Investing Savings | Imamother

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Investing Savings

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amother

Wed, Nov 01 2023, 6:43 pm

My husband & I would like to invest a portion of our savings through an investor, currently his mother is trying to get us to go with a [gentile] from wells Fargo. I'm not comfortable with going through a [gentile], who would or where would be a good place to start with?

amother

Goldenrod

Wed, Nov 01 2023, 6:45 pm

If you mean a real savings account, try an online savings account that is FDIC insured such as Lendingclub which gives 4.5% in interest.

For investments go with a financial adviser. How much are you talking about? I can recommend someone

amother

Brickred

Wed, Nov 01 2023, 6:52 pm

Personally, I would stay away from frum "investors". Too much informality and trust required for my taste. We use a certified financial advisor who is part of a large, nationwide insurance company. He is extremely yashrusdik and knowledgeable.

amother

Thu, Nov 02 2023, 5:09 pm

amother Brickred wrote:

That makes sense actually
Whats the difference between investing with a financial advisor from a bank vs an insurance company?

amother

Goldenrod

Thu, Nov 02 2023, 5:47 pm

amother OP wrote:

That makes sense actually
Whats the difference between investing with a financial advisor from a bank vs an insurance company?

Not sure but I recommend using a financial planner (certified) not affiliated with a specific bank or insurance company

amother

Lemonchiffon

Thu, Nov 02 2023, 5:56 pm

Insurance isn't an investment - they are sales people who make large commissions.

What are your savings and what do you intend to do with them.

Six months of living expenses should be in a liquid safe account - like a CD with a bank that is FDIC insured.

Honestly you seem a bit naive if you think that it is better to go with a frum investment firm. I don't even know what that would be as I would NEVER put my money in any kind of small firm or with an individual because there is no safety - large firms like Fidelity, Vanguard, Morgan Stanley all have protection of some kind that you aren't going to get swindled. They offer protection against churning or even embezzlement.

What are your goals - retirement? Down Payment - different goals have different investment strategies because of the time frame when you want to access the funds.

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