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How do I find a "Reputable" advisor?

Posted: Thu Mar 14, 2019 8:25 am
by Freddobbs
I am a big boglehead fan, have invested according to the principles of low cost index funds, proper asset allocation, and staying the course. However, I need some in person financial advice at this point in my life. I neither have the time nor energy to research endlessly and frankly, I dont know what I dont know.

For tax purposes, goal setting and various other reasons, I want to find an independent fee based advisor. I am not interested in a sales pitch or management of my assets. However, I am willing to pay a one or two time fee for someone to plan out tax planning, healthcare advice, and some other items.

Where is the best place to seek out independent, fiduciary advisors?

Re: How do I find a "Reputable" advisor?

Posted: Thu Mar 14, 2019 8:38 am
by dbr
One warning is that you don't really mean "fee based" but rather you want to pay an hourly rate for planning and advice. Fee based can include commissions on products and other things. Basically you want planning without someone also being in the business of selling you things.

https://www.nerdwallet.com/blog/investi ... ifference/

I wish I knew of a completely reliable place to look for such things, but I have never actually met such an advisor. One place I know that may be recommended is NAPFA which most definitely does not guarantee avoiding AUM advisors, fee based advisors, insurance and annuity salesmen and so on.

For pure investing advice ironically Vanguard Personal Advisory Service under AUM might actually be a good choice, especially if you drop the service after things are set up and running. From them you will get highly biased advice to use Vanguard Funds.

I think tax planning advice is difficult to find. Some large firm tax preparers have CPA/EA/tax attorney resources that might be the right source. Trust and Estate issue should go to an attorney. There are resources for Medicare etc. health insurance planning but I am not sure generic health advisor is even a thing.

Naturally people here will have many ideas that can be posted.

Re: How do I find a "Reputable" advisor?

Posted: Thu Mar 14, 2019 8:46 am
by livesoft
TheFinanceBuff has a paid service to find one for you. That should be enough info to find that web site without this turning into an advertisement.

Re: How do I find a "Reputable" advisor?

Posted: Thu Mar 14, 2019 8:50 am
by ruralavalon
Freddobbs wrote:
Thu Mar 14, 2019 8:25 am
I am a big boglehead fan, have invested according to the principles of low cost index funds, proper asset allocation, and staying the course. However, I need some in person financial advice at this point in my life. I neither have the time nor energy to research endlessly and frankly, I dont know what I dont know.

For tax purposes, goal setting and various other reasons, I want to find an independent fee based advisor. I am not interested in a sales pitch or management of my assets. However, I am willing to pay a one or two time fee for someone to plan out tax planning, healthcare advice, and some other items.

Where is the best place to seek out independent, fiduciary advisors?
You want a "fee only" advisor, not a "fee based" advisor.

You probably want a planner who charges on an hourly or a fixed fee for service, rather than on a percentage of assets under management. Here is useful book chapter https://investingroadmap.wordpress.com/ ... n-advisor/.

You could try these resources to locate an independent planner:
https://adviceonlyfinancial.com/
https://www.napfa.org/
https://garrettplanningnetwork.com/

Re: How do I find a "Reputable" advisor?

Posted: Thu Mar 14, 2019 9:09 am
by fourwheelcycle
It may be hard to find a good advisor who is not interested in managing your portfolio. However, it appears you have thought through your needs and you are willing to pay an hourly fee or an agreed-upon fixed fee for the type of planning and advice you want. I live in a mid-sized community with several AUM-type independent advisors and one good medium-sized accounting firm. If I was looking for the service you have described I would start by looking at the accounting firm to see who they have as specialists for personal taxes and personal financial planning. If they have someone who covers both areas I would meet with them to see how we hit it off and what type of service/fee they might be willing to offer for a round one now, possibly round two later type of arrangement.

If the accounting firm has no one, I would ask who they might suggest among the local AUM-type managers. I am sure all the local AUM managers will say they provide the service you want, but I suspect many of them would ultimately try to interest you in their AUM services.

If you have an established relationship with a good estate planning attorney you could also ask that person who they would recommend for the service you want.

Re: How do I find a "Reputable" advisor?

Posted: Thu Mar 14, 2019 9:54 am
by Fieldsy1024
You already found a good spot IMO, here.