Need financial planner

amother

Sun, Apr 16 2023, 11:22 am

Hi my husband and I are both in our 40s and we have no retirement fund, wedding fund for kids, etc.
I need an excellent financial planner who can help us figure this out, as well as wisely invest the (little) savings that we have. Someone really good and savvy who can do that and in general help us figure out all the finances to make sure we’re making the best use of our money.
We live in Lakewood.
Any good suggestions/experience?
Pls only respond if you know personally that the planner was good.

amother

Petunia

Sun, Apr 16 2023, 12:27 pm

I briefly looked at the website posted as a recommendation and I would not think you need someone who "manages" your assets for a percentage of the value.

When I inherited from my parents, I thought it was a good time to consult a financial planner to see if my portfolio (both mine and what I had inherited) was in good shape - whether the allocations were correct and what amount I would need realistically to fund my retirement - and whether I was on track.

I did a fair amount of research and what I learned was critical was to use a CERTIFIED financial planner who doesn't sell anything but only advises. A Certified Financial Planner has education and training to get certified and also has a fiduciary duty to clients to act in their best interests - which is not true of others selling "financial" stuff.

The best way to proceed is to get recommendations - maybe from your lawyer or people you know whose financial opinions you trust. You can also go the the Society of Financial Planners and see who is certified in your area - if nothing else seems to work.

For someone in your position you probably only need one or two appointments in order for the person to evaluate you - discuss your goals and provide you with a plan to move forward. You can then schedule annual meetings to make sure things are still appropriate or when your life situation changes.

FWIW, there was an article in yesterday's paper in which results of stock pickers were evaluated against the so-called index funds offered by Fidelity and Vanguard. And the index funds still came out ahead.