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Have You Ever Been to a Financial Advisor?

The sinking Dow Jones Industrial Average has everyone in a fluster, which means more and more investors are looking for guidance from their financial advisers.

Have you ever been to a financial adviser to help you manage your portfolio or make sense of your financial goals and plans?

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bbrimacombe bbrimacombe 7 years
I've never been to one but my roommate has one. They don't seem to have any special knowledge. Every time I pass along some financial advice to my roommate, she *has* to check with her financial advisor and in the end the financial advisor always agrees with me. So I end up doing the research (for myself) and the financial advisor tells my roommate I'm right. Sounds like an easy job to me! Also the financial advisor pushed my roommate into buying a house a year ago before she had a substantial down payment and now my roommate is thinking of selling (since her boyfriend has a house too). The FA tried to claim it was a good investment (so not true!). Even if she gets more than she paid it'll be hard for her to be in the black since she'll be charged a penalty on her mortgage and because of all the interest she's paid over the last year or so (about 80% of what she's paid on the mortgage has been interest). That was terrible advice from the FA and I thought that a year ago when my roommate started looking for a house.
bbrimacombe bbrimacombe 7 years
I've never been to one but my roommate has one. They don't seem to have any special knowledge. Every time I pass along some financial advice to my roommate, she *has* to check with her financial advisor and in the end the financial advisor always agrees with me. So I end up doing the research (for myself) and the financial advisor tells my roommate I'm right. Sounds like an easy job to me! Also the financial advisor pushed my roommate into buying a house a year ago before she had a substantial down payment and now my roommate is thinking of selling (since her boyfriend has a house too). The FA tried to claim it was a good investment (so not true!). Even if she gets more than she paid it'll be hard for her to be in the black since she'll be charged a penalty on her mortgage and because of all the interest she's paid over the last year or so (about 80% of what she's paid on the mortgage has been interest). That was terrible advice from the FA and I thought that a year ago when my roommate started looking for a house.
jelibeann jelibeann 7 years
my husband and I have been using an FA for about 2 years now and we've found him to be really helpful and not at all pushy...we don't pay him anything...he makes money off of any services we decide to go with and so far, we've only done one actual service through him...most of what he has helped us with is just determining the best CDs for our needs and how to best allocate our 401k accounts, which he gets no money from...he helped us make the most of our savings last year to help out with our wedding and now he's helping us best save for a down payment on a home...I've tried recommending him to friends, but clearly, FAs get a bad rap and/or people think they don't have enough money to warrant the help
valancyjane valancyjane 7 years
The desk setup makes it look like she is. The body language makes it look like he is (he's writing, she's sitting expectantly). Anyway, I'd suggested to my husband that we consider an FA, but considering what's happening lately I think we should save our pennies. And at our age and financial situation, I think the advice would add up to: Pay down debt. Don't buy stuff you don't need. Fund your retirement. Maybe when we have kids and need to think about setting up college funds for them ... Plus, as others have said, there are advisors and there are salespeople in disguise.
haribobear haribobear 7 years
I think the woman was the FA here. The computer was right behind her and the phone gave it away too :)
blackky blackky 7 years
I thought the woman was the FA. But after your question I took another look and Im not sure. Why? What do you think?
ms660bk ms660bk 7 years
Curious - when you guys looked at the picture accompanying the article, did you think the woman or the man was the FA?
layman75 layman75 7 years
I went to a financial advisor years ago and even then did not like what he was pushing. He kept stating not to pay off the mortgage (10% on a mobile home) and instead invest the money. He was also pushing whole life insurance as a great investment. At that time the mortgage was the one thing that I wanted paid off before I did anything else because it was a mobile home. If I would go try talking with another advisor, I will research them first to make sure that they are willing to work with me on MY goals and not just try to push their products for THEIR commission.
layman75 layman75 7 years
I went to a financial advisor years ago and even then did not like what he was pushing. He kept stating not to pay off the mortgage (10% on a mobile home) and instead invest the money. He was also pushing whole life insurance as a great investment. At that time the mortgage was the one thing that I wanted paid off before I did anything else because it was a mobile home. If I would go try talking with another advisor, I will research them first to make sure that they are willing to work with me on MY goals and not just try to push their products for THEIR commission.
looseseal looseseal 7 years
I tried one at the bank a while back and she kept trying to sell me on Lehman Brothers, or life insurance, oh, and a little thing called the "accumulator" (nicknamed "I'll kill you later" by those in the know).Maybe it's just the ones around here, but I feel like they're not trustworthy.
looseseal looseseal 7 years
I tried one at the bank a while back and she kept trying to sell me on Lehman Brothers, or life insurance, oh, and a little thing called the "accumulator" (nicknamed "I'll kill you later" by those in the know). Maybe it's just the ones around here, but I feel like they're not trustworthy.
andrealocke andrealocke 7 years
I live with two!
andrealocke andrealocke 7 years
I live with two!
ilanac13 ilanac13 7 years
i haven't been to one but i think that there really are benefits to seeing one. i think that if there was a way for me to speak with an advisor and not have to pay for it (cause we all know that spending money is one of our major issues) then i would definitely see one.
graduatedsqueaks graduatedsqueaks 7 years
A friend tossed my business card into one of those "free lunch" things, and the catch was that they would give you a free financial consultation...so I went ahead with it. I really wasn't keen on paying someone to help me, since I was pretty versed on the different parts of finance, and was willing to read up on things on my own.
Spectra Spectra 7 years
My husband and I like to do our own research on financial matters and we don't really need a financial advisor yet. We sort of plan on visiting one when we have more in our retirement accounts so we choose the appropriate investments to maximize our profit.
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