Comments on: Quesition of the Day – Planning http://allfinancialmatters.com/2006/11/14/quesition-of-the-day-planning/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Sat, 11 Feb 2012 20:32:19 +0000 hourly 1 http://wordpress.org/?v= By: Scott Brison http://allfinancialmatters.com/2006/11/14/quesition-of-the-day-planning/comment-page-1/#comment-46218 Scott Brison Thu, 16 Nov 2006 13:06:14 +0000 http://allthingsfinancialblog.com/2006/11/14/quesition-of-the-day-planning/#comment-46218 I frequently see the frustration in peoples’ eyes when they are living paycheck to paycheck and don’t know where to start when it comes budgeting and saving/investing. While I like to gear my advice to the younger generation in the hopes of getting them started on the right foot, I’m well too aware that there are plenty of people in my age bracket and older that would benefit from good financial practices and even get themselves back on track. I frequently see the frustration in peoples’ eyes when they are living paycheck to paycheck and don’t know where to start when it comes budgeting and saving/investing. While I like to gear my advice to the younger generation in the hopes of getting them started on the right foot, I’m well too aware that there are plenty of people in my age bracket and older that would benefit from good financial practices and even get themselves back on track.

]]> By: Stacey http://allfinancialmatters.com/2006/11/14/quesition-of-the-day-planning/comment-page-1/#comment-45945 Stacey Wed, 15 Nov 2006 19:44:08 +0000 http://allthingsfinancialblog.com/2006/11/14/quesition-of-the-day-planning/#comment-45945 We manage everything ourselves--my CPA and CFP coursework and hubbie's MBA and law degree serve us well...however, we did engage a lawyer for our estate planning. No reason to be pennywise when the repercussions could be so great. We're motivated and somewhat disciplined and try to put investing (529s/401k/extracurricular investing) and bills on autopilot. We manage everything ourselves–my CPA and CFP coursework and hubbie’s MBA and law degree serve us well…however, we did engage a lawyer for our estate planning. No reason to be pennywise when the repercussions could be so great. We’re motivated and somewhat disciplined and try to put investing (529s/401k/extracurricular investing) and bills on autopilot.

]]> By: Khyron http://allfinancialmatters.com/2006/11/14/quesition-of-the-day-planning/comment-page-1/#comment-45873 Khyron Wed, 15 Nov 2006 12:50:36 +0000 http://allthingsfinancialblog.com/2006/11/14/quesition-of-the-day-planning/#comment-45873 No. Mostly because I haven't found a compelling need to seek out an adviser given my level of personal knowledge. While I could be overconfident in my abilities, I think I've done reasonably well so far. In the future, I could see myself using a fee only planner, hopefully someone who can address both the tax and investment sides. Not a huge need for estate planning as yet (single, no dependents). No. Mostly because I haven’t found a compelling need to seek out an adviser given my level of personal knowledge. While I could be overconfident in my abilities, I think I’ve done reasonably well so far. In the future, I could see myself using a fee only planner, hopefully someone who can address both the tax and investment sides. Not a huge need for estate planning as yet (single, no dependents).

]]> By: Foobarista http://allfinancialmatters.com/2006/11/14/quesition-of-the-day-planning/comment-page-1/#comment-45825 Foobarista Wed, 15 Nov 2006 03:49:23 +0000 http://allthingsfinancialblog.com/2006/11/14/quesition-of-the-day-planning/#comment-45825 I do and I don't. That is, I invest as a silent partner in a couple of partnerships, in situations where I trust the management of the partnership with my money. With stocks and 401K stuff, I don't; I haven't been able to find an adviser who wasn't massively expensive, or wasn't trying to sell us junk. I do and I don’t. That is, I invest as a silent partner in a couple of partnerships, in situations where I trust the management of the partnership with my money.

With stocks and 401K stuff, I don’t; I haven’t been able to find an adviser who wasn’t massively expensive, or wasn’t trying to sell us junk.

]]> By: moneysmartlife http://allfinancialmatters.com/2006/11/14/quesition-of-the-day-planning/comment-page-1/#comment-45815 moneysmartlife Wed, 15 Nov 2006 02:57:10 +0000 http://allthingsfinancialblog.com/2006/11/14/quesition-of-the-day-planning/#comment-45815 We work with a fee-only financial advisor. We picked her because she's a CFP and CPA; sees both the investment and tax side of things. I like the fee-only model because there is no conflict of interest in our relationship. We pay her for her financial advice, she doesn't get any money from financial institutions to push thier product. The only way we keep going back is if she makes good reccomendations so she has a vested interest in providing quality advice. We work with a fee-only financial advisor. We picked her because she’s a CFP and CPA; sees both the investment and tax side of things. I like the fee-only model because there is no conflict of interest in our relationship. We pay her for her financial advice, she doesn’t get any money from financial institutions to push thier product. The only way we keep going back is if she makes good reccomendations so she has a vested interest in providing quality advice.

