Financial advisors-- do you have one, or ever consider using one?

[christo]

I ask because I'm thinking of going into the field. By "financial advisor" I mean someone who would look at your overall financial situation, talk to you about your goals, and make financial suggestions to help you meet those goals. I don't mean a stockbroker or anything commission-based like that.

I interviewed with a company a few years ago and I sat in a room with 30 people, none of whom I would trust to serve my lunch, let alone advise me about financial matters, and listened to them talk about how we could all be making $100,000 a year if we follow their program. I'm pretty dubious about their income claims, but I was referred to a different company by a friend and it sounds like something I would really enjoy doing. Helping people make good financial decisions, plan for their futures, that sorta stuff. I like money as much as anyone else, but that isn't what attracts me to it. I like the idea of being my own boss and helping people. Not that I'd turn the money down.

Anyone have any opinions? Do you have a financial advisor? Ever speak to one? Or do you think that capitalism is ultimately doomed and money is just another tool of oppression?

 

[Mischka]

I have a financial advisor. I have no real interest in money, and I abhor learning about mutual funds, Roth IRAs, etc. Plus, with my chosen profession, I can't make many decisions on investments myself for fear of conflict of interests.

I've only had one for about a year now, but I've been very pleased. It's nice to plug in the numbers in his formula, and have him spit out what I'm supposed to do.

 

[Nora]

Be dubious. I've known at least 3 people who were sucked into AMEX's "come work for us as a financial advisor and you'll make a bazillion dollars and be your own boss!" claims. They trusted the AMEX name and it just didn't work out at all like they said it would. All three had to seek other employment within 6 months.

Edited to add: I do know many people who use CFA's, but none of the competant ones were hired through the AMEX type agencies. They're all CPA's who got their CFA in addition so they could better help their clients.

 

[christo]

AMEX was the company that I interviewed with a couple of years ago. I just didn't like it, I didn't get a good vibe in the office. The guy who did the presentations was VERY slick, but the other people in the office didn't impress me.

If I go through with this I'm going to work part-time first, so I don't feel pressure to build a client base, and to see if I like it. The company I'm going to work thru lets you do it that way, so I'll see what they expect and go from there.

I have an MBA, and if I do this I'll eventually go back and get my CFA accredation. I think I need more letters after my name.

 

[patient1]

Personally, I think I should take responsibility for that part of my life. No broker /advisor to blame or split the profits with.

 

[The Heretic]

If I had substantial money to invest, I would get a financial advisor to advise me on tax and investment matters, but I know the basics with regards to my current finances so no I wouldn't hire someone to tell me what I already know.