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Old 07-12-2015, 12:19 PM   #61
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Ditto what Loren said. A fee based financial planner who is not involved in selling any financial product to you. Look for a CFP designation.
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Old 07-12-2015, 12:57 PM   #62
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Dave, use a fee-only financial planner. Loren
This may work for some people but others prefer the incentive that commission brings about.
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Old 07-12-2015, 02:38 PM   #63
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This may work for some people but others prefer the incentive that commission brings about.
Either way, go into any such discussion knowing that the top priority of any financial planner is to maximize their income, not yours. Fee-for-service paid planners will want you to commit to an ongoing, fee per visit or transaction while commission-based planners strive for a volume of clients. Making 50 to 200+ basis points on your one portfolio isn't going to make them rich. Doing it for 100 clients in the aggregate can. You need to also learn what hidden incentives there are for any planner for steering you towards a particular fund. I know a financial planner that receives vacation-like trips for pushing certain funds. I know I sound cynical, but it's just the voice of experience. There is a wealth (no pun intended) of information on retirement planning available for free on the Internet. Whatever you decide to do, learn what you can so you'll at least understand what any advisor proposes you do.
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Old 07-12-2015, 03:17 PM   #64
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Also do your research if someone is trying hard to sell you an annuity. These pay some of the highest commissions out there. But I am not knocking any particular financial instrument as everyone has a different financial situation as to what will work for them. Loren
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Old 07-12-2015, 03:44 PM   #65
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Also do your research if someone is trying hard to sell you an annuity. These pay some of the highest commissions out there. But I am not knocking any particular financial instrument as everyone has a different financial situation as to what will work for them. Loren
Oh, but you should knock it. Annuities are one of the worst financial investments for the buyer and best deals for the company that sells them, hence the high commission for the broker.
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Old 07-12-2015, 04:06 PM   #66
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I've never liked annuities for the same reasons being stated above (high fees). BUT I just read an article about buying "qualified longevity annuity contracts" using your Traditional IRAs, Simple IRAs, SEP IRAs, 401Ks, 403(b)s, and 457 plans to delay Required Minimum Distributions or (RMDs) until 85. There's a limit of $125,000 or 25% of the previously mentioned accounts whichever is less. Weather or not the tax savings would out weigh the cost of the annuity, I don't know - yet.
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Old 07-12-2015, 05:38 PM   #67
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Hi: All... What I can add to the retirement thread is this... It's a lot more work than I thought it would be. Just got back from 4 days at the 15th Ontario Bolerama. Lots of retirees there and a few wannabes.
My financial planner said spend everything they send every month as you don't need to save for retirement any more!!! I'm lucky to have 3 separate pensions for income. When my wife payed the MC bill last month it was $400. more than my pension... so I need to stop trying so hard to spend it.
The truck needs new front brakes... so there goes half of next months money, but I wouldn't have it any other way. Retire as soon as you can savely!!! Alf
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Old 07-12-2015, 07:33 PM   #68
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Either way, go into any such discussion knowing that the top priority of any financial planner is to maximize their income, not yours.
Well of course financial planners want to earn. That's why they have jobs. Consultants cost money and consultants have resources and they earn more when they are successful and make their client money.
You can do your own wealth management if you want and you can do your own legal representation too if you want. I don't advise it though.
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