Financial advisors?

[Trouble Maker]

Can anyone suggest a good financial advisor?

 

If it matters, my parents have some liquid cash sitting in places that aren't making any money right now. They want to do something with it better than it sitting in a savings account/mma/'retirement'. Before anyone says anything about leaving retirement alone, I don't know all of the details but it's a relatively small portion from a company my Dad used to work for a long time ago that he can already get. I think it was stock options for the company or pension something. They will retire in 5-10 years, but don't need the money for now and I'm guessing they won't 'need' it when the retire either.

 

I had the general suggestion of the stock market, but I'm no guru in this area and neither are they. Just my general impression is there can be some really good 'short' term (5-10 year) gains to be made there because of the depressed markets.

 

Any suggestions on what to do or can anyone point them towards a good financial advisor?

[evan9381]

i could be wrong, but i think thats what clay (zeitgeist57) does.

[2highpsi]

I am a financial advisor and that kind of scenario is what I deal with more than anything. I would be glad to talk to them and show them thier options. I don't charge consolt fees either, so we could atleast talk and they wouldn't be obligated or out any money if they decide not to do anything. PM me and I will give you my number.

 

BTW, I can meet them at thier house or an office in Columbus, whatever is more convenient.

[Trouble Maker]

i could be wrong, but i think thats what clay (zeitgeist57) does.

 

I actually thought of him right after I made this post. I'm not 100% sure what he does. While I'm 99% sure it's in banking/the financial sector, not sure on the details. I'm sure he will chime in if this is what he does.

 

2highpsi, I know Clay so if he does this I will direct my parents his way. If not, I will get a hold of you.

[shootersimmons1647545502]

I am as well...I have an office in Dublin, but mainly in FL. I visit my OH clients 2-3 times a year. Let me know if you want another opinion.

 

Thanks

[2highpsi]

I actually thought of him right after I made this post. I'm not 100% sure what he does. While I'm 99% sure it's in banking/the financial sector, not sure on the details. I'm sure he will chime in if this is what he does.

 

2highpsi, I know Clay so if he does this I will direct my parents his way. If not, I will get a hold of you.

 

Sounds good, let me know.

[zeitgeist57]

I was thinking about how many financial advisers we have on CR after all this talk on stocks recently.

 

I am a CRPC, currently working with a local bank after building a book of business with over $20MM in assets. I have a dedicated sales assistant, and independent research/planning tools through Fidelity, Morningstar, Thompson/Reuters, TraderPro etc.... Jesse, shoot me a PM and I would be happy to call your parents.

 

I also don't knock the competition, but after working a couple of years in a downtown "wire house" building my book of business and then looking at the independent financial advisor route as well (before settling with a bank), I assure you that I am ideally set up to take care of everyone's investment needs.

[2highpsi]

Btw. Clay, or anyone else in the biz for that matter, if you ever wanna grab lunch let me know. We'll start the CR FA crew. Lol.

 

Edit: Just noticed. Are you guys all in Florida??

[Trouble Maker]

Clay, sounds good. If my parents like what you do, and I'm sure they will, I'll have some things to talk to you about in the future too.

[Tractor]

The best advice anyone who has done really well with their money will give you is STAY AWAY FROM FINANCIAL ADVISORS.

 

The vast majority will have "THEIR" pocket as the focus of the advice. This is extremely true with banks. I know this because my wife is one and does work for a bank. She constantly has to sell things that won't be the best move for a person, but will earn them nice interest while making the bank a lot more. Her branch is a regional hub for her banks financial advisors to work out of and right now her portfolio "advised by me" and doing +400% better than the next best pro at their bank.

 

Now if you have an adviser you can trust very well then go for it and forget everything I said. The best advice could also come from a family member who is very into the markets.

 

 

Myself if I had a lot of money and wanted to keep it safe and growing for a bit I'd get an account with someone like Scottrade "I use and recommend them" and buy into a top rated mutual fund. Right now the markets are still way down with lots of money on the sidelines and 5yrs out you'll likely have done pretty well and can always move it around to make it into a nice retirement pot.

[2highpsi]

The best advice anyone who has done really well with their money will give you is STAY AWAY FROM FINANCIAL ADVISORS.

 

The vast majority will have "THEIR" pocket as the focus of the advice. This is extremely true with banks. I know this because my wife is one and does work for a bank. She constantly has to sell things that won't be the best move for a person, but will earn them nice interest while making the bank a lot more. Her branch is a regional hub for her banks financial advisors to work out of and right now her portfolio "advised by me" and doing +400% better than the next best pro at their bank.

 

Now if you have an adviser you can trust very well then go for it and forget everything I said. The best advice could also come from a family member who is very into the markets.