]]> By: EconUpdate http://allfinancialmatters.com/2006/11/14/quesition-of-the-day-planning/comment-page-1/#comment-45811 EconUpdate Wed, 15 Nov 2006 02:33:30 +0000 http://allthingsfinancialblog.com/2006/11/14/quesition-of-the-day-planning/#comment-45811 It has been my experience that retail brokers/advisors are actually in the business of providing a disservice. I say this because even the best professional portfolio managers have an incredibly tough time consistently beating the market which basically makes retail brokers/advisors a money drain. Unless you have very specialized investment needs there is no reason you shouldn’t put together a well balanced portfolio of ETFs and ride the market. It seems like a defeatist attitude but not everybody can be above average. It has been my experience that retail brokers/advisors are actually in the business of providing a disservice. I say this because even the best professional portfolio managers have an incredibly tough time consistently beating the market which basically makes retail brokers/advisors a money drain. Unless you have very specialized investment needs there is no reason you shouldn’t put together a well balanced portfolio of ETFs and ride the market. It seems like a defeatist attitude but not everybody can be above average.

]]> By: sam http://allfinancialmatters.com/2006/11/14/quesition-of-the-day-planning/comment-page-1/#comment-45758 sam Tue, 14 Nov 2006 21:15:17 +0000 http://allthingsfinancialblog.com/2006/11/14/quesition-of-the-day-planning/#comment-45758 I work with an Edward Jones representative because they are also handling my mother's investments, which makes it easier to transfer stock. I work with an Edward Jones representative because they are also handling my mother’s investments, which makes it easier to transfer stock.

]]> By: Dimes http://allfinancialmatters.com/2006/11/14/quesition-of-the-day-planning/comment-page-1/#comment-45755 Dimes Tue, 14 Nov 2006 21:04:20 +0000 http://allthingsfinancialblog.com/2006/11/14/quesition-of-the-day-planning/#comment-45755 Not really. Not really.

]]> By: Miguel http://allfinancialmatters.com/2006/11/14/quesition-of-the-day-planning/comment-page-1/#comment-45734 Miguel Tue, 14 Nov 2006 19:22:38 +0000 http://allthingsfinancialblog.com/2006/11/14/quesition-of-the-day-planning/#comment-45734 I do. I decided on this individual because: 1) I had already known them for several years in a different context, so knew I could trust them. 2) Their personality is fairly low-key and non-judgemental. 3) My wife gets along with them and trusts them (not an easy task). 4) They don't mind taking the time to explain things to my wife, who does not have the finance background that I do. This one is key - if my wife doesn't understand what we're talking about, then she is not going to trust the recommendations and we will end up in a stalemate of sorts. 5) They don't take it personally, when I challenge their recommendations - which I almost always do. 6) They understand that my wife and I are the boss - we have the last word. 7)Their advice is highly tailored to our individual goals and preferences. I do.

I decided on this individual because:
1) I had already known them for several years in a different context, so knew I could trust them.
2) Their personality is fairly low-key and non-judgemental.
3) My wife gets along with them and trusts them (not an easy task).
4) They don’t mind taking the time to explain things to my wife, who does not have the finance background that I do. This one is key – if my wife doesn’t understand what we’re talking about, then she is not going to trust the recommendations and we will end up in a stalemate of sorts.
5) They don’t take it personally, when I challenge their recommendations – which I almost always do.
6) They understand that my wife and I are the boss – we have the last word.
7)Their advice is highly tailored to our individual goals and preferences.

]]> By: Mark http://allfinancialmatters.com/2006/11/14/quesition-of-the-day-planning/comment-page-1/#comment-45702 Mark Tue, 14 Nov 2006 15:47:42 +0000 http://allthingsfinancialblog.com/2006/11/14/quesition-of-the-day-planning/#comment-45702 I currently work with Ameriprise Financial (formerly American Express Financial Advisors). The main reason I work with them is because I had wanted to start investing, and didn't know where to start. I had signed up for a Preferred Rewards credit card for my job, and one of the benefits was a free consultation. That's where it's been since then. I've had a good experience, but it's hard to find good articles about them online. I currently work with Ameriprise Financial (formerly American Express Financial Advisors). The main reason I work with them is because I had wanted to start investing, and didn’t know where to start. I had signed up for a Preferred Rewards credit card for my job, and one of the benefits was a free consultation. That’s where it’s been since then. I’ve had a good experience, but it’s hard to find good articles about them online.

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