I see all the commercials on TV for AG edwards, AIG, Charles schwab blah blah blah. I want to sit and talk with someone about what I have, where I want to go and how to get there. All without trying to jam thier own product down my throat.
I just wanted to know if anyone here had any good leads or should I just look up a CPA in the phonebook?
A CPA may not know anything about investments. Pick one of the more reputable investment firms and go have a chat with them. Make it clear you are initially on a fact finding mission. Based on my own personal experience I would avoid Edward Jones. It's run like a franchise and some of the offices are pretty damn incompetent.
If you really want to get unbiased advice you are out of luck. Everyone has a bias.
However, if you want to get as fair of a look as you can, look for a fee for service based advisor as opposed to a commission based advisor. They will probably cost you more but they are not beholden to a particular company.
Like you wrote in your comment, Charles Schwab guys are going to push Charles Schwab products.
As EX CG GM said, a CPA may not have any financial saavy but can certainly do your books. He may be able to tell you how to avoid having to pay taxes using certain investments etc. but he is not necessarily the best for other investment advice. It will depend on the CPA though.
If you are looking through the phone book talk to all you can and make a decision on which one will meet your personal desires best.
USAA is a military-only bank, insurance and investment company. They are military friendly in every way.
I have been extremely happy with the service they have provided me, including investments. I didnt' know much about it going in, and they did a good job of explaining.
A CPA really isn't what you're looking for. A CFP is more what you'd need. What exactly are you looking for and what area are you in? I may be able to make a recommendation.
Whatever you do, go with a fee-only adviser, and probably an independent vs. one who works for a specific company (i.e. Edward Jones, Schwab, etc.).
As far as USAA goes, they're a bank, not an investment company. And banking should be done at banks and investing done at an investment company. If you're looking for a place to invest I'd recommend Vanguard, Fidelity and T. Rowe Price, in that order. USAA has products but they're only adequate and they're more expensive than you could get elsewhere.
I have been told by several to go with a fee based service, which was my plan all along. Id rather pay someone and not worry about them trying to sell me something to make a buck. I have a couple funds with Vanguard and I keep my cash in an ING savings account. I do not have an IRA but am looking into opening one soon. Using some of the tools on Vanguards web site they say I should be 60/40 stocks/bonds. Thats all good and fine but it would be nice to have an actual person that can tell me "Hey, you need to adjust this and that because of the current market situation".
well...I'm personally not a fan of people who are paid to give investing advice. I think there's an inherent conflict of interest - and I AM a financial adviser. :-)
60/40 stocks/bonds indicates to me that you're in your mid-40s...or that you're pretty conservative.
Personally I'd suggest leaving your money at Vanguard and using one of their target funds instead of paying someone to give you what they think is good advice.
Originally posted by pf101: Personally I'd suggest leaving your money at Vanguard and using one of their target funds instead of paying someone to give you what they think is good advice.
Great advice! In addition, I would suggest considering Vanguard's Index Funds in addition to their Target Funds.
Index funds are great - and there are some included in the target funds - but be careful about doing both. The target funds are really meant to be stand-alone investments so if you buy other things it can get your asset allocation all wonky. :-)
LOL, mid 40's? Nope. Just turned 26 a couple months ago Right now I am about 90/10 stocks/bonds. Made over 30% this past year, so thats nice. I appreciate all the advice from everyone.
////EM1 SAILING THE BIG LAKE ON THE 32nd ANNIVERSARY OF THE FITZ GOING DOWN
Well, if that's the case, then if the money is for retirement I think the 60/40 is WAY WAY WAY too conservative. Personally I think the 90/10 is a bit conservative, but I'm a risk taker. I wouldn't go any heavier than that into bonds/cash though.
Your best advice is to talk to someone who is very happy with the person managing their retirement funds, especially one who is living off that income. If you live in/near Portland, ME, I can refer you to an excellent investment advisor. He works on his own. He usually takes new accounts that are $100k or more, but with a referal, will start less. We got in on a referral, and now it's worth over $100k. Made over $25k on $80k in less than 2 years. You do the math, thats's better than 15% return.
Just remember word of mouth is the best advertising. Use someone that has proven themselves to someone you know.
Sorry, it doesn't look like VA residents are eligible.
Not sure what the current rates are.. the ones I have maturing next month are at the 8.5%. Had the money in there for a few years... Been with Advanta for 30+ years...
I currently have these accounts:Trowe Price, Dodge&Cox, and TSP. I reccomend reading mutual for dummies by Eric Tyson and investing for dummies by Eric Tyson. Both of these are great books and are highly reccomended by Morningstar.com, which is a website I reccomend you check out.
Keko, last I saw they were 6.5% for 5 year and 7.5% for 10 year... Personally I don't want to tie my money up for 10 years... except for the CD's I have for my kids.
USAA is not offering 5.01%. Wray, if I could lock 2-3% over the average, perhaps it might be worth putting some of your money (not all) at this rate for 10 years.
