all, yet they don't sit for the exam and make money doing so, heh...

I could learn how to be a plumber.  But guess what?  I don't want to, and I would rather pay for it.

Okay.   Can I point out that fee-only advisers usually charge a 1% fee of assets under management?   They don't "sell" anything per se, and are fiduciaries, but want you to give at least $100k to start investing on your behalf.

I know this because I am starting a "fee for service" financial planning business that is exclusively lump sum or hourly service fee with zero sales.   And there are very few (although growing) others doing the same.

goalphish2002

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Re: Financial Advisor
« Reply #23 on: November 07, 2018, 01:09:49 PM »
There are fee-only advisers.  SMH, everyone on this forum acts like it is an issue to use one.  I say use them.  A consultation fee is worth the time saved if you don't want to spend your free time researching.  They don't sell you anything.  They give you information and options based on your situation.  What's funny is there are so many smart people on this forum that know it all, yet they don't sit for the exam and make money doing so, heh...

I could learn how to be a plumber.  But guess what?  I don't want to, and I would rather pay for it.

Okay.   Can I point out that fee-only advisers usually charge a 1% fee of assets under management?   They don't "sell" anything per se, and are fiduciaries, but want you to give at least $100k to start investing on your behalf.

I know this because I am starting a "fee for service" financial planning business that is exclusively lump sum or hourly service fee with zero sales.   And there are very few (although growing) others doing the same.

Interesting.  I know of a few in Atlanta that are genuinely by the hour.  I use a CPA by the hour for consulting also.  Did you take the CFP exam?  I know this isn't necessary, but most people use it to market themselves.  Just curious because one day I might want to get into it (that is when I feel I have enough knowledge in the area). 

Goldielocks

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Re: Financial Advisor
« Reply #24 on: November 07, 2018, 02:23:36 PM »
There are fee-only advisers.  SMH, everyone on this forum acts like it is an issue to use one.  I say use them.  A consultation fee is worth the time saved if you don't want to spend your free time researching.  They don't sell you anything.  They give you information and options based on your situation.  What's funny is there are so many smart people on this forum that know it all, yet they don't sit for the exam and make money doing so, heh...

I could learn how to be a plumber.  But guess what?  I don't want to, and I would rather pay for it.


Okay.   Can I point out that fee-only advisers usually charge a 1% fee of assets under management?   They don't "sell" anything per se, and are fiduciaries, but want you to give at least $100k to start investing on your behalf.

I know this because I am starting a "fee for service" financial planning business that is exclusively lump sum or hourly service fee with zero sales.   And there are very few (although growing) others doing the same.

Interesting.  I know of a few in Atlanta that are genuinely by the hour.  I use a CPA by the hour for consulting also.  Did you take the CFP exam?  I know this isn't necessary, but most people use it to market themselves.  Just curious because one day I might want to get into it (that is when I feel I have enough knowledge in the area).


Yes, I took the CFP exam, plus another 8 exams (7 related to proving the "approved" education, one with the certifying board) because I was not a CPA before taking the CFP exam...  !  Ack.  I am currently working on my "3 years of FT experience" requirement before I can call myself / be listed as a "CFP",  I am workng under the "level one" for title now.

Glenstache

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Re: Financial Advisor
« Reply #25 on: November 07, 2018, 03:39:04 PM »
I have a friend that I've referred to. If you mention MMM, he will know who you mean. I will send you a PM with contact info to do with as you please.

Freedom2016

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Re: Financial Advisor
« Reply #26 on: November 07, 2018, 06:17:32 PM »
Okay.   Can I point out that fee-only advisers usually charge a 1% fee of assets under management?   They don't "sell" anything per se, and are fiduciaries, but want you to give at least $100k to start investing on your behalf.

Huh. This is news to me but if accurate then yes be careful!

For a couple of years, before I knew better, I had a merrill lynch advisor who charged 1.4% of AUM. she never called herself fee-only. And was not a fiduciary.

So when I use the term "fee-only fiduciary" I assumed that it means an advisor who charges a flat rate for their time, which is not connected to your assets, and who does not require you to invest thru them. So, exactly what you're aiming to do. :)

goalphish2002

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Re: Financial Advisor
« Reply #27 on: November 08, 2018, 05:58:03 AM »
There are fee-only advisers.  SMH, everyone on this forum acts like it is an issue to use one.  I say use them.  A consultation fee is worth the time saved if you don't want to spend your free time researching.  They don't sell you anything.  They give you information and options based on your situation.  What's funny is there are so many smart people on this forum that know it all, yet they don't sit for the exam and make money doing so, heh...

I could learn how to be a plumber.  But guess what?  I don't want to, and I would rather pay for it.


Okay.   Can I point out that fee-only advisers usually charge a 1% fee of assets under management?   They don't "sell" anything per se, and are fiduciaries, but want you to give at least $100k to start investing on your behalf.

I know this because I am starting a "fee for service" financial planning business that is exclusively lump sum or hourly service fee with zero sales.   And there are very few (although growing) others doing the same.

