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To have a Fin advisor or not
Old 06-30-2016, 08:30 AM   #1
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To have a Fin advisor or not

Alot of people on this forum seem pretty knowledgable about money. Do most people here have a financial advisor or do you do it on your own ? If on your own, do you use something like etrade, vanguard or any of the numerous others ? I currently am still working (until 4/2017), so my 401k is in vanguard (which my company uses). I also have some money with an Ameriprise financial advisor.
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Old 06-30-2016, 08:31 AM   #2
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I just decided to get one to consolidate everything - in the process of moving everything over now. We had two inheritances plus stuff in various accounts. I'm too busy at w*rk and DW doesn't do finances.
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Old 06-30-2016, 08:33 AM   #3
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Most are DIY. Think hard about Ameriprise, their agenda and yours are different.
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Old 06-30-2016, 08:36 AM   #4
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Most are DIY. Think hard about Ameriprise, their agenda and yours are different.
+1

Most here are definitely in the DIY camp. If you do think you need an advisor, please do yourself a favor and find a fee only type and will act in a fiduciary capacity.

Run from Ameriprise like your financial life depended on it.
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Old 06-30-2016, 08:38 AM   #5
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My guy is UBS
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Old 06-30-2016, 08:39 AM   #6
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Quote:
Originally Posted by Joe0401 View Post
Alot of people on this forum seem pretty knowledgable about money. Do most people here have a financial advisor or do you do it on your own ? If on your own, do you use something like etrade, vanguard or any of the numerous others ? I currently am still working (until 4/2017), so my 401k is in vanguard (which my company uses). I also have some money with an Ameriprise financial advisor.
For additional input, here are a couple of threads that discuss FA's and Amerprise

Hi! Ameriprise client needing advice...

Poll: Do You Use A Financial Advisor? Definitions in post #1.
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Old 06-30-2016, 08:47 AM   #7
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My guy is UBS
The same UBS who in January advocated giving up on stocks to buy gold? (Which looks like a good call so far...)

UBS technical analysis: Buy gold, not equities - Business Insider
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Old 06-30-2016, 08:52 AM   #8
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The same UBS who in January advocated giving up on stocks to buy gold? (Which looks like a good call so far...)

UBS technical analysis: Buy gold, not equities - Business Insider
yep they told me to hold my gold coins - they also like the tgldx gold fund and vasgx fund I had with etrade..everything is being moved over in kind...most of my cash will go into 3% munis (bonds, not a fund) then some will go to dividend/growth stocks


they also liked the AA in my k plan - go figure!
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Old 06-30-2016, 09:01 AM   #9
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I started with one a few years back when we decided to get serious about ER, we were skittish following 2008 and had just been saving cash.

I went with someone that manages for several colleagues so had a reference. We've kept our 401k's self managed, so he worked with the other third of our portfolio. I was also extremely risk averse in my guidance. We've done far better than cash (1% banks) but not as well had we put that third into index funds...but at the time I would have said NFW to that and wanted this to be our safe pre-59 withdrawals account.

We got what we paid for, and what we asked for. I've since had the AA shifted and improved my risk outlook, and it's become more of me directing vs. him advising, so it's only a matter of time before I roll it all over to Vanguard. I've also applied what I've learned here to my 401k, such as it is with my employer options, but will be rolling that over to self-manage next year once my severance ends.

If you really have no idea where to start, in retrospect, take a few months to really read up and learn, and ultimately you can do far better yourself. But if you're not sure, don't have the appetite, then find one that charges as little as possible, comes with references, etc.
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Old 06-30-2016, 09:16 AM   #10
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I wanted to diversify beyond US stocks and bonds, and decided to try an advisor who i's s big on diversification (inc. foreign stocks and bonds, gold and even some commodities. He has picked about 15 ETFs and he rebalances whenever frequently as needed. However, I have most of my money at Vanguard in Index funds. The funds he manages are all in my account at Schwab. I can fire him at any time and manage the Schwab ETFs myself. So far I am learning from him and not inclined to fire him. In fact, as I approach 80 I may turn it all over to him because I know we all make more mistakes as we age.
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Old 06-30-2016, 09:52 AM   #11
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We have one, but she's fee only. I found her here: Fee-Only Financial Advisors Home - NAPFA - The National Association of Personal Financial Advisors

I'm not as financially savvy as many here, but I just like a little affirmation every other year or so. Her first review was ~$2K, and the "tweaks" are $400, which we do every 2-3 years. She's hands off - recommendations only. Since most of our retirement is in our 401(k)'s, she isn't making a dime off the recommendations - she just advises. Her reviews also include insurance analysis, budget checks & recommendations, etc. She's younger than we are, so I plan to use her until she attends my funeral. DH doesn't do money, so I really like the back-up.
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Old 06-30-2016, 09:53 AM   #12
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I've had a money manager run an account and justify it as being just like a mutual fund. But have not really gone whole hog with a FA. I have looked at several of them and the differences are significant both is cost and what they do. I would search out several before picking one. While people will push going fee only where the adviser is a fiduciary, be careful with them too. They are not all the same. Some charge too much, but you should see that when you come in. Some provide better advise than others. Be careful with references. Many people think their adviser is great... they must be since they are using them.. and they would not be using them if they were not good. Learn enough to make a good decision before just hiring. Stick with a simple and more standard allocation until you do. Then make an educated choice.
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Old 06-30-2016, 10:36 AM   #13
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Nothing wrong with a fee based financial advisor -- suggest you check letters after their name. Not a guarantee but at least you know they've passed the exams. Schwab will look at it for free ~~~ just saying for those who are comfortable with less hand holding

I'm DIY but I run it past an ex-coworker once a year. Nothing wrong with a 2nd pair of eyes
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Old 06-30-2016, 10:41 AM   #14
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Never pay someone a % of your assets to manage your money. I was self directed for many years, had a FA for about 9 years for some of my $, and dropped him because my returns were better than his. I am back to full self management with my accounts at the 401K and Fidelity. Vanguard is also fine.
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Old 06-30-2016, 10:49 AM   #15
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Before looking for a FA please take some time to read a book or two. (Anything by Bogle, or the Bogleheads.) I think there is a thread in the archives with a list of recommended readings. You will be surprised at how easy DIY can be.

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Old 06-30-2016, 11:02 AM   #16
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Here's a link to a reading list: reading list
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Old 06-30-2016, 11:50 AM   #17
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I'm DIY with Vanguard. Did dabble with financial planners in the past. The first time was early on before I saw the light and moved to DIY. The second time was with a fee only planner for some pre-FIRE planning.

Now, I'm very much DIY in that I really don't like when the assigned Vanguard folk calls and wants to give the complementary guidance.
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Old 06-30-2016, 12:05 PM   #18
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I've met a couple of times with a CFP at my local Fidelity office. He provides detailed analysis of my portfolio, actionable advice and no pressure. I'm very pleased with the one-on-one service I receive at Fidelity.
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Old 06-30-2016, 12:12 PM   #19
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DIY and have a great accountant.
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Old 06-30-2016, 04:23 PM   #20
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Alot of people on this forum seem pretty knowledgable about money. Do most people here have a financial advisor or do you do it on your own ?
Most are DIY but not adverse to a FEE ONLY advisor occasionally or for a specific purpose or question. Run away from one that wants to charge by assets under management.

Do read the posts on Ameriprise. Their objective has nothing to do with your retirement, it is to transfer money from your accounts to theirs.
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