Do We Need A Financial Advisor For Investments?

[belgianvalid]

Hi, How's everyone been doing lately? Our family has always been interested in savings and mutual funds investments. However, a friend of mine told me that I need to consult a reliable financial advisor for my next plan of investing into a blue chip stock market. This is to prevent risk of all sorts. Personally, this might be an extra expense on my part. Do I really need the financial advice? I want to know your advice about this. Can anyone explain it to me further? I would really appreciate your ideas about this matter.

 

[Bilateral Entry]

How much total is the value of your portfolio (including what you're looking to add to your investments)? How old are you and your spouse, how many kids do you have, and how old are they? What are your objectives for your portfolio? E.g. saving for retirement, kids college, just splashing money around, etc.?

 

[/DG/]

How much total is the value of your portfolio (including what you're looking to add to your investments)? How old are you and your spouse, how many kids do you have, and how old are they? What are your objectives for your portfolio? E.g. saving for retirement, kids college, just splashing money around, etc.?

This is a weird bit of information to ask someone on the internet. I mean, I get that you're trying to help the guy out, but that is some awfully personal stuff.

 

[Bilateral Entry]

This is a weird bit of information to ask someone on the internet. I mean, I get that you're trying to help the guy out, but that is some awfully personal stuff.

So what better approach would you recommend?

 

[/DG/]

So what better approach would you recommend?

I am not an expert in the subject, but I'd be thoroughly surprised if there was absolutely zero way of helping OP out without divulging all of his/her personal information.

 

[Bilateral Entry]

I am not an expert in the subject, but I'd be thoroughly surprised if there was absolutely zero way of helping OP out without divulging all of his/her personal information.

LOL ok so your point is that I could have given better advice. Uh ok... SORRY.

 

[/DG/]

LOL ok so your point is that I could have given better advice. Uh ok... SORRY.

No, my point was not to ask random people on the internet that. What is your credit card number and your mother's maiden name?

 

[Bilateral Entry]

No, my point was not to ask random people on the internet that. What is your credit card number and your mother's maiden name?

I asked the questions I needed to answer OP's question. I am aware that it's outside of social norms to be so blunt. I am aware that some people don't like it. I'm not trying to be invasive, I just want to cut straight to the point and give a good answer. I don't want to waste time and energy dancing around things and being vague.

Go ahead and judge me for my decision to not soften my social graces. You don't like it, fine. You would never hire me, fine. You would never be my friend, fine. But I don't think you can say I'm a bad person, or immoral, for it.

 

[Poki]

Hi, How's everyone been doing lately? Our family has always been interested in savings and mutual funds investments. However, a friend of mine told me that I need to consult a reliable financial advisor for my next plan of investing into a blue chip stock market. This is to prevent risk of all sorts. Personally, this might be an extra expense on my part. Do I really need the financial advice? I want to know your advice about this. Can anyone explain it to me further? I would really appreciate your ideas about this matter.

The point of a financial advisor is to help you find all the vehicles you need in life. Not just what blue chip stock to invest in.

How much life insurance do you need, what about long term disability income if you become disabled, how diversified are you with paying taxes after retirement. You should be balanced with both pre tax and post tax investments. Are you a high risk or a low risk person? Are you on track to retire and do what you want to do? What vehicle are available for investment and what benefits do they offer e vs what I am looking for? If all you want is blue chip stock you are gonna miss the most important feature of financial advisors. My parents started with one 15 years ago, they retired early. It wasn't a miracle solution as they had to really dump alot of money in since they waited so long to do it. But they retired early and live comfortably.

Term vs whole life vs vul vs everything else out there. For example I stared early and I was setup with a term life insurance with the goal that when it ran out in 20 years my portfolio alone would be enough to where I don't need a life insurance. It's a short term solution until I can get where I need to be financially and have enough between all the different financial vehicles like 401k, ira, roth, mutual funds, etc. To be able to not need life insurance.

 

[highlander]

Hi, How's everyone been doing lately? Our family has always been interested in savings and mutual funds investments. However, a friend of mine told me that I need to consult a reliable financial advisor for my next plan of investing into a blue chip stock market. This is to prevent risk of all sorts. Personally, this might be an extra expense on my part. Do I really need the financial advice? I want to know your advice about this. Can anyone explain it to me further? I would really appreciate your ideas about this matter.

It's a personal decision. I don't think it is much needed but then I"m into this stuff a lot more than most and have spent time on it to varying degrees over the years. I have had an outside advisor check things a couple of times. The first time, it was worth it. He asked some good questions that got me to change some things. The second time it wasn't. The simple formula is as follows:

- Decide how much risk you are comfortable in taking
- Based on your age, any major upcoming outlays, and risk tolerance, design a portfolio allocation (what percentage should be invested in what)
- Pick no load mutual funds to align with those allocations; use Morningstar ratings to select good ones; index funds are the best
- Create and maintain a spreadsheet that tracks your net worth (assets - liabilities = net worth)
- Use a good retirement planning tool to check future upcoming cash flows

it really doesn't need to be that complicated. People make it more complicated than they need to. Don't invest in individual stocks and try to beat the market. If you are doing that, just realize you are gambling.

 

[belgianvalid]

Thank you for your feedback.
My friend recommended that I try out Securities America since they were referred to him when he was looking for independent broker dealers. Am i barking up the wrong tree?

 

[Jaguar]

Thank you for your feedback.
My friend recommended that I try out Securities America since they were referred to him when he was looking for [link removed] Am i barking up the wrong tree?

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