Can anybody offer me any advice? I need to get a better handle on investing money for retirement.

- Fee or commission based advisor
- Someone independent or someone associated with a big investment company

- Getting a financial plan from an advisor and picking mutual funds, IRA yourself

Appreciate the help. A number of people in another thread were praising Edward Jones.

A few options:
1. Vanguard. Review their online systems and what they offer. You may find all your need there without paying someone.
2. Read up on Bogleheads and their ideas of using a few index funds for everything. There are books, forums and other guides available free.
3. If you really want to use an advisor, most sources I've read recommend a fee based advisor.
4. Listen to Jallen.

I've personally seen two Edward Jones representatives push high commission, bad investments on people that didn't know much about investing. There may be good ones out there, but I can't recommend them.

I'm certainly no expert, but we went with the wealth management division of our bank. We have always preferred to deal with a local or regional bank. The bank has branches in Montana and Wyoming, although I recognize that they operate under the aegis of a larger corporation, the service has always felt local and personal.

Our investment manager is located up in Jackson, WY, where we first established the account, but we can video conference anytime, and he makes regular trips down here for business. Just last week, we had our him and the guy out of Billings bank HQ, who actually makes the investments, over to the house for dinner, then we sat around the table and talked about our account and the future.

We pay a straight percentage fee on the account monthly. The bank makes out alright on us, but then last year was phenomenal for us, so it's hard to feel like we paid too much.

I wouldn't go this route (I don't think) with the wealth management division of a mega bank, but what we have sure works for us.

1) Contribute the minimum to your 401k to receive the company match. Free money.

2) If you are below the income cap, max out your tax preferential treatment in an IRA.

3) Then go back back and max out your contribution to your 401k.

*** The reason you do the 3 things above first is because there are annual contribution limits for 401ks and tax preferential IRAs that you can't make up later down the road. Start early, contribute often ***

4) Save a small emergency fund.

5) Pay off your debt.

6) Save a bigger emergency fund.

7) After all the above, you should then consider investing in something that is low fee. Betterment, Wealthfront, Vanguard, etc.

I use Edward Jones. Do NOT use a bank.

Many people can do it themselves by keeping it simple and don't need to pay someone.

https://www.bogleheads.org/wiki/Main_Page

http://www.moneysense.ca/save/...-financial-plan-kit/


The above link is to a Canadian financal planning website, so it is not a perfect translation, but it is a decent starting point.

My financial guy (for the past seven years) is one of the senior managers at Wells Fargo Advisors. He isn't Warren Buffet, but he's pretty good. My managed IRA account is up nearly 15% over the last year, and my managed regular account is up about 11% (less because more funds are in lower yielding tax-free bonds). He charges me a little over 1% per annum for funds under management. The cost of trades (mostly ETFs) comes out of his management fee. He also coordinates with my tax guy.

quote:

Originally posted by mikeyspizza:
Many people can do it themselves by keeping it simple and don't need to pay someone.

https://www.bogleheads.org/wiki/Main_Page

What is a financial advisor? It is like someone that can tell you a thousand different ways how to make love to your wife. The only problem is... He doesn't have one so he has to use yours.
Yes, it is humorous but it has a lot of truth to it. I know lots and lots of folks, including my father that got burned.

CW

Find a fee based financial advisor. In my area they are very hard to come by, only one in my area that I know of unfortunately. I don't like using anyone who peddles their own products for some corporate giant. Find out what that advisor is worth...ask to see their financial portfolio. Dave Ramsey has a few good sources of information too if you go to his web site.

I work in the industry and, due to compliance, I can't give specific advice on online.

That being said, boggleheads.org is a great resource if you're willing to take some time and effort to do it yourself. Doing it yourself will let you keep 10-30% more of your gains each year, which really adds up to a huge amount over the long haul.

If you are unable or unwilling to do it yourself, meet with a variety of local advisors until you find the one you can work with. Certified Financial Advisors (CFPs) are generally better than those without the designation, no matter what those without will tell you. Hold your advisor accountable and meet at least 2-4 times a year.

If you have a local Edward Jones rep. talk to them. My rep is top notch.

Do it yourself. Read up on Dogs of the Dow. It works and is the closest thing to fool proof there is in the stock market because the fundamentals are sound and it's also very easy to do. I use TD Ameritrade and do everything online. Cheap and efficient.

I'd rather have a top rated exchange traded index fund than 90% of the financial advisors out there.

I handled ours until age 45 or so. With a little self education you can run everything through a discount firm like Fidelity, Vanguard etc... IMHO diversification,simplification,dollar cost averaging and persistence.
About two years ago we met with 4 different advisors to guide us into and hopefully through retirement. Settled on a Fidelity rep at the local branch. He has access to all my company information because they are my employers TPA for our 401k. He is well educated and has 15+ years with them. He is also salaried which I like.

Also, keep in mind no matter how much you like/trust your advisor, you need to treat it like a business relationship.

I don't advocate moving to another at the smallest hiccup, but continue to hold them accountable. Move on if they are not performing to YOUR standards.

I've seen too many clients suckered into friendships with their advisors to count.