Looking for a financial planner

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jb2012
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Looking for a financial planner

#1

Post by jb2012 » Tue Jan 21, 2020 1:00 pm

I finished college in 2018, and I’m just now finally settling into a real job. I’m decent with my money, but I’d like to sit down with a financial planner to line out a plan that gives me guidelines for how I should and shouldn’t use my money. Does anyone have any recommendations for a financial planner in the DFW area?

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oohrah
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Re: Looking for a financial planner

#2

Post by oohrah » Tue Jan 21, 2020 1:21 pm

Check out Scott Burns, financial columnist for the Dallas Morning News, and his Couch Potato Portfolio. Makes a lot of sense and you don't have to pay an agent who only works for commissions.

If you do decide to go to a financial adviser, make sure it someone you pay to look after your interest (there is an official term for this type of person which I can't remember), not a broker agent on commission.
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Lynyrd
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Re: Looking for a financial planner

#3

Post by Lynyrd » Tue Jan 21, 2020 2:36 pm

oohrah wrote:
Tue Jan 21, 2020 1:21 pm
Check out Scott Burns, financial columnist for the Dallas Morning News, and his Couch Potato Portfolio. Makes a lot of sense and you don't have to pay an agent who only works for commissions.

If you do decide to go to a financial adviser, make sure it someone you pay to look after your interest (there is an official term for this type of person which I can't remember), not a broker agent on commission.
The word you are looking for is fiduciary.
Do what you say you're gonna do.

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03Lightningrocks
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Re: Looking for a financial planner

#4

Post by 03Lightningrocks » Tue Jan 21, 2020 2:47 pm

Lynyrd wrote:
Tue Jan 21, 2020 2:36 pm
oohrah wrote:
Tue Jan 21, 2020 1:21 pm
Check out Scott Burns, financial columnist for the Dallas Morning News, and his Couch Potato Portfolio. Makes a lot of sense and you don't have to pay an agent who only works for commissions.

If you do decide to go to a financial adviser, make sure it someone you pay to look after your interest (there is an official term for this type of person which I can't remember), not a broker agent on commission.
The word you are looking for is fiduciary.
A fiduciary is typically used to actually take charge of ones finances. It sounds more like the OP was actually looking for someone to simply advise him on financial planning. A simple financial planner is really all that would be needed for this.


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Re: Looking for a financial planner

#5

Post by Archery1 » Tue Jan 21, 2020 3:20 pm

03Lightningrocks wrote:
Tue Jan 21, 2020 2:47 pm
Lynyrd wrote:
Tue Jan 21, 2020 2:36 pm
oohrah wrote:
Tue Jan 21, 2020 1:21 pm
Check out Scott Burns, financial columnist for the Dallas Morning News, and his Couch Potato Portfolio. Makes a lot of sense and you don't have to pay an agent who only works for commissions.

If you do decide to go to a financial adviser, make sure it someone you pay to look after your interest (there is an official term for this type of person which I can't remember), not a broker agent on commission.
The word you are looking for is fiduciary.
A fiduciary is typically used to actually take charge of ones finances. It sounds more like the OP was actually looking for someone to simply advise him on financial planning. A simple financial planner is really all that would be needed for this.
Not exactly. The fee based planner should have a "fiduciary responsibility" to only his client, meaning he doesn't get paid from what he advised client to buy. There's a whole spectrum of fee-only to fee/commission structures.

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Keith B
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Re: Looking for a financial planner

#6

Post by Keith B » Tue Jan 21, 2020 3:29 pm

If you’re looking for basic guidelines to get started, the company that handles your companies 401K/pension may be able to do that. My company used Fidelity for our 401K and Pension plans and they provided financial advisors free of charge to us.

If you want an outside advisor, then as stated, look for a planner who Has a fiduciary responsibility to you. They will normally charge a flat annual percentage to manage your money. I have one fund that is managed and the fee is 1.8% annually.
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TomV
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Re: Looking for a financial planner

#7

Post by TomV » Tue Jan 21, 2020 3:37 pm

We just had a meeting with an Edward Jones guy in Allen yesterday. My first thought when I walked out of his office was "WOW!"
We are doing retirement planning. I'm not sure i understand what you are looking for. Whether it's advice or what, but there are lots of resources out there. I'm a huge fan of Motley Fool and have been for a long time.

