Home Forums Hunting & Shooting Hunter's Campfire How to find a good financial advisor?

Rockinbbar nailed it. Edward Jones has a terrible reputation. My local Edward Jones agent is a failed car salesman turned investment adviser. His female partner came straight from the county courthouse Administrators Office. Awesome resume, huh?

Your last sentence nails it pretty good. About the only sure way to have lost money would been to have shorted the market.

Stifel has a good reputation locally, but probably varies by location. There are some very savvy older people that retired around here, and they are just about all Stifel customers.

Ask some local well-to-do folks for recommendations. Seriously.

They don't usually abide schmucks.

Good luck,

FC

In the last 5 years, they managed to lose money on about a $4M portfolio...

Of course there was lots of buying/selling/fees and commissions paid.

The only one that got rich was that Edward Jones financial Advisor.


Taking advantage of an old couple in their 90's... Sorry POS sumbitch.

You are wise getting away from Edward Jones. What they do should be considered criminal!

If you care to handle this yourself look at Vanguard or Fidelity. I'm happy with Wells Fargo Advisors. Not to be confused with Wells Fargo Banking. But I have known my Wells Fargo advisor for a long time and trust him.

If any advisor is associated with a ‘Wrap Account ‘ then run, screaming into the night.

Tons of good advice here. You will find countless articles online that claim upwards of 70% of money managers can’t beat their index. That is why some of the folks above recommend going into an index fund DIY. I switched to self directed investments over 12 years ago and wished I’d have done it sooner. Had to do a little legwork on my own, but my average returns over that time have doubled that of the market. This is the singular reason I am able to retire before I turn 60. The reason an individual can do thus is one can cherry pick investments. If you have time on your side you should do just fine. Gotta have the stomach for the short term ups and downs

This is the way it should be. Once again, why is it illegal?

It takes away their License to Steal.

Ha! That's the only reason that makes sense.

i have been investing since 1987. i have been screwed one way or the other by every financial advisor i ever used. i started learning all the ins and outs (its not that hard) of investing 25 years ago. when i got a 6 figure portfolio on my own, i got nervous and got help. he was a rip off insurance salesmen, selling me a whole life policy. when i did my research i dumped him and got another guy who also was the only one who made money between the two of us. i went my own way for the next 10 years or so and then used one of dave ramseys ELP's. another screwing. he made me some money but he sold me into an "executive" plan that had him making more than me. i complained to dave ramsey and they were no help. i dumped his ass and just went with straight vanguard index and target date funds. razor thin costs and i have more than doubled my money since.

bottom line, learn how the stuff works and don't try to squeeze every last dime out of it. index funds make it easy. vanguard makes it cheap.

Unless you are an analytics junkie and enjoy trying to squeeze every last penny out of an investment, this is the best advice you’ll receive.

You are looking at the best financial advisor you'll ever find when you brush your teeth, and the only one who will have the best interest for the safety and prosperity of your wealth. You just need to ensure he acquires the needed knowledge to manage it.

The vast knowledge on the internet alone is huge, and investment clubs can be good if you can locate a good group.

Here's some financial advice...you're looking at a stock market bubble, larger than the banking fiasco of 2008. There are presently a higher number of mortgages and auto loans in default, and credit card debt is higher. The only thing keeping the economy afloat is the over-night window allowing the banks to unload their bad collateral in exchange for low interest cash which they turn right around, and put into the stock market to make their numbers. The US Government has now taken on the risk. The maximum over night window loan term is 2 years, just enough time to keep this Ponzi Scheme of an economy running until after the election...they hope.

The Corona Virus might end their plan prematurely, when the business model of JIT inventory blows up, because these traitors have stripped this country of its manufacturing capabilities.

You might be wise to go all cash until we see 100% verifiable truth as to China's ability to re-start their slave production lines, at what capacity, and getting true facts, like ships showing up with 100% of ordered product.

Growing wealth is all about seeing the future, and that entails the ability to understand finance, economics, business cycles, geopolitical issues, et.al, and knowing when to fold a bad hand while you still have a nice stack of chips, because you can't bluff the stock market.

Index funds are always really popular at the tail end of a raging bull market.

#1 Edward Jones is trash.
#2 NO ONE is more concerned about your money doing well than you are.

Cody, most here are right. A lot depends on your age. If you are young, you could ride this bubble. I had 3 'advisors" the 1st one was a nice young man., The second was ok, the 3rd was a disaster. I decided to do it myself and started doing better the month I went on my own. Dont be intimidated, you will beat most advisors. There are good ones out there but by the time you find out they already took you for a ride and much of your profits are gone. Much also depends on your income. You will pay taxes on your capital gains in your taxable unless you and your wife make more than $77,000 per yr. If you dont make that after your capital gains, you dont pay taxes on the gains. Then put them in index funds . There are MANY index funds however and can even diversify index funds. Target date funds are very easy. One thing I cant stress enough is, many advisors dont know what they are doing. Rigth now, I dont see how you could loose on an energy sector ETF. Mine pays 4% dividends and energy stocks are REALLY LOW. Fidelity energy ETF charges .084% fee. You are likely paying 15 times that at Edward Jones.

Rocky nailed it. You want a Registered Investment Advisor (RIA), they are required to act as a fiduciary, ie only in your best interest.
They generally work for a fee only, no commissions.

How is Ameriprise

A good friend started working with a mentor in financial
advisor work. Was thinking of a career change and wanted
to try it out. After a month of weekends and evenIng work,
he walked away.

"I could see how you could make great money doing it,
But, either for the customer, or yourself. Your interests
are divided. Serve your own. Or the customer. It doesn't
work for me".