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Re: Anyone use a Financial Advisor to confirm that you're FI?
Old 03-02-2007, 03:02 PM   #21
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Re: Anyone use a Financial Advisor to confirm that you're FI?

Thanks Martha, that link is especially insightful.

OTOH, I have passed the P.E. (Professional Engineer) exam. That doesn't make me an expert on every topic which you're tested on.

We're all human, I guess. It's good to know what they're (CFPs) are supposed to be familiar with, though.

-CC
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Re: Anyone use a Financial Advisor to confirm that you're FI?
Old 03-02-2007, 03:16 PM   #22
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Re: Anyone use a Financial Advisor to confirm that you're FI?

Quote:
Originally Posted by mclesters
Well, one example a planner might help you with, is setting up your assets for estate tax efficiency. That is not a DIY topic to be sure. Needs of minor children, use of bypass trusts, etc ....
I went to an estate lawyer to help with this stuff and not a financial advisor.
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Re: Anyone use a Financial Advisor to confirm that you're FI?
Old 03-02-2007, 03:19 PM   #23
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Re: Anyone use a Financial Advisor to confirm that you're FI?

Quote:
Originally Posted by CCdaCE
I'm on the fence, not disagreeing with you. What would be an example of some minute detail that a planner has caught, which would've been catastrophic. Or, whatever... I need some example.

To me, it's a question of what estimates they use, how "deep" they go into different scenarios, etc. I could've done most of what my "planner" came up with (basically to sell more of his products to me).

-CC
Bottom line, most CFP"s or whomever aren't going to find the "magic bean" for you. One interesting fact I read a number of years ago was something like 85% of folks that have over $10 million in net worth use an advisor.

And that number is more likely due to complex issues requiring FLP's and things like that................
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Re: Anyone use a Financial Advisor to confirm that you're FI?
Old 03-02-2007, 03:33 PM   #24
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Re: Anyone use a Financial Advisor to confirm that you're FI?

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Originally Posted by LOL!
I went to an estate lawyer to help with this stuff and not a financial advisor.
My firm's estate planning department employed a CFP for a while to work with clients. The lawyers did most of the tax planning or at least would review the planner's recommendations.
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Re: Anyone use a Financial Advisor to confirm that you're FI?
Old 03-02-2007, 03:48 PM   #25
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Re: Anyone use a Financial Advisor to confirm that you're FI?

Oh gawd, let me say that the CFP's job (according to the CFP Board of Standards) is to play quarterback for the planning "team", which can be composed of a CPA, estate lawyer, etc and SHOULD NOT be practicing law without a license.
....um yeah, that is on the bone-crushing CFP exam I'm studying for....along with an inexhaustible supply of ethics rules.

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Re: Anyone use a Financial Advisor to confirm that you're FI?
Old 03-02-2007, 03:51 PM   #26
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Re: Anyone use a Financial Advisor to confirm that you're FI?

You know, I really have no good idea what is and is not practicing law. Other than going to court for someone.
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Re: Anyone use a Financial Advisor to confirm that you're FI?
Old 03-02-2007, 04:02 PM   #27
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Re: Anyone use a Financial Advisor to confirm that you're FI?

Quote:
Originally Posted by Martha
I talked to a financial planner/accountant once and he drew up a fancy spreadsheet to show how we could retire. He never once asked about expenses, specifically the big expense of health insurance. Not very helpful.
That was my experience also. When I looked back at it a few years later, I realized just how bad it was. He did have us list expenses, but it was really weak, he didn't question or analyze any of the numbers. Like Martha, no ques about health insurance (!!!). Since I filled in a _zero_ for car payments - that was that, zero! Hmmm, don't I need to allocate some cash to buy my replacement vehicles?

The company was picking up the tab as a benefit. Since I had to pay taxes on this 'benefit', I felt that I got ripped off. Lots of fancy graphs though. Oh, I just checked, the guy did have 'CFP' after his name.

I'm sure there are some good planners out there, but like picking a good stock, I don't know how to tell ahead of time if they are good or not.

Bottom line, get a handle on your expenses, think about any future expenses, and FIRECALC away. Ask questions here, the best and most trusted feedback I've received is right here on this forum.

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Re: Anyone use a Financial Advisor to confirm that you're FI?
Old 03-02-2007, 04:07 PM   #28
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Re: Anyone use a Financial Advisor to confirm that you're FI?

I haven't used a financial adviser to confirm I'm FI (since I'm not yet FI), but I have used one to plan my investments. She's my soon-to-be wife.
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Re: Anyone use a Financial Advisor to confirm that you're FI?
Old 03-03-2007, 08:27 AM   #29
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Re: Anyone use a Financial Advisor to confirm that you're FI?

I consulted one (Raymond James I think) back about 4 years ago. My main concern then was risks and responsibilities of getting married. Since then, I have decided to not marry the woman in question (debt, health, income isssues!!!) and avoid a lot of potential problems.

In general, while I'm sure there are good advisors out there, I think the problem is the "small guy" can't afford the advice, or may not even go for it.

In my case, I could have used a sounding board for potentially helpful advice for such things as major investments or tax decisions. Here are some real-world examples from my past life:

1. Sold two different homes after living in them for LESS than two years. So I paid tax on the capital gains (although not great, due to mortgage and improvement expenses.) Point: a planner might have run the numbers, and advised me to stay in the home a few months longer.

2. Cashed out an IRA because I was paranoid. Again, a planner might have given the rest of the story before I did something irreversible.

3. Bought an expensive toy (sports car) in 2004. Sold it, greatly depreciated, to resuce my budget, two years later. Dumb, dumb dumb.

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Re: Anyone use a Financial Advisor to confirm that you're FI?
Old 03-03-2007, 02:01 PM   #30
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Re: Anyone use a Financial Advisor to confirm that you're FI?

Quote:
Originally Posted by mclesters
Oh gawd, let me say that the CFP's job (according to the CFP Board of Standards) is to play quarterback for the planning "team", which can be composed of a CPA, estate lawyer, etc and SHOULD NOT be practicing law without a license.
....um yeah, that is on the bone-crushing CFP exam I'm studying for....along with an inexhaustible supply of ethics rules. Sarah
I've never practiced law..............and estate attorneys probably wouldn't make good advis ors either................
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