 

 

Myself if I had a lot of money and wanted to keep it safe and growing for a bit I'd get an account with someone like Scottrade "I use and recommend them" and buy into a top rated mutual fund. Right now the markets are still way down with lots of money on the sidelines and 5yrs out you'll likely have done pretty well and can always move it around to make it into a nice retirement pot.

 

I will keep my response as short as possible, but that is like saying every doctor is just out to make money so don't go to one. Just hop on WebMD instead. I use it all the time, and so far it has been right. (note the sarcasm)

 

Now I am not saying that there aren't dishonest people out there. Ofcoarse there are. Thats why you should interview a few FAs before choosing one, but 99% of people really need to have a Financial Advisor. Some of the smartest guys I know fail at investing. Is it because they don't understand it? No, it's because people let thier emotions get in the way.

 

Does Scottrade make sure you are staying balanced, and diversified. Do they go over your life insurance policies to make sure you aren't over paying, under protected, or over protected. Do they make sure that you aren't doing things creating un-needed tax consequences? Have they ever asked you how much monthly income you will need in retirement, when you want to retire, and laid out an exact plan of what you need to do? What kind of tax free investments do they offer? Most importantly, have you ever met the rep you talk to on the phone? I just can't imagine trusting someone I haven't met.

 

Okay, I'm done. End of rant. Sorry for rambling, but I take that kind of thing personal.

[zeitgeist57]

You are right in regards to KNOWING WHO YOU ARE GETTING ADVICE FROM.

 

I love the equities market, but I am not a "stock jockey" trying to push stocks for commissions. I don't work for Huntington, and therefore I don't push the bank funds. I like Lord Abbett, American Funds (especially for 529 plans thru VCSP). I am appointed to over 30 insurance carriers, and work with Pru, Jackson National, Nationwide, NYLife, etc...on the insurance/annuities side.

 

One of my most successful products I've used recently in getting people off the sidelines is a product offered through HSBC, JPMorgan, Harris Bank, and Barclay's. It's NET OF FEES (no charge to the client...ever!). Just emphasizing that I am not biased, and I love helping people through a broad knowledge and tailored approach to successful financial advice.

 

I always do what is best for the client and the relationship, long-term. Makes people happy, trusting and loyal. And yes, I have been sufficiently battle-tested in the recent economic downturn.

 

As to FL, I lived in Naples from '05 thru '08 and have a few clients there. We have a condo and my wife maintains a virtual office there for her clients (she's an attorney) and she's there at least one week a quarter. I'm happy to be back in Columbus and enjoy visiting my Florida peeps whenever possible.

 

EDIT: If you like E*Trade or managing a stock portfolio all to yourself, then good luck with that. My clients live successful lives as business- and family-focused people that know better than to get emotional about their finances. I can tell you from experience that 90% of people that time the stock market get it wrong at some point, and it usually hurts them big. As Le Chiffre said: "I believe in a reasonable rate of return" and diversify to constantly deliver on that motto.

[Tractor]

I figured some people would take it personal and I understand if your a good honest financial advisor who thinks only of the customer and sells only whats truly best for them.

 

As to your doctor analogy, I wouldn't trust a doctor who gets paid a commission for recommending operations anymore than I'd trust a guy at a bank, or a car salesman. Bottom line, do your own research and go in informed.

 

Actually yes scottrade can give me all the advise you listed since they have several offices all over columbus. I go to the office at ST RT 3 and polaris all the time to make deposits. They try to sell things to me all the time and give advice, but they are paid to do that.

 

Don't misunderstand, I don't mean to offend and pick interweb fights. I just like people to be really informed when they go meet the wolves:-)

 

For a good laugh, even my companies own retirement plan managers were telling us we could suspend contributions to our 401K in the middle of that recession. I wanted to tell them where to stick it, but was laughing inside that my company would hire those jokers.

[Trouble Maker]

...99% of people really need to have a Financial Advisor. Some of the smartest guys I know fail at investing. Is it because they don't understand it? No, it's because people let thier emotions get in the way.

 

This. I was listening to an interview of some woman who is one of the best in this field, I believe on NPR once. She said exactly this as to the reason why she has someone else do her investments.

[Tractor]

EDIT: If you like E*Trade or managing a stock portfolio all to yourself, then good luck with that. My clients live successful lives as business- and family-focused people that know better than to get emotional about their finances. I can tell you from experience that 90% of people that time the stock market get it wrong at some point, and it usually hurts them big. As Le Chiffre said: "I believe in a reasonable rate of return" and diversify to constantly deliver on that motto.

 

Yes EMOTION will kill you every time in the market. I've been trading since I was a teenager with my uncle showing me the way. I've lost big, I've gained big. You just have to develop the stomach for it.

[Tractor]

I'm surprised no ones ever mentioned http://www.investopedia.com when stock questions come up. Lots of good info on there and also a simulator that tracks the real market minus 20 minutes.

