Financial advice forum offers a place for individuals to share about every aspect of personal finances, from buying a home, to picking a professional advisor. The advantages of financial advice forum is that there are individuals from all walks of life, and every education level who are trying to navigate the waters of planning for college for their children, parenthood even into later stages of life.
Financial advice forum has people who have been through almost any situation that you are about to embark on. And, through the forum you can help one another to find the best route for saving. For instance, those forum participants whose retirements are of greatest concern, might offer one another empirically based advice on how to best fund a 401k or Roth IRA. A forum is also a great place to discuss the tax advantages of each account over the other, depending on options available and their individual situation.
Retirement planning is a popular topic on a forum, and it can be helpful to find out how others are successfully pursuing this long-term goal. While it is possible to make many monetary gains by following the financial advice forum techniques offered, sometimes you need the help of a professional. A planner can help you make the most of your money throughout your lifetime.
In addition, a financial advice forum may also feature professional advisors and their take on particular situations. In this case, the forum might help you decide to hire a planning professional or obtaining fee only financial advice because a financial advice forum is mostly for glossing over a topic.
In some ways the responsibility pinned to the financial professional is the same as the advice you take away from the financial advice forum. While it is important, their advice is just that. And it is up to you how you choose to use the advice that they provide. Although, their recommendations might be more from a technical and knowledge-standpoint, whereas the regular on a financial forum might just be talking from their own personal experience.
It is also important to know the distinctions among the various planners. There are fee only planners, who charge only a fee for their time during which they advise you. There are also planners who are paid by their employers to sell, sell, sell, products to you. It is important to ask how they are paid prior to inviting them to weigh in on your situation. Some are paid by commission, and while that is ok it is not ok if you need to rely on the advisor for unbiased product information.
While it is important to find out who others have used, as in a reference, about a particular advisor, it is important to consider your needs may differ from a friend or loved one's monetary planning needs. Your mother may have loved having an annuity and the no-brainer of collecting money later in life. On the other hand, your brother thought it was a waste to pass along his hard earned money to an insurance company, so he just invested his own money and retired at age 50 off his own investments.
Then again, he is a whiz where investing money is concerned, who seems to win whether the market is up or down, bullish or bearish. When hiring an advisor, do consider what needs you have. For instance, you may need the help of a planning professional if you are emotionally bonded to one particular investment vehicle, such as an annuity.
Maybe an annuity does not make logical sense, but you typically trust any piece of advice your dear departed mother gave. Or, maybe you are emotionally attached to one particular mutual fund, because it is the first one you ever bought, and surely it will go up again. Then again, maybe you are holding onto some bad real estate deals, because you find it hard to cut your losses.
There is no certification per se, though there are financial designations for planners, which is offered up by the Financial Industry Regulatory Authority. Through different exams, different financial industry people can get to work. For instance, stockbrokers take the Series 7 exam, and financial planners take the Series 65 or 66 Registered Investment Advisor exams, which give them the privilege to charge for providing their investment advice.
Financial advice forum offers individuals the chance to bounce money ideas off of one another. It can work in most cases, though sometimes a professional planner is necessary to help act as the voice of reason, in the case of drastic money changes, or new found wealth. It is also useful when you cannot make a reasonable decision, because you have your emotions too far into your finances.
Our specialists will conduct a custom search to find local planners and advisors who meet your specific requirements.
"Unless you already know about working with an advisor, it can be hard to figure out which one to go with. This site helped me decide on the type of advisor that was right for me and my financial situation. Thanks!"
Randy S, Green Bay WI