looking for a financial advisor

i believe my son needs professional help.

yes, the young man who was moaning about his withholdings lol... yeah, that guy. he recently informed me that he is much more miserly than his mother and he has amassed quite a bit of savings.

i'd like to connect him with someone who can help him put that money to work for whatever goals he has.

not sure it matters in financial planning, but just in case... remember, i'm in CA.

thanks for any recommendations.

looking for a financial advisor

Maybe he can start with his bank. They may have a financial advisor there. Or they can recommend someone. We have our account through HSBC and work with their advisor.

Re: looking for a financial advisor

Read bogglehead three fund portfolios, the richest man in Babylon, and the millionaire next door. Index funds like boggleheads plan has beaten the market consistently , but as all financial papers say past performance is not a guarantee of future success.

Re: looking for a financial advisor

Re: looking for a financial advisor

Agree with starting with a bank. Most professional financial advisors start with a minimum $100k investment.

Re: looking for a financial advisor

Have him read information from fidelity, vanguard, etc.

Basic financial advice for any person: know your budget, save a 6 month emergency fund covering your non-discretionary bills, save for retirement, pay off debt and avoid debt (save up for known upcoming expenses).

Knowing he’s in his 20s, he should really look at a Roth. You pay tax now (assume his income is lower as he’s in beginning of career) and Never pay tax on the earnings. The benefit is the compound interest over a long time horizon is never taxed. Also, you can pull your initial investment out if needed allowing more flexibility for unexpected life situations. As my friend said, pay tax on the seed, not on the crop.

If he has a 401k match at his job, he should be investing at least enough to get the full match.

After that, there’s a lot of different opinions out there but many folks suggest index funds that keep pace with the market overall. Subtract your age from 120 to determine stocks vs bonds and adjust to your personal risk tolerance. Vanguard, Fidelity and all the major investment places have info on this and funds.

I’m no professional but these are all widely held best practices. Hope this helps

Re: looking for a financial advisor

I would recommend Fidelity. We invested the minimum for our kids (I believe it was $5k). Someone helped us and was very nice. He told us he makes no commission. Gets paid a salary. I liked that because he didn’t push us to invest one way or another. Just talked about different options and if we were conservative, risk takers, etc. He was younger and his office was in the front. DH used the restroom and went in the back and came back and laughed and said oh that’s where the big offices are and big investors. Lol.

looking for a financial advisor

I called a Ric Edelman financial advisor and he was awesome- For Free! I needed advice about an annuity my mom has, and he was so thorough, and even followed up with me.
https://www.edelmanfinancialengines.com/

Message edited 3/2/2020 12:39:15 PM.

looking for a financial advisor

Does the armed forces recommend a bank or adviser for personnel? I always see the USAA insurance commercials - do they offer other services?

looking for a financial advisor

thanks for the ideas and suggestions!

i love ric edelman! i might look into that for myself, too.
i hadn't even thought about usaa. he currently has checking and savings through them.