 

Maybe we should set up a game and see how we do. It could be fun.

[zeitgeist57]

Maybe we should set up a game and see how we do. It could be fun.

 

Fantasy stock league??? I like it. SET IT UP!

 

CR Mock Stock Krew...

[Wease]

This is all you'll ever need...

[AWW$HEEET]

Just tell them to get disability insurance, max out their 401k, and invest in a good S&P500 index for their other discretionary investments.

 

Something like 93% of advisors cant beat the S&P500 anyway.

[2highpsi]

What a perfect day to show why indexed funds aren't the way to go. Check out the Dow and s&p right now.

 

The s&p has a negative return over the past ten years btw. Even the most plain portfolios from the fund families I use are up over the same course.

[Tractor]

Just tell them to get disability insurance, max out their 401k, and invest in a good S&P500 index for their other discretionary investments.

 

Something like 93% of advisors cant beat the S&P500 anyway.

 

I bet they couldn't, but a trader can fairly easily beat the S&P. On investopedia I've stayed 20% above the S&P for years on my long position account. My real money investments are up 300-400% over the S&P and stay there. Swing and Day trading is where its at.

[Tractor]

What a perfect day to show why indexed funds aren't the way to go. Check out the Dow and s&p right now.

 

The s&p has a negative return over the past ten years btw. Even the most plain portfolios from the fund families I use are up over the same course.

 

Or today is the day you go to bed, wake up the next day and tell your adviser to buy more of your index fund:-)

[2highpsi]

Or today is the day you go to bed, wake up the next day and tell your adviser to buy more of your index fund:-)

 

Very true.... if you have a fund with instant transactions. Most give you the next closing price, ie. an order right now won't fill until tomorrows close.

 

But I agree, down times are when you buy.

[Wildrice]

I have worked as a financial advisor & I currently have a financial advisor for persoanl executor reasons. I also invest on my own via http://www.vanguard.com . My comparison track record is close even money using Vanguard Balanced Mutual funds. Actually I still have a Vanguard Mutual investment I made 25 yrs ago & my % commissioned financial advisor who's performance history I know well also has picked same Vanguard Balanced Mutual fund as part of my portfolio. It's really hard to beat a "No load-low expense ratio" from a Mutual fund that has a 30 + yr history. Just my 2 cents worth. Scottrade is a broker, not an investment. Every investor has a different investment scenerio. Good luck!!

[shootersimmons1647545502]

I have worked as a financial advisor & I currently have a financial advisor for persoanl executor reasons. I also invest on my own via http://www.vanguard.com . My comparison track record is close even money using Vanguard Balanced Mutual funds. Actually I still have a Vanguard Mutual investment I made 25 yrs ago & my % commissioned financial advisor who's performance history I know well also has picked same Vanguard Balanced Mutual fund as part of my portfolio. It's really hard to beat a "No load-low expense ratio" from a Mutual fund that has a 30 + yr history. Just my 2 cents worth. Scottrade is a broker, not an investment. Every investor has a different investment scenerio. Good luck!!

 

A little late in my response but if I may, transactional business(sales charge/loaded funds a,b,c shares) in investing is definitely becoming a way of the past. Advisory and fee based business is what most investors are doing these days if consulting with an advisor.

 

It's always great to consult with advisors that are well licensed and credentialed in their respective field and practices. I am in the process of attaining my CFP designation currently and as part of a team, we hold various securities licenses such as series 22, 24, 39, 55, 1, 6, 7, 63, 65, and 66 and various designations ChFC, AEP, CLU, CLTC. As a practice we manage over 50 million in assets and use various research tools (both fundamentally and technically) such as mentioned morningstar, dorsey wright etc. As far as fund companies I do like some of the major players in the market mentioned, but also like others such as Ivy Funds and Evergreen Investments to name a few as well as Putnam which is a larger player. ETFs can also be advantageous for certain clients but not specific indices. Also alternative investments such as some REIT(Real Estate Investment Trusts) but only a certain few that there and LPs(Limited Partnerships) can be a great way to diversify and/or tax manage your portfolio.

 

As stated previously the relationship and trust you have with your advisor plays a key role when it comes to your overall plan. Of course you can be with a broker/advisor that may have hit a homerun one year, but consistency and long term investing is the key so if your looking for consistent singles, doubles, and the occasional triple to put it into baseball terms that's what our goal is, which is to beat the respective benchmarks and manage risk within the clients overall financial plan.

 

I too believe that an independent approach is a great perspective to have due to the fact you may not be biased, but several of my friends do work at firms that do have proprietary funds and programs and I believe they are very competent and give good advice as well.

 

And yes I 2highpsi, I mainly stay in Florida but do have several clients in the central Ohio area.

 

Wow, I meant to type a sentence or two but anyway hope some of this information may be useful to somebody.