Financial Advisors Question

B

Bevo5

1,000+ Posts
Hey all -- I'm thinking about moving some cash into a more grown-up investment portfolio to start that going now that it seems like a relatively good time to buy. I'm only 29 so wont be needing the money for a while, and I plan on keeping a substantial emergency fund liquid still.

So my question is this..I was thinking about going to Fidelity or somewhere like that and talking to one of their peeps. What I really want is a mixture of good funds and then maybe a specific stock pick or two (apple, etc).

Is talking to these people a good idea or should I go out and find a real honest to goodness financial advisor? I don't really want to pay someone a lot of money, but I obviously want some good advice. I figure a place like Fidelity has all the funds I would want to pick from...so maybe it's easier?

Also -- quick STUPID question. Let's say Fidelity sinks like some others..and I have $100 invested in their funds. Is that gone or do I still own shares of the fund??
 
Not sure about Fidelity, but Vanguard has some really good mutual fund options at low cost.

I believe that mutual funds are held in trust so that if the company goes under then the assets remain. They would most likely get picked up by someone else.

As far as a financial advisor, I am not sure whether I would get financial advice from the same company that is in the business of investor your money. Seems like a conflict of interest. If you want to pay the money, I would suggest talking to an independent advisor.
 
If you are in Austin, go up to the Fidelity place in the Arboretum and they can help you. Thats what I did/do.
 
"Also -- quick STUPID question. Let's say Fidelity sinks like some others..and I have $100 invested in their funds. Is that gone or do I still own shares of the fund?? "

They would be held by a custodian and therefore unaffected.
 
Ok great responses..thanks all.

Puddle -- so if I go with the "wrap" idea then I pay the person 1% (or whatever it ends up being) and they will give me more personal advice and attention etc? But when is that 1% taken...with every transaction, annually, etc?

I'm thinking that I need to go with that option since I'm hoping to put this money away for a while. I'd rather get good advice and a strategic plan and pay the 1%.

And no load funds basically means I don't have to pay a % right? So if they can get me into those then their services pay for themselves.

As you guys can tell...I'm not good at this. I have an account with some money in it that I mess with...up about 20% on the year, but it's just me playing around. Wouldn't put my retirement on it. So I obviously need some advice on what to do longterm.

Anybody have a financial advisor in NY?
 
Most advisors I know bill quarterly in arrears. Some bill forward. Very few advisors will segregate cash or positions you have with them by default. If its under their control then they are going to bill on it. If it's something you don't want to be billed on leave it somewhere else.

If you need a fee-only advisor in NYC you can search NAPFAs databaseThe Link I know or know of most of the them so if you want me to steer you let me know. I can tell you minimums are going to be close to $1mil but you might find a $500k or $250k.

In reply to:
Click to expand...
 
Ok great -- thanks for the help everyone. I think I'll just cruise on to Fidelity and talk with them since that's where both of our 401k's are. Guess that would just be easiest.

Those minimums might be a tad bit out of my range..by about 10x. ha....really, the wife and I are keeping most of our money liquid because we hope to be buying a house in the next year or two...don't want to lock it up or lose value on it in the short-term.

Thanks again for the help.
 
ONe more question...about 401k

I just took a new job and for the first time all year I'm going to be able to put in for a 401k (I was freelancing entire year up until this point).

So since my limit is 15,500 I was told I could put as much of my salary towards the 401k as I wanted right now to try and get there in my short time left this year.

I'm going to put 75% of my salary towards 401k for the rest of the year to get close to my limit. Question is -- is there any reason why this isn't a good idea? My wife is also going to up her contribution level to 50% to max out her 15,500. We each get that limit right? It's not just 15,500 joint?

I figure it'll take my taxes down some, and it's a good time to invest so why not max it out.
 
You must log in or register to reply here.
Back
Top