Financial planner

[bucktalk]

If anyone has a strong recommendation of a great financial planner I would certainly appreciate hearing from you.
Help!

[ctchandler]

If anyone has a strong recommendation of a great financial planner I would certainly appreciate hearing from you.
Help!

I highly recommend The Advisory Group. Call them at 728-1649, there will be no pressure. And you might receive some free advice. They have done very well for me. I have been drawing a monthly paycheck for twelve years and I have almost as much money as I started with in May, 2004.
C. T.

[AP]

Though I have never used him, I know his family well and he will be who I go to when I do go to one: Dave Chaney at Legacy Planning Partners http://www.legacyplanningpartnersllc...tid=2017868523

[ctchandler]

Bucktalk,
I should have provided DeWayne McAnally's (The Advisory Group) web page. Here it is. There are a lot of good financial advisors in Oklahoma City, but check them out carefully and look for a a fee based group. I know The Advisory Group is and I'm also pretty sure Legacy Planning Partners is as well.
C. T.
http://www.gdmcanally.com/

[bucktalk]

Thanks for the suggestions. Big help!

[bradh]

I'm most interested in someone who a.) isn't trying to sell me a product they know isn't right for us and b.) is held to a fiduciary standard

Just had a really poor experience recently with someone who was just trying to sell a product that was absolutely not a fit for our family.

[AP]

I'm most interested in someone who a.) isn't trying to sell me a product they know isn't right for us and b.) is held to a fiduciary standard

Just had a really poor experience recently with someone who was just trying to sell a product that was absolutely not a fit for our family.

Do you mind sharing so people know to avoid? I understand if you don't feel comfortable with that.

[checkthat]

I'm most interested in someone who a.) isn't trying to sell me a product they know isn't right for us and b.) is held to a fiduciary standard

Just had a really poor experience recently with someone who was just trying to sell a product that was absolutely not a fit for our family.

Good requirements. Be sure to ask specifically if the person you choose is a fiduciary. If they are, they are legally required to advise in your best interests.

[Midtowner]

If you're looking at a whole plan, I'd check out Matt Bowen with Opes One. I appreciated that they kicked every single tire in my plan--including whether they needed to refer me out to other professionals for things like estate plans, property and casualty, etc.

I believe most of these guys are held to a fiduciary standard now because of new FTC regulations (thanks, Obama).

[ljbab728]

Pete asked about this here once before and I recommended Nick Massey to him. He has been an advisor for many years to the company I work for and does a great job.

http://www.nickmassey.com/

He has also done financial commentary on CNBC and is on the city council in Edmond.

[TheTravellers]

Wife has $100K+ in some 401(k)s, pensions, and stock options, but is no longer with the companies they're from, so can't do anything with them, so need to roll them over into an IRA (that seems like about the only option besides distribution, which isn't feasible due to the tax burden). One financial advisor I spoke to said he'd do this for a 3.5% one-time fee, which seems like an insanely high amount for what we need. Anybody know if that's an appropriate amount or think it's high? We don't need any ongoing management of it, just need a quick sit-down with somebody that can say "Do this with this one, that with this one, etc." and we're done. TIA...

[BLJR]

Wife has $100K+ in some 401(k)s, pensions, and stock options, but is no longer with the companies they're from, so can't do anything with them, so need to roll them over into an IRA (that seems like about the only option besides distribution, which isn't feasible due to the tax burden). One financial advisor I spoke to said he'd do this for a 3.5% one-time fee, which seems like an insanely high amount for what we need. Anybody know if that's an appropriate amount or think it's high? We don't need any ongoing management of it, just need a quick sit-down with somebody that can say "Do this with this one, that with this one, etc." and we're done. TIA...

Alan Goldfarb may be a good contact. He has been in the financial advisory business for years. www.alangoldfarb.net

[okcadvisor22]

That 3.5% is nuts. Those guys give the industry a bad name. Find an advisor that is fee-based and independent. If you are talking approximately $100k, then you should land somewhere around 1.0%-1.2% (annual planning/advising fee)

[mkjeeves]

Wife has $100K+ in some 401(k)s, pensions, and stock options, but is no longer with the companies they're from, so can't do anything with them, so need to roll them over into an IRA (that seems like about the only option besides distribution, which isn't feasible due to the tax burden). One financial advisor I spoke to said he'd do this for a 3.5% one-time fee, which seems like an insanely high amount for what we need. Anybody know if that's an appropriate amount or think it's high? We don't need any ongoing management of it, just need a quick sit-down with somebody that can say "Do this with this one, that with this one, etc." and we're done. TIA...