Interesting.  I know of a few in Atlanta that are genuinely by the hour.  I use a CPA by the hour for consulting also.  Did you take the CFP exam?  I know this isn't necessary, but most people use it to market themselves.  Just curious because one day I might want to get into it (that is when I feel I have enough knowledge in the area).


Yes, I took the CFP exam, plus another 8 exams (7 related to proving the "approved" education, one with the certifying board) because I was not a CPA before taking the CFP exam...  !  Ack.  I am currently working on my "3 years of FT experience" requirement before I can call myself / be listed as a "CFP",  I am workng under the "level one" for title now.

Nice.  Good luck!  Right now, I am a corporate shill.  But, one day I would like to do financial planning on the side and in retirement.  But more as we have discussed- I want to charge a flat fee to help people better their situations.  I have to take 4 more classes to sit for the CFP.  Luckily, I did get to take the two I mentioned before as electives for my accounting degree.  Then, there is the issue of getting the experience.  I need to think about how I can get that.  I assume I'll have to be in a situation to quit my job and work for someone full time.

Nightwatchman9270

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Re: Financial Advisor
« Reply #28 on: November 08, 2018, 06:06:53 AM »



Saying you don't have time to learn about this stuff is like saying you don't have time to eat right and exercise. You make time if you want to live a better life.

This.  It really doesn't have to be very complicated.  If you are young (Younger than 30) and really don't have much (less than 100k) saved, it really would be ok to just put your money in a cheap SP 500 index fund for now.  Just as long as you are doing SOMETHING to keep ahead of inflation, just be sure to invest the dividends. Vanguard is great and cheap.

There are a ton of personal finance books that are short and easy to read.  Dave Ramsey isn't the worst in the world. 

Dee18

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Re: Financial Advisor
« Reply #29 on: November 08, 2018, 06:33:33 AM »
See JL Collins blog and his book “Simple Path to Wealth” before you go see an advisor.  You may decide you don’t need one.  Or if you do still want one, you will be much better prepared for the conversations.  It’s a quick, clear read.

Fidoh

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Re: Financial Advisor
« Reply #30 on: November 08, 2018, 06:47:33 AM »
If you are still early in your journey and in the wealth accumulation phase, it could be just this simple:

1. Get a Vanguard account brokerage account.  Invest all money in VTSAX.  When you get more money, buy more VTSAX.

2. In your tax-advantaged accounts (401k, or 403B, or 457), buy the closest thing there is to VTSAX. 

3. Prioritize the tax-advantaged accounts over the brokerage (taxable) account. 

Rinse, repeat.

*I am not a financial professional, and this is not advice*

radram

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Re: Financial Advisor
« Reply #31 on: November 08, 2018, 07:05:20 AM »
Okay.   Can I point out that fee-only advisers usually charge a 1% fee of assets under management?   They don't "sell" anything per se, and are fiduciaries, but want you to give at least $100k to start investing on your behalf.

Huh. This is news to me but if accurate then yes be careful!

For a couple of years, before I knew better, I had a merrill lynch advisor who charged 1.4% of AUM. she never called herself fee-only. And was not a fiduciary.

So when I use the term "fee-only fiduciary" I assumed that it means an advisor who charges a flat rate for their time, which is not connected to your assets, and who does not require you to invest thru them. So, exactly what you're aiming to do. :)

The term is common for both. I once sat into a meeting with my father and his potential adviser. My father is scared to death of the stock market and will not enter it. This adviser recommended an 8 year annuity paying 3% guaranteed. Not a terrible rate if you are not willing to accept risk, but still a little low given the talk of expected interest rate hikes. One or 2 hikes and you are there with short term CD's and the money is easily accessible. Here we are 1 year later, and I can buy a 7 year CD paying 3.55%.

I asked if the adviser was a fiduciary. He said yes, after a VERY awkward pause. I decided to say nothing and wait. He then went on to explain how he was one, but while selling this particular product, he was not acting as one. Definitely not ethical. If this is actually legal that term is useless to me. He actually said he could only be a fiduciary with funds receiving a 1% asset under management fee. We walked.

Goldielocks

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Re: Financial Advisor
« Reply #32 on: November 08, 2018, 10:53:34 AM »
Okay.   Can I point out that fee-only advisers usually charge a 1% fee of assets under management?   They don't "sell" anything per se, and are fiduciaries, but want you to give at least $100k to start investing on your behalf.

Huh. This is news to me but if accurate then yes be careful!

For a couple of years, before I knew better, I had a merrill lynch advisor who charged 1.4% of AUM. she never called herself fee-only. And was not a fiduciary.

So when I use the term "fee-only fiduciary" I assumed that it means an advisor who charges a flat rate for their time, which is not connected to your assets, and who does not require you to invest thru them. So, exactly what you're aiming to do. :)

I think you have a mis-understanding of what fiduciary means.  It is essentially making decisions / choices in the client's best interests, not your onw, and usually means that there is no  sales commission or referral fee that may bias the person.

But If you paid someone 1% of $400k  as AUM, or $4k per year flat fee, and they manage your $400k by making buy / sell management decisions for you, they, too can be a fiduciary.


