Finding a good financial advisor is crucial to one’s finance. I challenged myself to put away 50% of my monthly income into dividend stocks which is quite easy since I live frugal without debt. I work as an account executive, and make over $20000. $10000 goes into dividends, and the other $10000 covers my my food plus living expenses monthly. I am seeing improvements in my portfolio, dividends look certain, but I have to attribute this to only to guidance of a licensed fund manager who allocates funds to a plethora of assets. I have to stay disciplined, and remember that I’m in it for the long term. Good luck to everyone and thanks for the great video.
I always tell people to use the broker check at FINRA.org to see an advisors background The site lists the advisors licensing background as well as any complaints. Ask about the advisors formal education and look for a series 7 license. Its good to find out if they are a certified financial planner too. I also recommend avoiding any insurance salesmen posing as financial advisors.
I have found financial advisors vague and dodgy at best 1st question how much do you charge is it a percentage 2nd how can you justify your fee 3rd will you work for an hourly fee if not why not My advisor said he would charge me £4000 for advice on my pension ,and his other advice was do not use me as an advisor because I would charge you too much money And your investment can go down as well as up He could not justify his fee and would not work for an hourly rate LOL
i was a victim of a scam financial advisor who i met through an unregulated investment firm. thankfully i was able to recover my money from the scammers with the help of [email protected]gmail.com. so grateful to these good people
This is totally false. Please do your research. CFPs are only fiduciaries when engaging in 'financial planning.' NAPFA is a private organization. I'm a fee-only advisor and am not a member at NAPFA. And, "advisors" at big firms are fiduciaries? Big firms like Edward Jones? Hilliard Lyons? Please do not listen to the advice in this video.
1st and easiest: Are you obligated to put my needs first? (ie. are they held to a fiduciary standard). 2nd: How are you paid? For greater clarity (if you get pushback) How much $ will come out of my pocket or my investments each year? 3rd: What is the scope of the services provided? What will be the nature of communication? What are the terms of the engagement?
1st question – When does it make sense to pay taxes on investments (Roth IRA), when you could put some of this same money into a traditional IRA, not paying tax, and pull it out of the account in retirement and not pay any tax?
2nd question – If you only had Roth IRA income and Social Security income in retirement, is it possible to get a tax credit? If you have a negative taxable income amount, would that allow you to get a tax refund/credit?
The last question is imperative. If your advisor manages your investments and is compensated by asset management fees, then hire someone with the highest asset management credential in the world: the Chartered Financial Analyst (CFA) designation. Why pay someone to manage your investments who does not have this level of expertise?
I thought she was going to ask what flavor ice cream he likes.
Working Mother and SHOOK Research's 2020 Top Wealth Advisor Moms, click here and see: https://www.allmomclub.com/working-mother-and-shook-researchs-2020-top-wealth-advisor-moms/
Finding a good financial advisor is crucial to one’s finance. I challenged myself to put away 50% of my monthly income into dividend stocks which is quite easy since I live frugal without debt. I work as an account executive, and make over $20000. $10000 goes into dividends, and the other $10000 covers my my food plus living expenses monthly. I am seeing improvements in my portfolio, dividends look certain, but I have to attribute this to only to guidance of a licensed fund manager who allocates funds to a plethora of assets. I have to stay disciplined, and remember that I’m in it for the long term. Good luck to everyone and thanks for the great video.
I always tell people to use the broker check at FINRA.org to see an advisors background The site lists the advisors licensing background as well as any complaints. Ask about the advisors formal education and look for a series 7 license. Its good to find out if they are a certified financial planner too. I also recommend avoiding any insurance salesmen posing as financial advisors.
I have found financial advisors vague and dodgy at best
1st question how much do you charge is it a percentage
2nd how can you justify your fee
3rd will you work for an hourly fee if not why not
My advisor said he would charge me £4000 for advice on my pension ,and his other advice was do not use me as an advisor because
I would charge you too much money
And your investment can go down as well as up
He could not justify his fee and would not work for an hourly rate LOL
i was a victim of a scam financial advisor who i met through an unregulated investment firm. thankfully i was able to recover my money from the scammers with the help of [email protected]gmail.com. so grateful to these good people
This is totally false. Please do your research. CFPs are only fiduciaries when engaging in 'financial planning.' NAPFA is a private organization. I'm a fee-only advisor and am not a member at NAPFA. And, "advisors" at big firms are fiduciaries? Big firms like Edward Jones? Hilliard Lyons? Please do not listen to the advice in this video.
Thank you.
Great tips!
Sales Sales Sales Sales
AUM AUM AUM AUM
That is all advisors worry about.
That is their sole job. Sales & AUM.
Excellent video
Great questions with great answers
1st and easiest: Are you obligated to put my needs first? (ie. are they held to a fiduciary standard). 2nd: How are you paid? For greater clarity (if you get pushback) How much $ will come out of my pocket or my investments each year? 3rd: What is the scope of the services provided? What will be the nature of communication? What are the terms of the engagement?
I'd rather listen to Jill.
1st question – When does it make sense to pay taxes on investments (Roth IRA), when you could put some of this same money into a traditional IRA, not paying tax, and pull it out of the account in retirement and not pay any tax?
2nd question – If you only had Roth IRA income and Social Security income in retirement, is it possible to get a tax credit? If you have a negative taxable income amount, would that allow you to get a tax refund/credit?
Katie should be fired. Jim knows.
i hate u
i understand now. Thanks for this.
The last question is imperative. If your advisor manages your investments and is compensated by asset management fees, then hire someone with the highest asset management credential in the world: the Chartered Financial Analyst (CFA) designation. Why pay someone to manage your investments who does not have this level of expertise?
Great Video!