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Director
Joined: 14 Feb 2005
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26 Mar 2007, 11:38
How many of you use a Financial advisor for investment and tax related stuff?

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SVP
Joined: 01 Nov 2006
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Schools: The Duke MBA, Class of 2009

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26 Mar 2007, 15:32
Ozmba2006 wrote:
How many of you use a Financial advisor for investment and tax related stuff?

1. depends on how complicated your stuff is. with my tiny salary, my stuff is straight-forward and I handle it myself.

2. you have to take their advice with a grain of salt. for the most part, they probably do know more than you do, but how do you know that they're right? Remember, if these guys were infallible, they'd be rich and wouldn't need to both working for the likes of you.

3. i think at this point, most agree: the most important aspect of your investment portfolio is your allocations - not the specific funds, but the percentage of your funds in the various types of funds - low cap, mid cap, international, muni bonds, etc.

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Manager
Joined: 28 Sep 2006
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26 Mar 2007, 15:48
They might provide some useful information relating to tax-related planning, although you can probably find what you need on your own.

I'm pretty sure some of them get paid based on a percentage of your money that you invest with them, or with their associated investment firm. If that's the case, you could end up paying quite a bit of money to someone who really didn't give you much in return.

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Manager
Joined: 08 Sep 2006
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27 Mar 2007, 04:55
A good financial planner can be a great help. They can tell you of opportunities that you may not know and may not be easy to find out through web and usually the money you spend on their services is more than recompensed by the amount of tax savings they get for you.
However try to get someone who is a pure financial planner and not associated with some banks or mutual funds, otherwise they may think more in terms of their commission rather than what would be beneficial to you. Try to find a CPA or CFP.

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Director
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27 Mar 2007, 07:57
Quote:
usually the money you spend on their services is more than recompensed by the amount of tax savings they get for you.

Thats what i am looking for....will check with a CPA shortly

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27 Mar 2007, 07:57
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