Picking a Financial Advisor

That all depends on what you're looking for. There are several angles.

If you're looking for a full service broker, expect to pay 1-2% of your assets every year. While to some that might appear high, it is worth every penny IMO because ultimately a broker isn't just there to give you advice. He's primarily there to keep people from doing something stupid.

Everyone knows to buy low and sell high. However most people, when left to their own devices, will do the exact opposite.

Call a broker a glorified babysitter, if you'd like, but there is a reason why the people in this world with the most assets hire a professional to manage them.

 

maybe you should do some reading own your own first, then go to one.

what do you want done? or just looking for advice?

 

Typically, most people go with someone who handles a friends or family members money. That way, you can see how well they've handled their assets.

I've got several friends in the business, also.

 

Save the fees and do it yourself, all the information you need are right there on the web.

 

See my post above about why this is not the best idea for most people.

BTW, most good brokers hire another broker to handle their own accounts for this very reason.

 

I work at Wachovia and have 3 licensed Financial Specialist who could help you out. PM your contact info through the board if you have any questions.

 

I would only use a finiancial adviser on a fee for services basis. Basically you pay for his advice, but don't buy anything from him. I do not want anybody to be in a position to make money for themselves by hurting me.

I would also recommend that you educate yourself about the markets and investments. I guarantee that you will put more thought and care into managing your money than anyone else will.

 

THE cheapest way to go, and a way that works pretty well is to use one of Vanguard's fund of funds like their Life Strategy funds. The are extremely low cost and very diversified. I use it for my IRA and never have to think about it.

For my active account I have used these guys for about 6 years: http://www.streettalklive.com/

They are very consevative and because thay are fee based instead of commission based they don't churn your account. They are pretty good at using non-stock market vehicles too, pooling client money to buy larger bond issues at better prices etc

They will be happy to meet with you for nothing and you can always listen to what they are thinking on AM 700 every night or via webstream on their website.

 

hey, i've represented Wachovia!

 

First off go to one of the big boys ie. Smith Barney, UBS, Merril and then you need to find someone you get along with.

1-2% is standard, then add the 3-4% inflation and you see how much you need in return to make it worth your while.

Tax stratigies, information on stocks and anything else you need is out there for you but having someone take care of it for you can be a benifit if your a very busy person.

 

If you still do, they may ask you to use our service!

 

A small account at a big firm gets the least experienced brokers. The big firms are usually commissioned based and are always pushing their own products.

If I could get all the money back I wasted on Merrill Lynch "products" I wouldn't have to live in this rainforest, I could be somewhere dry and cool.

 

Again, that is based upon who you know.

 

That buisness is going away from being commisioned based and will soon become a salary broker with potential for a bonus here and there.

I would always go with the firm that has the best backing UBS and Smith Barney are two that will never go away.

 

I worked at Wachovia for about a year. A lot of the software that is installed on your desktop was probably packaged by me.

 

yeah, knowing the pay system is important and there has been a lot of tweaking of salary structures...so i've read.

personally, i had good luck with UBS. Albeit, i am dealing with a smaller town back home and know the people and they know our family.

 

This is my suggestion as well. Implementing a Coffee House portfolio is a simple thing to do AND will beat 90% of the field in the long run. A Target Retirement fund is a one fund solution that is also hard to beat.

If your account is deep six figures or higher, I can recommend an investment firm who will charge 0.25% of Assets Under Management per year (versus the 1.5% or so Merill Lynch et al will charge).

 

It always amazes me how many people think they should do this stuff, themselves.

Resetting a broken leg can easily be learned on the net these days. Most people still think it is a good idea to see a doctor, though.