First thing I would do is find out what it takes to become a Financial Advisor in your state. Most states require only a couple of licenses which can essentially be gotten over a 12 week period. Compare this to your tax accountant who is a CPA and this says something about how much financial background your FA truly has. Compare this to a mutual fund manager who is a CFA (4 years of college, a comprehensive 3 level exam over the course of 3 years, and years of job related experience).

Don't let the big words and complicated financial terms fool you, its easy to become a Financial Advisor...so watch out! Its just as easy for them to make it SEEM like they are looking out for your best interests when in fact they are selling you products that will line their own pockets (fat commissions on the back-end).

My advice: Unless you have a $1 million (or more) portfolio (this is when banks start calling you a Private Client) the level of service you get from your FA will be marginally better than what you get at the Deli counter in your supermarket. Get yourself a good Tax accountant. He'll tell you how to protect your gains from Uncle Sam. Taxes are the single greatest villian in the investment world in my opinion. The tax advice you get from your FA will, at best, be out of a textbook/training manual.

My credibility: I work in the investments world...I've seen millions of these FAs come and go. Many are glorified used car salemen, though not all. Some of the top brokerage houses summarize the job as: identifying how much money your client has, then selling them as much as possible even if it isn't always in their best interest. FAs love annuities by the way (because of their back-end commissions).

1) Find yourself a good Tax Accountant. 2) Do some research on the web on mutual funds and ETFs. 3) Take a personal finance course.



posted by 207.183.11...

• Way Off Topic- Financial Advisors, HD, Wed, 14 Apr 2004 08:34:46
  • Tailor your choice (long), glenna, Thu, 15 Apr 2004 08:00:58
  • tHANKS FO RALL THE INPUT N/M, HD, Thu, 15 Apr 2004 05:47:45
  • Here's a great article on pros/cons/choosing/advice, Derek in Durham, Wed, 14 Apr 2004 12:55:25
  • Fee based FP......, Mike Lynch , Wed, 14 Apr 2004 12:26:21
  • Re: Way Off Topic- Financial Advisors, jp, Wed, 14 Apr 2004 12:25:13
  • Do your research...(VERY LONG), James D, Wed, 14 Apr 2004 11:59:10 <-- Viewing This Message
    • Agree, strongly, SydneyB, Wed, 14 Apr 2004 18:39:43
    • So, who's looking for a slightly used Yugo ;) +, roman, Wed, 14 Apr 2004 16:04:14
    • I agree totally. n/m, TKC, Wed, 14 Apr 2004 12:03:58
  • Re: Way Off Topic- Financial Advisors, mike TX , Wed, 14 Apr 2004 09:29:06
    • And I would expect them to ask that first...., egsAero, Wed, 14 Apr 2004 10:10:37
    • Fee structure is key >, ChipJ, Wed, 14 Apr 2004 10:06:35
  • Re: Way Off Topic- Financial Advisors, sonett43, Wed, 14 Apr 2004 09:18:38
  • Re: Way Off Topic- Financial Advisors, Dean, Wed, 14 Apr 2004 09:07:33
  • my thoughts, Ken F, Wed, 14 Apr 2004 08:57:41

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