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Financial advisors
Old 01-22-2006, 09:50 PM   #1
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Financial advisors

I was wondering how many folks use financial advisors. I'm especially interested about those who have smaller amounts of money saved (comparatively speaking). I do have an advisor through a well known company. I wonder how these guys rate compared to other companies, and if this is even necessary (to have an advisor).

Back when I started to save, I went to an advisor and he really helped me. Back then, I had basically nothing saved and more than anything else - going to the advisor sort of made me accountable to someone else for how I was saving. I mean to say, we made agreements, about my budget, how much I would save, how the money would be invested, etc., so I felt that I needed to hold up my end of the deal in order to achieve the goal - and it really worked out great.

Now, I'm not so sure I need an advisor. Most of my funds these days are loaded, Class A - and because they are Class A - now it will be hard to get out of them, unless I start all over somewhere else, and move the money later.

Any thoughts or advice?

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Re: Financial advisors
Old 01-23-2006, 07:23 AM   #2
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Re: Financial advisors


In general, posters on this forum have a "do it yourself" mindset when it comes to managing investments. This thread may help in understanding why that's the case:


Numbers is hard.

Retired in 2005 at age 58, no pension

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Re: Financial advisors
Old 01-23-2006, 07:24 AM   #3
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Re: Financial advisors


Benn there done that with the advisor thing. My first advisor was a peach. We didn't have much back then and he seemed pretty honest. In hind sight he really was honest. Fast forward several years and a great deal more money to my very nasty experience with a financial planner. It was not pretty but it was a great learning experience. There are some great books to read and lots of good advise here that may help you to get comfortable enough to try it on your own.

In regards to your loaded class A shares. You've already paid the load so getting out of them shouldn't cost you anything. HOWEVER, if they are in a taxable account you might have cap gains tax to consider. If you transfer them over to a discount broker you might be able to do a direct transfer and keep the funds. Ususally loaded frunds though have higher expense ratios than no load funds so you might want to keep that in mind. Expenses do make a big difference on the bottom line.

Good luck,
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