[shellydm]

Hello

Does anyone know how to find a good/trusted financial advisor when you don't know much about investing, and wouldn't know a good answer from a bad answer anyway?

Is there a pro/con to going with somone from say a bank to using someone from an investment firm?

Is it standard practice to have to pay around $750 to have a portfolio made up, or is this usually a free service to see if you like what they propose?

Also is a 2% give or take a little of your total accounts balance sound like standard practice?

Thanks everyone, I have no clue what I am doing here and trying to figure this very important information out.

I would appreciate any tips, websites, questions to ask a potential advisor, where to find an advisor by using a bank advisor from a national bank vs a firm and so on....

Thanks in advance,

Shelly

[kelceesmom]

Word of mouth. I would rather go with someone someone else is using and trusts. If it costs slightly more I am ok with that just because my mind is at ease.

[becky]

I completely agree...ask some friends/coworkers for recommendations. That's how we found who we are using. Our up-front fee was much more than what you quoted, but the company came highly recommended by several people from my husband's work. He has a fairly complicated compensation/pension plan and we wanted someone who was familiar with it so that we would have a good idea of what to expect at retirement....

Good Luck!

[gg_cook]

I actually am a financial advisor with AIG. No, you should not pay the up front fee. Any advisor that wants your business will be willing to run a portfolio for you with out a fee. It is all done through programs on their lap tops and does not cost them a dime. If they are charging a front load it means that their company is actually charging you their commission. My company does not have front load charges. It all depends on what kind of account you are looking for, where the funds are coming from, how old you are etc. If you would like to PM me I can send you my email and would be happy to go into it more with you.

[guatparents2be]

I agree to go with a personal recommendation.

% will vary with company and often how much you have to invest. we pay 1% and I wouldn't pay more as there are lots of folks for whom this is standard.

The other thing I would look for is someone that doesn't make money off of putting you into certain funds (conflict of interest.)

Our guy uses a certain brokerage house to consolidate, but we pick the funds we want.

Also remember that you can ask for GREEN funds!! They usually perform similarly to those without ethical filters and you can rest knowing you're making a positive investment. Our guy didn't specialize in green funds but we told him only green for us and he did the research to find which funds fit HIS parameters for a good fund, then we picked based on our values. Win-win.

[maxine10018]

Also work with a 'fee-based' financial planner. Otherwise your just talking to a XXXX saleman.

There is a radio show I listen to. google dave ramsey.com He has lots of local contacts and really good advise.

Good luck

[LJR1974]

Originally Posted by maxine10018

There is a radio show I listen to. google dave ramsey.com He has lots of local contacts and really good advise.

Yes, supposedly Dave Ramsey has ELPs (Endorsed Local Providers) that provide ethical services with reasonable fees and are committed to teach you about what they do. I have not tried any yet, but I think I might.

[allerseelen4]

Don't work with someone that is trying to sell you an annuity. They are just commission based salespeople.

[dillyas]

I am also in the financial industry...on the institutional side. You should not have to pay an upfront fee. I would pm the individual who says that she works for AIG.

Also, my hubby rolled over his profit sharing account to investment funds and there was no upfront fee to set this up for him.

good luck!

[Waiting4Celeste]

I married one.

Good thing cuz I know nuthin'!!! I joke that when he starts talking funds, all I hear is the voice of Charlie Brown's teacher!!! wah-wah-wah-wah-wah-wahhhh...

First of all - I'm not soliciting for him... just giving you some things to think about. If you are in Missouri - he might be able to refer you to someone.

I have watched my husband work in this field for nearly 9 years and he has seen his share of advisors who make decisions based on what's best for THEM and not the client. I am proud to say that my husband has put together many plans for people when in doing so, he knew he would pass up a percentage of his potential commission. He works for a company and would make more commission by selling their funds to his clients, but that isn't always what is best. I am so proud of him for that.

I would call the friend who I think has the best financial "head on their shoulders" and find out who they use. We all have friends who we know are good with money (and friends who aren't!!) - I'd ask them first.

He is laying here in bed next to me asleep - otherwise I'd ask him these questions. If you want me to ask him anything specific, you can PM me.

Good luck! I'm glad I have a TRUSTED advisor... don't tell anyone, but he's so great that I'm having an affair with him!!

[mommysoon]

I agree with checking out Dave Ramsey's endorsed local provider list (ELP). We used one for setting up our "get out of debt" plan and budget and were very pleased.

outside of that I would agree with the advice to make sure you are seeing someone who is a fee for service and not a sales person so they don't have a financial incentive to steer you in a direction you aren't comfortable going.

[shellydm]

Thank you everyone!

[BosMom]

I went to College with one. She's one of my very best friends.... and she was listed in Barron's last year as one of the top 100 female investment counselors in the country. PM me if you'd like her name/contact.