Inexpensive and self directed management...Schwab. I've used them since the '80s for personal IRA, company retirement plan and other stuff. You can call their 800 number and or go sit down and talk to somebody.

Their info page on 401K rollover:

http://content.schwab.com/web/retail...170304214231:s

[soonermike81]

We use Morgan Stanley and couldn't be happier. Great customer service! Happy they were able to get me into FB as well. They office out of the Waterford, so very convenient if I ever needed to stop by. Good luck with whoever you choose!

[TheTravellers]

That 3.5% is nuts. Those guys give the industry a bad name. Find an advisor that is fee-based and independent. If you are talking approximately $100k, then you should land somewhere around 1.0%-1.2% (annual planning/advising fee)

Well, the 3.5% was a one-time fee if we decided not to go with them for a permanent mgmt solution, and their annual fee was 1.35%, and we don't need annual planning, so either fee is outrageous to us. :-)

Thanks to all that answered, I'll give Schwab a shot, one of my wife's co-workers uses them, and I'll start calling around to the others listed in the thread. I'm thinking we should be able to get a one-time fee for $100-300/hour, and it should only take an hour to discuss the simple things we need to do and we go do it and we're done.

[mkjeeves]

Good luck! I don't think Schwab will charge you any management or consultation fee. You will be out trading fees after you put money in an account and buy something, but those transactions are about as cheap as you can get, unless you buy front loaded mutual funds. Stock trades are $4.95. Some of the no load funds have a sales fee. I think I paid $49 to buy into one the other day. They are not going to manage your account, but they are available for consultations. They usually call me at least once a year and ask if I want to come in.

This is on their website:

Call a Schwab Rollover Consultant at 877-375-2937.

A Schwab Rollover Consultant can assist you with your paperwork, help you transfer your assets, and set up a personal retirement consultation.7

7. During the consultation, specific advice and recommendations are limited to assets held at Schwab by clients with an existing Schwab retail brokerage account. Examples may be provided of the advice and recommendations that might be offered if outside assets were transferred to Schwab; however, such information is for educational purposes only. The consultation is complimentary to clients with $25,000 or more in assets with Schwab, although the implementation of any recommendations made during the consultation may result in trade commissions or other fees, charges, or expenses.

In other words, they aren't going to advise you what to do with money other than put it in a Schwab account, and tell you what you can do with it from there.

[TheTravellers]

Schwab actually told me there is an annual fee, ranging from 1 to 1.5 percent of the amount of the account. I would hope they would do something to earn it.

I appreciate all of the recommendations here, big help! Thanks.

Mrs. T

Good luck! I don't think Schwab will charge you any management or consultation fee. You will be out trading fees after you put money in an account and buy something, but those transactions are about as cheap as you can get, unless you buy front loaded mutual funds. Stock trades are $4.95. Some of the no load funds have a sales fee. I think I paid $49 to buy into one the other day. They are not going to manage your account, but they are available for consultations. They usually call me at least once a year and ask if I want to come in.

This is on their website:

Call a Schwab Rollover Consultant at 877-375-2937.

A Schwab Rollover Consultant can assist you with your paperwork, help you transfer your assets, and set up a personal retirement consultation.7

7. During the consultation, specific advice and recommendations are limited to assets held at Schwab by clients with an existing Schwab retail brokerage account. Examples may be provided of the advice and recommendations that might be offered if outside assets were transferred to Schwab; however, such information is for educational purposes only. The consultation is complimentary to clients with $25,000 or more in assets with Schwab, although the implementation of any recommendations made during the consultation may result in trade commissions or other fees, charges, or expenses.

In other words, they aren't going to advise you what to do with money other than put it in a Schwab account, and tell you what you can do with it from there.

[mugofbeer]

Whoever you choose should be a Certified Financial Planner. Beyond just taking an exam to become a Registered Knvestment Advisor, the CFP takes a rigorous 3 year course period. This is sometimes coupled with an MBA degree in Financial Planning. CFPs have long had their own fiduciary standards. Firms such as Schwab or Fidelity used to be able to offer good, basic financial planning at NO charge - some even were CFPs.7 However the new Department of Labor guidelines are resulting in the elimination of the free advice (thanks Obama). The fiduciary standard sounds good and IS good if you are independent, but for those who work for larger firms that offer branded products, the standard has made what was once sounf FREE planning advice extinct. This type of advice was ideal for those who needed it most - now they must pay. Robo advisors can provide canned guidance without charge but the is no monitoring, relationship or follow -up.