Tips on finding a financial planner

Draft Dodger · 09-04-2004, 10:51 AM

there's 2 things in life I've never really understood: How to find a good lawyer, and how to find a good financial planner. Thankfully, I don't need the former right now, but I wouldn't mind some tips on how to find the latter.

It's actually not for me, it's for my mom. She is currently involved in a lawsuit that hopefully will involve her coming into a modest sum of money. as she's on a very limited income as it is, without much in the way of retirement coming, she's going to need someone to help her come up with a good plan. I just don't know how to find that someone - it just seems like this is such a "word of mouth" occupation.

Cap Ologist · 09-04-2004, 11:27 AM

check out hxxp://www.daveramsey.com

I'm not sure if this is what you are looking for, but he has some great resources that help make decision making easier, plus his only motivation is helping people live wisely with their money, not selling them on some investment portfolio.

I've taken some of his classes, and I would recommend them.

yabanci · 09-04-2004, 11:36 AM

I would recommend you check out the Vanguard financial planning service. The problem with most financial planners is they work on comissions so they have a built in conflict of interest because they are really trying to put you into investments that make THEM money. Vanguard doesn't work on comissions so they don't have this problem. There are other fee-only planners who work on their own, but their fees tend to be more expensive and it's hard to know how good they are unless you have a personal recommendation of a particular planner in your area. I've used both types of financial planners and was much happier and more comfortable with Vanguard.

Tom E · 09-04-2004, 01:22 PM

Just go down to the Marina and start washing your yacht and another yacht owner will walk by you talking to his advisor. Then just ask for his card...

Leonidas · 09-04-2004, 06:29 PM

Find yourself a book by Andrew Tobias called The Only Investment Guide You'll Ever Need. It's a somewhat irreverant, easy to read, common sense approach to choosing investments and making wise, financial decisions. I chose my IRAs based on advice from this book.

kingnebwsu · 09-04-2004, 06:31 PM

Financial panther eh?...

GET 'EM SHEBA!!!

Desnudo · 09-04-2004, 06:58 PM

Quote:

Originally Posted by Draft Dodger

It's actually not for me, it's for my mom. She is currently involved in a lawsuit that hopefully will involve her coming into a modest sum of money.

She suing Kobe too?

judicial clerk · 09-07-2004, 10:15 AM

The financial planner should be licensed. This helps to weed out inexperienced people who are actually just salesman. Also, non-commission brokers are also a good idea. Interview the planners about their education and experience. I have friends who became financial planners after school and they had no practical experience or education.

09-04-2004, 01:22 PM	#4
Tom E H.S. Freshman Team Join Date: Oct 2001 Location: Livermore, CA	Just go down to the Marina and start washing your yacht and another yacht owner will walk by you talking to his advisor. Then just ask for his card... __________________ Be Polite Be Proffesional And Be Ready to Kill... I'll Never Forget What's Her Name... A Democrat is Somebody who Knows the Issues, a Republican is Somebody who Understands the Issues...

09-04-2004, 06:29 PM	#5
Leonidas College Benchwarmer Join Date: Jan 2003 Location: East Anglia	Find yourself a book by Andrew Tobias called The Only Investment Guide You'll Ever Need. It's a somewhat irreverant, easy to read, common sense approach to choosing investments and making wise, financial decisions. I chose my IRAs based on advice from this book. __________________ Molon labe

09-04-2004, 11:27 AM	#2
Cap Ologist College Prospect Join Date: Nov 2003 Location: Flower Mound, TX	check out hxxp://www.daveramsey.com I'm not sure if this is what you are looking for, but he has some great resources that help make decision making easier, plus his only motivation is helping people live wisely with their money, not selling them on some investment portfolio. I've taken some of his classes, and I would recommend them.

09-04-2004, 11:36 AM	#3
yabanci College Benchwarmer Join Date: Jun 2003	I would recommend you check out the Vanguard financial planning service. The problem with most financial planners is they work on comissions so they have a built in conflict of interest because they are really trying to put you into investments that make THEM money. Vanguard doesn't work on comissions so they don't have this problem. There are other fee-only planners who work on their own, but their fees tend to be more expensive and it's hard to know how good they are unless you have a personal recommendation of a particular planner in your area. I've used both types of financial planners and was much happier and more comfortable with Vanguard.

09-04-2004, 06:31 PM	#6
kingnebwsu College Benchwarmer Join Date: Oct 2000 Location: Ohio	Financial panther eh?... GET 'EM SHEBA!!!

09-07-2004, 10:15 AM	#8
judicial clerk College Benchwarmer Join Date: Feb 2001 Location: Portland, OR	The financial planner should be licensed. This helps to weed out inexperienced people who are actually just salesman. Also, non-commission brokers are also a good idea. Interview the planners about their education and experience. I have friends who became financial planners after school and they had no practical experience or education.

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