Anyone use a financial advisor? Pros/cons?

[A34]

Hey guys,

I've been hearing several ads on the radio for financial advisors. I have a 401K at work that I max out. If I'm doing that, do I need a financial advisor? I can buy mutual funds and/or stocks on my own though my 401K provider. What value do they bring to retirement planning? Thanks for any input!

 

[fast306stang]

Not sure about the advisor, but keep an eye on the funds/stocks that you're in. That way if we have a bad year, you won't lose half of your investment like what happened to people in '08, etc.

 

[Mr. Booshie]

Everyone on the internet is a financial advisor!

 

[Bubbado52]

Went to one prior to retirement. He crunched all the numbers and presented me with 4 different plans I could go forward with . Cost me nothing and got a great financial education in the process. His hook was to allow them to manage and invest my investments going forward. Don't think so. Chose Fidelity to do that for me an they are doing just fine making my investments grow.

 

[biker_bill]

Talk to my son. This is what he does. I sent you a PM.

 

[jeshoffstall]

I would follow David Ramsey's advice and only use a fee based planner vs. commissioned base. We spent some coin but got an 80 page retirement guideline that included moving several of my wife's and my 401K funds around. His recommendations paid for themselves in the first 30 days. Money well spent as we want to retire in about 10 years.

 

[A34]

Thanks for the info the info guys.

 

[Gunanddoglover]

Been using one for over a decade. Best thing I did financially.

 

[kimchee45]

Not sure about the advisor, but keep an eye on the funds/stocks that you're in. That way if we have a bad year, you won't lose half of your investment like what happened to people in '08, etc.

AMEN !
I lost a bundle in stocks, including the Company I worked For, which declared bankruptcy late in the year.
Also lost Promised Health Care Benefits, but 'Zero' made sure the hourly people got to keep all their benefits, while really giving the 'Sausage' to the Salaried People !
Prez O Labia really screwed everybody !

The thing that did not change much was "Money Markets". That was then, and I still have no clue, other than what I consider an excellent Financial Advisor, and I picked him because of the small office he worked for, was full of Good Honest People !

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[Dingo]

Evidence is that those who manage their own investments eventually loose it, you stand a better chance of success with an investment advisory the trick is to find a good one.