Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Help finding a Financial Advisor
Old 09-30-2023, 08:42 AM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,206
Help finding a Financial Advisor

I need to find a good fee only financial advisor, preferably in the Chicago area. I have a recently retired, close relative who has gotten into a bit of a financial train wreck. Several family crises led them to cash out large chunks of tax differed savings over two years. Only then did they realize the tax, IRMAA and other implications. A lot of water under that bridge.

I have gone over the basics on income sources, portfolio, etc. and recognize that they are going to have to make some very hard decisions, probably even selling their house and moving (a major blow I am not sure they could face) or -horrors- taking out a reverse mortgage. At this point, they don't have a real handle on ongoing, post crisis expenses, so I have them going over all the standard documents. Once they get ongoing expenses identified, I am going to lay out the situation as I see it, but I want them to consult with an FA to work out a plan of action. There is no way I want them relying on me in this situation. I will probably pay the advisor for the first year to make sure they actually engage.

A few years ago, I found a web site for an organization of fee only, index-oriented advisors - our kind of people. You could search it for advisors in your area or nationwide. Unfortunately, I don't remember what it was. If that rings a bell with anyone, please let me know.

If anyone has suggestions for a fiduciary, index-oriented, hourly based, advisor, please let me know here or by PM. Oh, and sympathetic.

Edit: I think NAPFA may be the site I found a while back.
__________________
Idleness is fatal only to the mediocre -- Albert Camus
donheff is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 09-30-2023, 12:03 PM   #2
Recycles dryer sheets
 
Join Date: Jul 2023
Posts: 68
Would love to find a fiduciary, good track record, hourly based, advisor too.
Mark2024 is offline   Reply With Quote
Old 09-30-2023, 01:17 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 13,034
Quote:
Originally Posted by Mark2024 View Post
Would love to find a fiduciary, good track record, hourly based, advisor too.
I wonder how possible that is. I believe I have an aptitude for this. Had I made this my career and really spent time understanding the tax laws and intricacies we often see here, why would I accept a few for a few hours of work with an individual rather than taking a % of assets under management like most advisors or "advisors" do? Would you sell yourself short if this was your career and you did it well?
RunningBum is offline   Reply With Quote
Old 09-30-2023, 01:28 PM   #4
Thinks s/he gets paid by the post
gauss's Avatar
 
Join Date: Aug 2011
Posts: 3,500
Perhaps one of the nonprofit financial counseling organizations such as these guys would be even more beneficial to them than an investment advisor.

Here is a third-party review of them on Nerdwallet and it looks like this one has a national footprint.

-gauss
gauss is offline   Reply With Quote
Old 09-30-2023, 02:52 PM   #5
Dryer sheet wannabe
 
Join Date: Aug 2014
Posts: 15
How financially savvy is this relative?

How much hand holding will they need (up front and ongoing)?

Do they have enough discipline to implement a plan themselves or do they need someone to do that for them?
creekstone is offline   Reply With Quote
Old 09-30-2023, 03:10 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 9,951
Quote:
Originally Posted by gauss View Post
Perhaps one of the nonprofit financial counseling organizations such as these guys would be even more beneficial to them than an investment advisor. ...
This was my thought as well.

Also, be careful with the term "fee only advisor." In the industry this refers to any FA who is not paid on commission. IOW an advisor paid a fraction of AUM is a "fee only" advisor, where around here people often think that "fee only" refers only to advisors who charge for services on an hourly or project basis.

In addition to NAPFA, I have seen positive comments here for the Garrett Planning Network and the XY Planning Network. I have no direct experience with either, however.
__________________
Ignoramus et ignorabimus
OldShooter is offline   Reply With Quote
Old 09-30-2023, 03:10 PM   #7
Thinks s/he gets paid by the post
Luvtoride's Avatar
 
Join Date: Aug 2021
Location: Northern NJ/ Jersey Shore
Posts: 1,006
It sounds like its too late to implement any meaningful changes or advice and you're looking for someone, other than yourself to give them the cold hard reality of their situation. I think its very admirable as a friend to try to assist but there is only so much that you or a financial advisor can do.
Besides, finding a good financial advisor (many have great credentials and references) is very much about clicking with them personally and them getting a good understanding of the client's goals and objectives.
Good luck.
__________________
Brian
Happily retired in July 2023!
Luvtoride is offline   Reply With Quote
Old 09-30-2023, 03:22 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Car-Guy's Avatar
 
Join Date: Aug 2013
Location: Texas
Posts: 10,511
Quote:
Originally Posted by Luvtoride View Post
It sounds like its too late to implement any meaningful changes or advice and you're looking for someone, other than yourself to give them the cold hard reality of their situation. I think its very admirable as a friend to try to assist but there is only so much that you or a financial advisor can do.
Without more details, I'm afraid you may be correct. When I hear that a "reverse mortgage" is on the table, it sounds to me like the damage is really serious.
__________________
Spending my time as wisely as I can, since I donít know what my time account balance is.
Car-Guy is offline   Reply With Quote
Old 09-30-2023, 04:20 PM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,206
Quote:
Originally Posted by OldShooter View Post

In addition to NAPFA, I have seen positive comments here for the Garrett Planning Network and the XY Planning Network. I have no direct experience with either, however.
I think the Garrett Planning Network is the outfit I had seen in the past that is sympatico with my views - at least to a degree. Yes, those of you that opted the damage is done are correct. I’m going to address the hard realities but someone else has to be the primary guide. I’m willing to pay the cost of that guide but I’m it competent to be the guide for anyone other than myself.

If I had to deal with this situation, I would sell the house and move to a midsize town with much lower cost of living. Problem solved. I doubt that will be accepted. Other solutions are dicey less problematic than burning thrugh the portfolio.
__________________
Idleness is fatal only to the mediocre -- Albert Camus
donheff is offline   Reply With Quote
Old 09-30-2023, 11:48 PM   #10
Full time employment: Posting here.
 
Join Date: Nov 2015
Posts: 569
https://adviceonlyfinancial.com/
teej1985 is offline   Reply With Quote
Old 10-01-2023, 11:02 AM   #11
Thinks s/he gets paid by the post
Markola's Avatar
 
Join Date: Nov 2013
Location: Twin Cities
Posts: 3,891
We are very happy with Vanguard Personal Advisors.
Markola is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Financial Planner, Financial Advisor, or CPA? Which one to use? All Is Lost FIRE and Money 47 12-21-2022 03:16 PM
Finding a financial adviser/asset manager rocks911 FIRE and Money 5 07-14-2015 01:44 PM
Brains, Bots or Both? Finding a Financial Adviser RonBoyd FIRE and Money 2 01-06-2015 10:57 AM
advisor or no advisor frank FIRE and Money 10 04-29-2014 07:58 AM

» Quick Links

 
All times are GMT -6. The time now is 01:19 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2023, vBulletin Solutions, Inc.