Looking for some financial advice...

BigAl_SC · 11-20-2009, 02:48 PM

When looking for a financial advisor, find one that is fee based only. They charge by the hour like lawyers but make no money investing it for you (most even route you through several independent houses like Vanguard). They will do a whole life analysis the first time. Most large cities have at least a couple. They usually only handle clients with 500k or more. Check references before committing. If they can't give you 5 independent people to call, move to the next one. They will cost more up up front then a yearly review (smaller cost) to check and realign the diversity and changes to life but they aren't trying to hit you for either a % or transaction fee. I don't have that type of coin (wishful thinking) but know of several that do.

As stated before, insurance (commission based), broker (commission based and bonus's for routing you the way the company wants), financial advisors (most are commissioned based). If they are making money by moving yours look elsewhere.

Ashcan Bill · 11-20-2009, 03:10 PM

Personally, I'm a strong believer in paying off the mortgage as soon as possible. Besides the peace of mind it brings, I can think of a lot of better things to do with that monthly payment money rather than paying it to the bank in the form of interest. The tax savings will never offset the interest payments. Had I not paid off my mortgage early, I never would have been able to retire early.

As far as investment advice, I can't improve on what WyoBob said. One thing does bear repeating though - be very cautious of the "advisers"!

11-20-2009, 02:48 PM	#1
BigAl_SC The last mango in Paris Join Date: Oct 2008 First Name: Alan Location: Simpsonville, SC Posts: 213 Trading: (7)	Re: Looking for some financial advice... When looking for a financial advisor, find one that is fee based only. They charge by the hour like lawyers but make no money investing it for you (most even route you through several independent houses like Vanguard). They will do a whole life analysis the first time. Most large cities have at least a couple. They usually only handle clients with 500k or more. Check references before committing. If they can't give you 5 independent people to call, move to the next one. They will cost more up up front then a yearly review (smaller cost) to check and realign the diversity and changes to life but they aren't trying to hit you for either a % or transaction fee. I don't have that type of coin (wishful thinking) but know of several that do. As stated before, insurance (commission based), broker (commission based and bonus's for routing you the way the company wants), financial advisors (most are commissioned based). If they are making money by moving yours look elsewhere. __________________ Coldblooded,calculation,unprincipled,usurper, without a virtue,knowing nothing of commerce,political economy,or civil government,and supplying ignorance by bold presumption. Thomas Jefferson

11-20-2009, 03:10 PM	#2
Ashcan Bill Ol' Dude Join Date: Oct 2008 First Name: Bill Location: Henderson, NV Posts: 1,903 Trading: (6)	Re: Looking for some financial advice... Personally, I'm a strong believer in paying off the mortgage as soon as possible. Besides the peace of mind it brings, I can think of a lot of better things to do with that monthly payment money rather than paying it to the bank in the form of interest. The tax savings will never offset the interest payments. Had I not paid off my mortgage early, I never would have been able to retire early. As far as investment advice, I can't improve on what WyoBob said. One thing does bear repeating though - be very cautious of the "advisers"!