(Closed) Financial Planners anyone?

posted 7 years ago in Money
Post # 3
Member
1667 posts
Bumble bee
  • Wedding: May 2011

Hiring a financial planner is a very sound move, just make sure you are hiring the right “kind” of financial planner. One that is fee-based, not commission based (in other words, not selling the hot investment annuity or insurance product of the month), and make sure that they take a look at the whole picture of who you are as a couple. Examples: Plans to buy a house, current savings tools in place, debt to equity ratio, and retirement savings and projections.

The best service you can do for yourself is to be completely honest with the planner so that they can give you specific goals to accomplish to achieve financial success. If they don’t have all the right facts, they can’t give you the right answers, good luck!

Post # 4
Member
375 posts
Helper bee
  • Wedding: October 2011

I am a CPA and I have studied personal financial planning, although I work in corporate finance.

Generally, a financial planner would start by getting an idea of where you stand (your assets, liabilities, insurance policies, etc) and where you want to go (buy a house, save for kid’s college, retirement planning, etc).

If you can get that info organized as much as possible beforehand, you should get a lot more out of your time – they can focus on how to accomplish what you want, rather than just identifying it in the first place.

Hope that helps!

Post # 5
Member
375 posts
Helper bee
  • Wedding: October 2011

Oh yes, and you definitely want a fee-based FP, like ktisthatbees said!

Post # 6
Member
2496 posts
Buzzing bee
  • Wedding: January 1991

We met with one to discuss investments/long term planning in the spring.  She was really helpful in explaining retirement accounts, various types of IRAs, etc.  She also gave us tips for how to proceed with our plans, but we didn’t feel like we were ready to hire someone to help us just yet.  We got a lot of great advice and practical tips though, and her meeting was free through our bank, so that was nice!

Post # 7
Member
1240 posts
Bumble bee
  • Wedding: June 2012

I have one through my bank (Navy Federal). Only because I have a trust fund from when my grandfather passed. And they just take care of everything for me. But I had to change who was managing because my guy didn’t contact me enough.

Post # 9
Member
682 posts
Busy bee
  • Wedding: November 2011

@babybluz: I would put all of the info into a spread sheet.

Darling Husband and I hired a financial planner when we were about 5 years into our marriage and had paid off student loans and all debt. Our planner also manages the money my mother left me when she died. She has been an integral part of getting us where we are today. My father is an amazing money manager and this is the lady he uses.

Post # 10
Member
891 posts
Busy bee
  • Wedding: December 2010

@baliahi1029:  what advice would you have for a couple where the husband is self employed and the wife has a “so so” paying job and is currently searching for something with better pay and health benefits?

i’ve been nervous about money and feeling like maybe it’s time my husband and i start acting as more of a team with the finances and i wanted to sit down and write out some goals and stuff and have us start paying bills with a joint account and still having our own money.

he is completely fighting me on this i have no idea why.  i think he’s just in over his head with work right now and he’s actually pretty good at having a “mental balanced checkbook” whereas i’ve always struggled to keep track of things and i forget to pay bills (usually never more than like 4-7 days late).  so in his mind, everything is “fine”, but i just wish he’d get on board with me and at least TRY to sit down and say “ok let’s try to put x amount of dollars a month away”. he keeps saying it’s pointless right now and that’s we’re doing fine just because we can pay all of our bills and go to dinner and stuff. he says once i find a better paying job and our credit is better, THEN we should start with all of this stuff because we’ll be closer to being able to get a house.  i told him he sounds like an idiot to say that it’s “pointless” to start keeping better track of our finances as a married couple. that is NEVER a pointless thing to do. 

i’m really aggrivated, sorry didnt mean to make it so long but i’d appreciate any advice for this situation from you or anyone.

 

should i just take on the role of keeping our finances in order and stop fighting him on this?  i think he just doesn’t want to make the time to do it to be honest.  and i’m interpreting it as he is just not wanting to be a team player.  he’s a hard worker and makes great money for his age but he has a really stubborn and lazy side to him and we butt heads a lot and i don’t know if this is something i should just drop for now and start doing on my own… 

Post # 11
Member
891 posts
Busy bee
  • Wedding: December 2010

sorry to the OP maybe i should have started my own topic..

Post # 13
Member
891 posts
Busy bee
  • Wedding: December 2010

yea i can’t even get him to do the goals thing.  i just said, “alrighty then i guess i’ll just be setting some personal goals for myself and this will be like a roommate situation?” 

 

lol  now he’s kissing my ass.  i think the whole, “we should talk, this is serious” approach made him clam up and get defensive.  he’ll come around. 

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