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Financial Advisor question

2,051 Views | 14 Replies | Last: 7 yr ago by ebdb_bnb
Charlie Murphy
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Looking for some assistance with long-term planning, not necessarily wanting to get sold on the investment side. Looking for info on how much house to buy, tax-planning and etc. Are there financial advisors who can assist with this that arnt necessarily looking to sell products? Maybe a dumb question but any help would be much appreciated.
Wrighty
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AG
Given that personal finance is more important than investment prowess, it's a really good question not a dumb question.

Good luck.
JustPanda
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AG
Yes
progress
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Yes. Especially for a fellow ag.

Start here: theweezy at gmail
bennyboobooboo
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>>How much house to buy?

Not more than 2x your current income. Everything else are details if your house is manageable.
YouBet
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AG
Charlie Murphy said:

Looking for some assistance with long-term planning, not necessarily wanting to get sold on the investment side. Looking for info on how much house to buy, tax-planning and etc. Are there financial advisors who can assist with this that arnt necessarily looking to sell products? Maybe a dumb question but any help would be much appreciated.
Definitely they are out there. Make sure they follow the Fiduciary rule which states they will put your needs before their own.
ebdb_bnb
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You do realize the Fiduciary rule applies to retirement accounts.
Harkrider 93
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He may mean some sort of designation that requires you to put the client first. There are some CFPs that wil build a plan for you and then you implement it. I am happy to help if you want. You can PM me. I wouldn't charge.
YouBet
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ebdb_bnb said:

You do realize the Fiduciary rule applies to retirement accounts.
Yes.
ebdb_bnb
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He specifically said the rule which would have no bearing on home buying advice. The OP is engaging a FA for consulting.
Harkrider 93
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A CFP is supposed to give advice following the fiduciary standard, which includes a range on house expenditures.
ebdb_bnb
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Yes, I know but that's not what he said. How or why would a CFP or FA give bad advice on house expenditures?
JSKolache
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Few and far between. The job of a FA at a nationwide broker is to sign you up and bring new money to the firm, not even necessarily to sell you anything in particular, just to get you signed & deposited. Ask about tax advice and the response is generally to ask your own accountant/tax adviser. Hard to find anyone skilled & certified in all disciplines willing/able to provide to comprehensive advice.
AnchorFoundation
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Self study first is always key. Here's my top 3 sources (I understand some of the names might generate heated opinions in the negative):

Jack Bogle: founder of Vanguard and huge proponent of low cost index funds. Simply put, buy the market at low cost and hold it through the ups and downs

Scott Burns: founder of "The Couch Potato Portfolio" also a believer in low cost index funds. Recently retired but was a long time writer for newspapers and had easy to understand ideas on personal finance.

Dave Ramsey: not a believer in index funds but has common sense approach to finances that everybody can understand and most would be better off using
ebdb_bnb
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beefiedoubleoh said:

IFew and far between. The job of a FA at a nationwide broker is to sign you up and bring new money to the firm, not even necessarily to sell you anything in particular, just to get you signed & deposited. Ask about tax advice and the response is generally to ask your own accountant/tax adviser. Hard to find anyone skilled & certified in all disciplines willing/able to provide to comprehensive advice.
Would you want someone other than a CPA giving you tax advice? Do you want the guy cutting your grass to redo the electrical in your house? There are plenty of FAs that are CPAs but most are found at independent firms I presume.
ebdb_bnb
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Dave Ramsey has some good principles from an elimination of debt standpoint, but he promotes A shares. The advisors that are part of his program are in it for the referrals he provides. The old program charged a large fee to be a DR guy, but after some SEC scrutiny, they changed the program. It's far less expensive only because Ramsey can't give exclusivity to those advisors.
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