Reply To: How to find a fee based financial advisor in a small town
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how much money are you talking about ?? Sorry, but it IS rocket science. How much do you know about investing ?? Stocks, bonds or ETF’s ?? do you know what an ETF is.. My financial adviser works for one of the big brokerage houses owned by Bank of America. He handles our IRA accounts now that I am retired and our stock accounts. We pay our bills online through the company he works for insuring that we always have proof that the bills have been paid.
We know that the market is down and why because he informs us..if we have any question about a particular section of the market he is a phone call away. He also handles my son’s account as a sub account under our account so he can pay the smaller fee. It’s not cheap. All brokerage accounts in our position pay .01% of your holdings…less investment, higher fee.
Over the years my financial professionals, with access to more information than a normal person can pick up just by reading any column or taking any courses, have tripled my investments and I started out rather small with another big name brokerage house which did nothing for me but take the $2000 fee they charged just to do not much. My wife who lets me take care of the financial side, since I am in accounting, saw right through them and I changed brokers..lucky to get the same broker my rich boss had.. Like when you are sick and need treatment, it’s not the hospital, it’s the doctor. Well, it’s not the company, it’s the broker. You can log onto any large brokerage house and obtain information about the market, stocks, what the state of the world has to do with affecting financial matters etc.
An old saying is, if you can’t write teach. I would rather deal with a person who can write.
By all means try to do it yourself. A friend of my wife trades through Chas Schwab. She proudly informs us that it only costs $9.00 per trade when she buys a stock…well, no…if you go to their website you see that is only $9 if you trade yourself on the computer. If you place the order through an agent who could give you information about what you are doing it is $25.00. If my broker trades 100 times a day it costs nothing. That’s what he gets paid his comision to do.. Sorry for the long post but I have seen several friends lose big time trying to do it themselves. If you want to try it then set aside a sum of money that you can afford to lose, like if you go to Las Vegas because it is gambling..