Financial Planning

[dancerjodi]

I've been tossing the idea around of seeing a certified financial planner at some point. Now that we're done buying houses and paying for tuition it seems like a good idea.

I'm totally clueless when it comes to money beyond earning it, paying bills, and putting a bit away. Its just not my thing, and I don't want to spend a lot of time educating myself in all of the ins and outs of stocks or anything, but I also don't want to screw myself later.

Have any of you done this before? What was it like? How much did it cost? Do you recommend anyone? (and, thanks in advance) :)

Comments

[lensman.livejournal.com]

roamingIs meeting with one for the first time on Friday... We could probably let you know how it goes on Sat...

[tiamatlady]

The CFP I've been doing some work for I asked this question (on behalf of another friend) and he was pretty down on taking on smaller clients, due to lack of money to be made and potetial growth. He said he liked working with people who had "aggressive plans" and WOULD work with someone who had big money potential.

What's I'd suggest for you is to spend a bit of time researching Investment firms (like Fidelity, or Merrill Lynch) and see which one you like. Then, by opening an account with them, you have access to their financial advisors, who are more experienced in dealing with your level of income/level of comfort in investing.

You might want to consider whichever company (and the names escape me this far away from your taxes from last year) you have your retirement plans from your work with - they can combine everything for you, reporting wise, and save some money on fees.

I know EXACTLY what you mean tho - I have NO INTEREST in knowing all about investing (despite my financial background) and I just want it to work in the background, without me having to know the ins and outs, yet knowing enough so if something wonky happens, I'll know about it.

PS - my schedule is filling up SUPER fast, we should make plans for a time in Feb for me to come over and chug your taxes out, after you both get all your forms. Let me know what looks good for you (actually if you have your forms now/soon, the sooner the better! but i know you probably don't have all of them yet.
I'm scared of my schedule, Mommy make the ride stop now!)

[dragonvpm.livejournal.com]

You might want to check out something like the Motley Fool (www.fool.com). It's a fairly interesting website that has message boards and articles etc... on financial planning and whatnot. I've been reading up about various financial issues there and it's been quite informative.

I don't know if they talk about financial planners per se, but they might be able to give you a good feel for where to go next and what options you might want to pursue.

[othniel77.livejournal.com]

I go through Primerica, because it's free. I've been dealing with them since 1996.

[dionysios.livejournal.com]

eeyrg had a financial planner that she reccomended in watertown. I think i've still got his contact info if you'ld like. We have not gone to see him yet, so I can't comment personally.

CFP

[dancer.livejournal.com]

"Roaming Is meeting with one for the first time on Friday... We could probably let you know how it goes on Sat..."

Awesome! Thanks :)

taxes

[dancer.livejournal.com]

"PS - my schedule is filling up SUPER fast, we should make plans for a time in Feb for me to come over and chug your taxes out"

Uh, we assumed you weren't (because of a previous LJ post, where you said that if people had plans they were nil, because you were busy - or something).

[tobi.livejournal.com]

My parents have a financial planner they swear by. He's already made it so my mom can retire. Also, their company holds lot of fancy events and he invites his clients. For example, he invited my parents to an intellectual discussion of The Da Vinci Code at the MFA. There have also been other events that they've gone too.

Re: taxes

[tiamatlady]

*blank look*
Um, fine then.

[eeyrg.livejournal.com]

lets try that again:

he's awesome!

this is what happens when i read LJ on my husband's pc!

CFP

[dancer.livejournal.com]

"he's awesome!"

Can you send me his info at dancer at diabolis dot net? :) Thanks!

Re: taxes

[dancer.livejournal.com]

"*blank look*"

I just posed about it in your LJ, to show what I was talking about :)

I don't care either way, I just need to know what's going on so that I can plan accordingly.

Re: taxes

[dancer.livejournal.com]

heh, posTED , not posed :)

[fidgetmonster.livejournal.com]

we were always meaning to do this, but haven't. Everything I've heard is that for small scale stuff it's better ot pay someone a flat fee for the advice. This guarantees they are objective instead of working off commission. You might make out better anyway because the commission rate over time would work out to more than a nominal fee.

My ex-boss gave me a name of a guy he used who made some suggestions that helped them shave about 15 years off their mortgage. It was a long time ago so I'll send it to you if I can dig it up.

[algorhythmic.livejournal.com]

For general finance resources, I really like Money magazine. It explains things in simple terms. As someone else mentioned, Motley Fool is good, too. I also like Suze Orman. If you are going to hire a CFP, I encourage you to also do a bit of research in general investment strategies. That way, you can ensure the CFP is really doing the best job he can for you (and not taking you for a ride).

[narnee.livejournal.com]

My parents use American Express Financial Services and have been with the same person for years. I can get her contact details for you if you like.

However, my friend hyounpark just got a job with them. He's excellent with financial and needs a certain number of clients during his initial period with them, so you may want to contact him as you would be helping both yourself and a really cool guy. One of the reasons I like AmEx Financial Services over the others (and will utilise them myself when it becomes appropriate to my life to do so) is that it's incredibly hard to get and keep a job with them -- it's a three-step interview process, then a complicated certification, and then a long trial period.