DISCLAIMER: I am 30 something and way behind on all of this, especially for TA standards. I know.


Looking for advice on who would be my best source for financial advice/guidance.

Looking at my bank's website, their advisory services seem to be focused on just managing your investments. Admittedly, I am VERY behind on the whole finances and understanding them front. So really just looking for the best person out there to help with telling us where we should be financially vs where we actually are. Also, what we should be doing with our retirement accounts that we may not be doing today. For example, I have two - one with an old employer - should I consolidate to one? Is that the best type of account or is there one out there better suited for us?

I am a poor, so really just something basic to give us a better understanding of ir all really. Not someone looking to manage a huge customer with tons of assets or anything.

Where are you located? Lots of FAs on this board that can help you.

IrishTxAggie said:

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Where are you located? Lots of FAs on this board that can help you.

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Houston. Briargrove Park area to be exact.

I'm happy to help you if you want to learn. I don't mind teaching you. Just give me an email or phone and we can set up some time to visit.

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So really just looking for the best person out there to help with telling us where we should be financially vs where we actually are.

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The math behind your question is "shockingly simple". The second chart on this website will help you compare your savings rate to how many years you will need to work until you retire. For example, if you have nothing saved, but start saving 5% of your pay now, you can expect to have enough money to retire in 66 years. The real answer is that nobody can answer this question for you unless they know your ultimate goals. I think a lot of baby boomers want to (or maybe have to) work until they die. I don't think many millennials do.

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Also, what we should be doing with our retirement accounts that we may not be doing today. For example, I have two - one with an old employer - should I consolidate to one?

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What specifically are you invested in with your old employers retirement account? Generally, you should be invested in low cost, broad based mutual funds. Low cost meaning similar to funds offered by companies like Vanguard, Fidelity, and Charles Schwab at expense ratios of around 0.15% of asset value. And broad based, meaning set to mirror the S&P 500 (like VFIAX) or the Total Stock Market (like VTSMX).

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Is that the best type of account or is there one out there better suited for us?

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You should expect FAs to try and convince you that their funds are the best investment for you. You should do your own research to ultimately make the best decision for you and your family--working with a FA may be the best thing you've ever done. Start reading Bogleheads and the TexAgs B&I Forum--you can learn a lot from other people.

You should probably ask every FA you speak with if they are willing to be your Fiduciary. If they aren't, they are not your friend. Run.

Start reading personal finance blogs and DIY your savings & retirements accounts. Mutual funds is where you want to be until you are ready to take more risk. And when/if you are ready, there are now at least two no-fee online stock trading platforms you can sign up for.

The cost of using an advisor is significant, and many of them will just park your assets in mutual funds, which you can do yourself and save the 1-2% they will charge you for the privilege.

Just keep an eye on the fees - fees are what make OTHER people money - fees for trading, fees for advice, etc.