Financial Advisor?

[HD]

Serious question....are there any financial advisors in this group?
Don't want a bunch of 
Looking for real advice.

[deadeye]

There are basically three avenues here.
1. Go it alone, make all decisions and take all actions on your own.
2. Pay a financial advisor a "one time" fee to go over your finances and make recommendations.
    (You then chose to follow or not)
3. Pay on going fees to a financial advisor to actively "manage" your money. 

There are pros and cons to each path.  My suggestion is to ask around (like you did here) because there are good ones and maybe not so good.

There is only one company that I would urge you to use caution if you go with them.   I don't want to slander any company but I would use caution if I engaged with Edward Jones. 

[HD]

Thanks DE

[mike89]

they been good to me deadeye, been with them many years and have no complaints at all...    just my 2 cents worth...

[HD]

I just have a few questions about selling some stocks, and putting the money in an IRA.
I don't want to spend $200 for 10 minutes of someones time.

No big deal really, just wondering if it's something I should do.
Just wanted some straight forward advice.

[Bobberineyes]

How about your life insurance agent?

[Rebel SS]

I used a financial adviser my credit union has that comes down to CAWchester from the cities by appt. No fees. Also, the CPA/IC that does my taxes. There is a difference between a financial advisor and and Investment advisor, too. I find insurance agents take too big a whack and are more interested in their profits than sound, intelligent financial advice. I found that out when my insurance  agent (State Farm) tried to push me into an annuity with my entire retirement chunk. Poor investment! !  Just my two cents.

[Bobberineyes]

Hes just looking for advice,  I hear ya reb on agents trying to benefit themselves ( who  doesn't) but ours will stop by whenever we need. Were already paying him so might as well take advantage of already  paid advice..that's just me..

[Gunner55]

Look for a Fiduciary Agent, if you do HD. It's a licensed agent who has to put your interests before their profits. Reb nailed it on the annuity as the agent usually gets at least 5% right of the top just to get you to sign. OK for some, usually not for most. Ameritrade & Schwab are 2 low fee brokerage houses. We both use Fidelity but like about any you talk to they'll want you to invest with them. How about where you bank? Most of those have investment counselors & since your already a customer.

[Gunner55]

Do you do your own taxes? If not, & you only want answers to a couple questions that's where I'd probably go first.

[HD]

Since we have a financial service do our taxes for farm, I left a message for them.
But, I also was thinking about talking to the credit union since I have a IRA account with them now.
The stocks that are liquidate able, are from my current employer. Our company is an ESOP, which means, employee owned.
When you reach a current age, you can liquidate 25% of your stock....or let it ride.
Just need advice....

[mike89]

good luck HD!!! 

[Gunner55]

They should be able to answer your questions HD. If done right it should transfer right from your employer, much like a 401k, to were you want it to end up without you ever touching it by just filling out the right forms. That way it can't be counted as income & taxable until you want to withdraw it from the IRA. I would talk to both places too, hope this helps.

[Rebel SS]

They should be able to answer your questions HD. If done right it should transfer right from your employer, much like a 401k, to were you want it to end up without you ever touching it by just filling out the right forms. That way it's not counted as income & taxable until you want to withdraw it from the IRA. I would talk to both places too, hope this helps.

That's exactly what I did.

[deadeye]

HD,
Gunner55 gave good advice.  If you sell your ESOP and intend to move it to your self directed IRA, make darn sure that it is done by a "DIRECT ROLLOVER" that's a transfer from one financial institution to another and does NOT pass through your hands.  Doing it through yourself, even if you then (within 60 days) put it in your IRA, can at best create a bunch of paper work and a worst, cost you a bundle in taxes and penalties. 

[Gunner55]

  Beat me to it DE , another thing I wanted to mention is if it's a Roth IRA then the tax situation changes. Those taxes are paid up front & not on withdrawal were as a regular IRA is tax deferred & taxed upon withdrawal.

[Rebel SS]

My views in a nutshell, traditional IRA contributions are tax-deductible on both state and federal tax returns for the year you make the contribution; withdrawals in retirement are taxed at regular income tax rates. Roth IRAs give ya no tax break for contributions, but earnings and withdrawals are usually tax-free, ya don't get boinked when ya withdraw. Income and age do matter, though, keep that in mind. That's why an adviser is a good idea. Credit Unions can usually provide really good help on this, as can a good tax guy. Good luck! 



https://www.rothira.com/traditional-ira-vs-roth-ira

[delcecchi]

If you are picking an advisor, an important thing is "are they acting as a fiduciary" which means they do what is in your best interest, not just what is "suitable" but is better for them.

[HD]

I think I got it covered.... I got an appointment with the financial advisor from the credit union on Wednesday.

All great information boys, I appreciate it!

[Rebel SS]

Good deal! 

[deadeye]

If your work place has a 401k plan (in addition to the ESOP) you may be able to move it from the ESOP to the 401k plan within the company. These plans usually have a number of options for investing and usually have low fees. 

[delcecchi]

I think I got it covered.... I got an appointment with the financial advisor from the credit union on Wednesday.

All great information boys, I appreciate it!

Don't forget the magic word.... Fiduciary.