BUT!  some Financial Advisors, especially those that have a CFP but are classical bank-based advisors, (The CFP requires them to sign off that they will ethically try to act on your best behalf at all times), make the argument that the commissions that they receive do not impact their decisions on what to sell you, so they claim that they, too, are fiduciaries, and the product they are selling you is the best for you because x..     Of course, a big challenge is when they limit themselves to only the funds that their bank / brokerage sells.

Freedom2016

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Re: Financial Advisor
« Reply #33 on: November 08, 2018, 11:37:52 AM »
Okay.   Can I point out that fee-only advisers usually charge a 1% fee of assets under management?   They don't "sell" anything per se, and are fiduciaries, but want you to give at least $100k to start investing on your behalf.

Huh. This is news to me but if accurate then yes be careful!

For a couple of years, before I knew better, I had a merrill lynch advisor who charged 1.4% of AUM. she never called herself fee-only. And was not a fiduciary.

So when I use the term "fee-only fiduciary" I assumed that it means an advisor who charges a flat rate for their time, which is not connected to your assets, and who does not require you to invest thru them. So, exactly what you're aiming to do. :)

I think you have a mis-understanding of what fiduciary means.  It is essentially making decisions / choices in the client's best interests, not your onw, and usually means that there is no  sales commission or referral fee that may bias the person.

But If you paid someone 1% of $400k  as AUM, or $4k per year flat fee, and they manage your $400k by making buy / sell management decisions for you, they, too can be a fiduciary.


BUT!  some Financial Advisors, especially those that have a CFP but are classical bank-based advisors, (The CFP requires them to sign off that they will ethically try to act on your best behalf at all times), make the argument that the commissions that they receive do not impact their decisions on what to sell you, so they claim that they, too, are fiduciaries, and the product they are selling you is the best for you because x..     Of course, a big challenge is when they limit themselves to only the funds that their bank / brokerage sells.

Thank you for correcting my misunderstanding :)

TomTX

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Re: Financial Advisor
« Reply #34 on: November 10, 2018, 10:59:54 AM »
There are fee-only advisers.  SMH, everyone on this forum acts like it is an issue to use one.  I say use them.  A consultation fee is worth the time saved if you don't want to spend your free time researching.  They don't sell you anything.  They give you information and options based on your situation.  What's funny is there are so many smart people on this forum that know it all, yet they don't sit for the exam and make money doing so, heh...

I could learn how to be a plumber.  But guess what?  I don't want to, and I would rather pay for it.

You can also drive a leased high-end clown car a quarter mile to buy yourself a couple 64-oz Slurpees, three packs of cigarettes and some scratch-offs to while away your afternoon.

Doesn't mean that it's a wise decision.

If you intend to be FIRE, you should understand at least the basics of finance and investing.

goalphish2002

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Re: Financial Advisor
« Reply #35 on: November 12, 2018, 06:00:29 AM »
There are fee-only advisers.  SMH, everyone on this forum acts like it is an issue to use one.  I say use them.  A consultation fee is worth the time saved if you don't want to spend your free time researching.  They don't sell you anything.  They give you information and options based on your situation.  What's funny is there are so many smart people on this forum that know it all, yet they don't sit for the exam and make money doing so, heh...

I could learn how to be a plumber.  But guess what?  I don't want to, and I would rather pay for it.

You can also drive a leased high-end clown car a quarter mile to buy yourself a couple 64-oz Slurpees, three packs of cigarettes and some scratch-offs to while away your afternoon.

Doesn't mean that it's a wise decision.

If you intend to be FIRE, you should understand at least the basics of finance and investing.

And, an hour with a Fee-Only Adviser or CPA could give you more than a basic understanding. 

radram

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Re: Financial Advisor
« Reply #36 on: November 12, 2018, 06:44:16 AM »
There are fee-only advisers.  SMH, everyone on this forum acts like it is an issue to use one.  I say use them.  A consultation fee is worth the time saved if you don't want to spend your free time researching.  They don't sell you anything.  They give you information and options based on your situation.  What's funny is there are so many smart people on this forum that know it all, yet they don't sit for the exam and make money doing so, heh...

I could learn how to be a plumber.  But guess what?  I don't want to, and I would rather pay for it.

You can also drive a leased high-end clown car a quarter mile to buy yourself a couple 64-oz Slurpees, three packs of cigarettes and some scratch-offs to while away your afternoon.

Doesn't mean that it's a wise decision.

If you intend to be FIRE, you should understand at least the basics of finance and investing.

And, an hour with a Fee-Only Adviser or CPA could give you more than a basic understanding.

As would a few afternoons here, or some other financial site. I learned much of what I know from The Motley Fool starting around 2000. Then they became a snake oil sales force, and made it more difficult to just get information without avoiding the commercials. One of the best things they did was require all writers to list all stocks they owned that were related to the articles they wrote. Their old articled are still worth reading.

I recommend everything written by Morgan Housel.
https://www.fool.com/author/1611/index.aspx