Financial advisor reviews

[tps7742]

We use Morgan Stanley and I guess we are doing pretty good but I'm about as stupid as it gets when it comes it. We pay them about $500 per month and it makes both of our car payments and the balance pretty much stays the same.

You are way ahead of allot of people, financially speaking, because you are at least smart enough to hire someone for your future well being. I am sure you could learn it if you chose to but it works best for you to hire an advisor. As your prerogative as you know.

[MacDaddy67]

Fisher investments here...1.25%...it hurts when I see that quarterly bill come on for $3000 +...they are strictly stocks...on several exchanges....been averaging 12%-14% return I would say..maybe slightly higher......been a good decision

[kmitchl]

When I started investing I went with Edward Jones. As others have said they tend to be expensive and self serving. Now I use a guy who has been with me through transitions through Fidelity, Merrill Lynch, and Amerprise. Part is self managed and part is managed. The managed accounts cost me 1/2% per year. I identify my risk tolerance and get assigned to a portfolio that matches. I am in the RMD phase. Usually the portfolio growth is enough to offset the withdrawal.

[boy wonder]

I have accounts at Edward Jones and Fidelity, I’m satisfied with both. However, I don’t think the local advisers make a lot of investment decisions.

[bbbuck]

Fidelity Investments handles our accounts through our company. I have a personal financial advisor in fidelity at no costs it’s a benefit. The only fees we pay are through the investment accounts in our 401k, which is minimum like $10 so far this year. I will say once you hit 1M they start calling wanting to discuss retirement plans.

[HogHunter34]

Vanguard is my go to. Great investment options with some of the lowest expense ratio funds. I've rolled old 401K's into IRA accounts with them and have done very well. They are very helpful on advising as well. Just my 0.02

[rockyraider]

Open a Vanguard account. Make a deposit. Buy VTI or VOO and keep doing it regularly regardless of what the markets are doing, or what TBH or the news says!

This, quit paying someone to "manage your money", any idea what the impact of paying someone to "manage your money" plus the expense ratio's of each fund you are in? If you don't know, run some calculations, it could mean hundreds of thousands of dollars over a long period of time. Put your money in a low-cost S&P index fund and forget it until you get closer to retirement, then adjust your portfolio to the appropriate mix if equities and bonds.

[scubasteven25]

I use Teamwork Financial in San Antonio with brokerage accounts through Charles Schwab and various other investment vehicles. Fees are low and returns are 10%+ each year. They've done right by my grandparents, parents, and my family.

[mavrick]

Open a Vanguard account. Make a deposit. Buy VTI or VOO and keep doing it regularly regardless of what the markets are doing, or what TBH or the news says!

This they will beat most investors and cost way less. The fees add up over the years.

[friscopaint]

I prefer an independent that has less restrictions on non-market offerings such as IUL’s, etc

This. Bruce Melton at Benjamin Edwards in Sherman handles most of the people I know and they have ALOT more money than me and are very tight and particular. Wife and I met him this week for rollover from work and signed on the spot and I cancelled appt. with Charles Schwab. Based on recommendations of people I know and meeting him we knew he actually cared about our investments and strategies vs a "box" investment firm....

[bowmansdad]

This. Bruce Melton at Benjamin Edwards in Sherman handles most of the people I know and they have ALOT more money than me and are very tight and particular. Wife and I met him this week for rollover from work and signed on the spot and I cancelled appt. with Charles Schwab. Based on recommendations of people I know and meeting him we knew he actually cared about our investments and strategies vs a "box" investment firm....

Your last sentence is why I chose my Edward Jones FA 20+ years ago. He told me that his job was not to lose my money and he
has kept his promise!

[friscopaint]

Your last sentence is why I chose my Edward Jones FA 20+ years ago. He told me that his job was not to lose my money and he
has kept his promise!

Ours actually sat down with us in conference room and we just talked for 20 minutes about all sorts of things, especially since we know a bunch of the same people, before we ever got down to business. He said he likes to get to know people before diving in. Also a local rancher though you would never know it meeting him in office, and brought in his daughter that works there to meet us as well as the other girls on staff. Incredibly comfortable meeting and feeling, we laughed about some of the characters we know, alive and dead......he said he wouldn't advise us to do anything with our money that he wouldn't do with his but it's ultimately up to us to choose and he just advises us on his "opinion" of our best routes. My close buddy that uses him said once in a great while he will call and say he should think about moving X into this and of course my buddy say's you're the expert not me......He also calls every client on their birthday according to friends. I told him of 4 particular people I know use him then that was good enough for me, they have plenty of money and are plenty tight.....

[Canuck]

We use an advisor at Raymond James. All the advisors/analysts seem to be independent companies "housed" under RJ. We're very happy with the decision but if my advisor left to another firm, I'd follow them over there. As others have said, it's more important you have trust/faith in your advisor than in the company itself. I screened several advisors at Merrill Lynch, Northwestern Mutual, Edward Jones, and even another at Raymond James that I did not have a personality fit with.

You'll find that most do about 1% fee of assets under management. I saw a few of the big companies higher ~(1.25%) but it's all fairly close. On a half million dollars that's $5k per year. If you earn $100/h and you spend 50 hours (1 working week) a year stressing or recalibrating your investments then you've wasted the same. Others might do better/spend less or whatever but I found I was doing much more. I consider spending the money to be a net time savings for me.

On strategies and returns, be realistic with your comfort level and risk. If you want to beat the market, your risk tolerance may need to be more than someone hoping to meet/underperform the market but "lose less" when the market tanks. Discuss with your advisor their opinions on strategies based on your risk tolerance.

The difference between big companies and independent advisors from my experience has been the big companies tend towards cookie cutter black rock approved portfolios. These are a standard for a reason but leave little in the way of your own feelings or customization. I found that also leaves your advisor somewhat helpless to tweak the portfolio when market conditions change.

Smaller/independent advisors build tailored portfolios to your comfort level and general impressions of the market. In my case I don't want to heavily invest in foreign developing/developed markets and want to keep my dollars in the USA. You don't get that freedom in cookie cutter portfolios. My advisor loss harvests my portfolio and I get a greater tax return every year while my "on paper" net worth increases every year. We review quarterly and measure performance against the market and benchmarks we agree on. I can pull my money out at any time and my advisor works hard to build credibility.

Very long answer, but for our situation my time was more valuable to me than the management fee. My life feels more automated and it's one less thing I worry about.

[jck]

I'm a rookie with financial maturity, and want to get into it, but know just about nothing when it comes to FA's. Can you someone give me a good recommendation for a real FA in the North Houston area?

[Archereject]

I need an experienced reputable advisor myself .
Ive been doing it myself through fidelity and have managed to get lucky picking stock. But to be honest it has burned and stressed me out.
On a positive note.
Since learning to invest I’ve been able to reward myself with hunts I would have never been able to otherwise afford.