(Closed) Ally or Everbank banking and/or financial bees, I need some advice

posted 6 years ago in The Lounge
Post # 3
Member
51 posts
Worker bee

I have been with Ally for 2 years now. I love them. Yes, you can write checks, and checks are absolutely free. You also get a debit card, and you can use the debit card at any ATM, and they will refund you the ATM fees at the end of your cycle. 

 

Call them and ask them all your questions. They are absolutely fantastic. Plus, they have people available to speak to you 24/7, live humans! Not automated systems. Phew! And the wait time is always very short. The website usually tells you the estimated wait time. I don’t think I’ve ever waited more than 1 minute.

Post # 6
Member
14661 posts
Honey Beekeeper
  • Wedding: June 2011

I’d definitely max out Roth and 401k every year if possibile.  As for investments, if you’re comfortable with making your own trades, and depending on how much money you have to invest, ThinkorSwim has a nice interface and fairly low fees.  If you have more than 50k, you can open a brokerage account wiht Bank of America and you get 30 free trades a month (which may not sound like a lot, but unless you’re an active day trader, it’s more than enough).  Trading options is very difficult with Bofa though, unless you’re only selling covered calls.  If you have greater than 50k to invest also, Bofa has managed portfolios, where you can just hand over your money, discuss with an advisor what you goal are, and they have different portfolios to target those goals.  You don’t pay them up front for it, they make their money off fees which come out of your profits.  I’ve never directly paid any fees.  As for the 2008/2009 market crash, anyone investing at that time either on their own or through an advisor saw their account value drop.  However, they recovered also.  I started investing in 2007 (at the peak), and it took a *huge* dip, but I’ve more than recovered from that crash and am still net positive so don’t be too scared of temporary losses, the goal is to set up your investments so that you don’t feel the full impact of a dropping market, so that you can recover faster.

Post # 7
Member
3053 posts
Sugar bee
  • Wedding: February 2015

@kmarie719:  What bank is your savings with that you are getting a 4% rate?

Post # 9
Member
14661 posts
Honey Beekeeper
  • Wedding: June 2011

@kmarie719:  No, I do not believe you can contribute to 401k plans other than from your payroll deductions.  But you can open a Traditional IRA and contribute upto the max allowed there.

Post # 10
Member
286 posts
Helper bee
  • Wedding: June 2013

@kmarie719:  I would definately seek a financial advisor, one with a CFP designation if possible. But if you are worried about how they handle your money make sure to find a “fee-only” financial advisor. They only get paid for the time they spend on your investments, not commission. Even though they do not make commission off your gains it is still within their best interest to make sure you are getting good returns because they want to keep you as a client and get future referrals from you. They will speak with you about your own personal risk tolerance and find investments that fit you personally. There are millions upon millions of ways to invest money so they can tailor a plan to fit your needs. 🙂 I hope that helps a little, you can definately trust that a CFP knows his stuff, I’ve been told that the test is harder to pass than the Bar. Btw, where are you getting 4%?? I work for a bank and our savings accounts are at like 0.20%!! lol

Post # 12
Member
1749 posts
Bumble bee

@kmarie719:  Go to your bank and see the financial advisor, they won’t charge anything for the appointment. Personally, I invest in mutual funds with my excess after savings and 401k.

Post # 13
Member
286 posts
Helper bee
  • Wedding: June 2013

@kmarie719:  For the Roth I would find an advisor that you trust. The bank can do pretty much everything than an independant investor can do. Its just a matter of do you like and trust the person. I would definately ask them about their education and training, you are looking for some one that at the very least has a bachelors in a financial related field. The only way they can do investments is if they have passed the FINRA series 7 and prob. 63 as well so thats a given. Like I said before, a CFP would be best and if you go with someone other than your bank I would find a local Fee-Only advisor. Everyone else is going to try to sell you whatever gives them the best commission. Make sure they are asking you what your risk tolerance is and dont let them just shove you into a product before asking you things like; how would you like the money invested?, are you looking for investments that provide income or tax shelter?, etc. They should be learning as much about you as possible before recommending a product.  I personally would want someone that is near me so I can go to them on a yearly basis for a “check-up”.  Thats when you look at returns and see if some adjustments are needed to avoid losses.  I hope this helps. Please dont feel pressured to make a decission with the very first advisor you sit with. Meet with a few and see who you like the best. Remember that most advisors (other than fee-only) are mainly sales people, they will be very charming so go with your gut as to whether you trust them or not. 🙂

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