If you want someone to do it for you, I'll second the suggestion of a fiduciary and talk to at least three firms.
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TxRVer
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Re: Looking for a financial planner

#8

Post by TxRVer » Tue Jan 21, 2020 3:41 pm

Keith B wrote:
Tue Jan 21, 2020 3:29 pm
If you’re looking for basic guidelines to get started, the company that handles your companies 401K/pension may be able to do that. My company used Fidelity for our 401K and Pension plans and they provided financial advisors free of charge to us.

If you want an outside advisor, then as stated, look for a planner who Has a fiduciary responsibility to you. They will normally charge a flat annual percentage to manage your money. I have one fund that is managed and the fee is 1.8% annually.
Good advice. I'd like to add...if the company matches funds in the 401k, put in as much as you can to get the maximum match.
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Keith B
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Re: Looking for a financial planner

#9

Post by Keith B » Tue Jan 21, 2020 5:08 pm

TxRVer wrote:
Tue Jan 21, 2020 3:41 pm
Keith B wrote:
Tue Jan 21, 2020 3:29 pm
If you’re looking for basic guidelines to get started, the company that handles your companies 401K/pension may be able to do that. My company used Fidelity for our 401K and Pension plans and they provided financial advisors free of charge to us.

If you want an outside advisor, then as stated, look for a planner who Has a fiduciary responsibility to you. They will normally charge a flat annual percentage to manage your money. I have one fund that is managed and the fee is 1.8% annually.
Good advice. I'd like to add...if the company matches funds in the 401k, put in as much as you can to get the maximum match.
Good point. Our company had a pension plan, but added a 401K as well. A buddy and I asked his Step Dad, who was a very successful business owner and smart on finances about it. His exact words were ‘Put in the max amount the company will match, even if it means you have to eat beans once in a while’. We both did. And, you really don’t miss it since it comes out before taxes. I was able to retire at 55 and live pretty comfortably after 30 years of contributions.
Keith
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03Lightningrocks
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Re: Looking for a financial planner

#10

Post by 03Lightningrocks » Tue Jan 21, 2020 6:20 pm

Archery1 wrote:
Tue Jan 21, 2020 3:20 pm
03Lightningrocks wrote:
Tue Jan 21, 2020 2:47 pm
Lynyrd wrote:
Tue Jan 21, 2020 2:36 pm
oohrah wrote:
Tue Jan 21, 2020 1:21 pm
Check out Scott Burns, financial columnist for the Dallas Morning News, and his Couch Potato Portfolio. Makes a lot of sense and you don't have to pay an agent who only works for commissions.

If you do decide to go to a financial adviser, make sure it someone you pay to look after your interest (there is an official term for this type of person which I can't remember), not a broker agent on commission.
The word you are looking for is fiduciary.
A fiduciary is typically used to actually take charge of ones finances. It sounds more like the OP was actually looking for someone to simply advise him on financial planning. A simple financial planner is really all that would be needed for this.
Not exactly. The fee based planner should have a "fiduciary responsibility" to only his client, meaning he doesn't get paid from what he advised client to buy. There's a whole spectrum of fee-only to fee/commission structures.
I get it. That makes sense.


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jb2012
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Re: Looking for a financial planner

#11

Post by jb2012 » Wed Jan 22, 2020 4:58 am

Thanks for the advice, I didn’t think about consulting with my company’s 401k provider. I’m going to go that route and see where it goes!


LTUME1978
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Re: Looking for a financial planner

#12

Post by LTUME1978 » Wed Jan 22, 2020 7:31 am

I would encourage you to learn how to do this yourself. I have tried financial managers and always been disappointed with what they have done (in addition to what they charge). I would be glad to share what I have learned if you want to PM. I really is very easy to do and you will be glad that you invested the time to learn this yourself.

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Re: Looking for a financial planner

#13

Post by puma guy » Wed Jan 22, 2020 11:36 am

As many have stated, if you pay someone to advise you make sure they are a fiduciary. CFP's (Certified Financial Planner) have that duty, but as my wife and I and several of my co-workers learned even that's not an absolute guaranty. We all had to go to arbitration (FINRA trial) for the unscrupulous treatment we received for the investments we got that pretty much lost all our money. Even though we won in a landmark and highly reported case, we are still fighting the investment firm and their insurance carrier for restitution. One of the two investment counselors/brokers we all used was a CFP.
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