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Need help finding a reputable financial planner (Raleigh, Cary: brokers, income)

09-05-2009, 06:55 AM
 

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Hey all,
I'm looking to get recommendations on a reputable financial planner preferably in the Cary area, but wouldn't mind traveling if they are very good. I would like a fee based planner that does not work for any company or firm. I've done a search on this topic but it seems that most people are just Pm'ing their recommendations. I'm looking to get advice on overall budgeting as well as future investments. Thanks a lot for your help Reply With Quote Quick reply to this message 09-28-2009, 01:06 PM
 

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Any other recommendations for fee based financial planners? We don't have a huge portfolio, but want someone who can take a look at our investments and advise us going forward. As other posters have mentioned, we don't want someone who is just going to push something that they get commission on....

Reply With Quote Quick reply to this message 09-28-2009, 01:15 PM
 

Location: Cary, NC

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I strongly recommend Jim WYatt. He's great, professional, fee only and we know him both personally and professionally. http://www.wyattcpa.com/new/wyattcpa/ Reply With Quote Quick reply to this message 12-09-2010, 04:49 PM
 

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There's a financial planner not far from Cary, in Butner Prison, whose reputation proceeds him - Bernie Madoff . That's a cautionary reminder of how careful one needs to be in this regard when his close friends and relatives trusted him to invest their savings. There is a lot to be said for investing part of your funds in a generic ETF like SPY which tracks the S&P 500 index and which outperforms 80% of all financial planners for a very small charge.

Quote:

Originally Posted by smcd0219 Hey all,
I'm looking to get recommendations on a reputable financial planner preferably in the Cary area, but wouldn't mind traveling if they are very good. I would like a fee based planner that does not work for any company or firm. I've done a search on this topic but it seems that most people are just Pm'ing their recommendations. I'm looking to get advice on overall budgeting as well as future investments. Thanks a lot for your help
Reply With Quote Quick reply to this message 12-09-2010, 05:06 PM
 

Location: Wakefield

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How about the planners at Vanguard. Sure you only get to use Vanguard funds but what is wrong with that.

Reply With Quote Quick reply to this message 12-10-2010, 05:00 PM
 

Location: Raleigh, NC

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Quote:

Originally Posted by Beermat

There is a lot to be said for investing part of your funds in a generic ETF like SPY which tracks the S&P 500 index and which outperforms 80% of all financial planners for a very small charge.

There's a lot to be said for diversification in general, including index funds (or the equivalent ETFs). You also need to look at the "buckets" where you put your money (retirement vs regular) to take taxes into consideration. If the original poster is still interested, here is a link to find fee-only planners

Home Page - NAPFA - The National Association of Personal Financial Advisors

Reply With Quote Quick reply to this message 12-10-2010, 05:19 PM
 

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And, along with fee-only, if they are hawking any securities or funds, avoid them because they are biased, even if they say they aren't.

Reply With Quote Quick reply to this message 12-12-2010, 02:38 PM
 

Location: Cary

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I strongly recommend Merrill Lynch Financial Management. We started using them a few years before I retired and they have been excellent in establishing a plan where we now have both a strong income stream and principal growth.

Reply With Quote Quick reply to this message 12-12-2010, 03:36 PM
 

Location: Raleigh, NC

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Quote:

Originally Posted by guyfromjersey

I strongly recommend Merrill Lynch Financial Management.

Are they brokers or a separate unit? Brokers owe no fiduciary duty to their clients and BoA doesn't have the best reputation these days. I would make sure to use someone that has your best interests in mind. Reply With Quote Quick reply to this message Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

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Page 2

12-12-2010, 07:48 PM
 

Location: Cary

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My account is handle by two financial advisers that in over three years have never approached me with financial products. While they will place stock orders, if I so request, they are not brokers Per SE. They are fee based, depending on the value of my portfolio.

Quick reply to this message 12-12-2010, 09:57 PM
 

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What sort of average return (%) have you seen with these fee-based planners? I'm wondering if they are worth the $$. If they can return more $$ than I can do myself than it's a no brainier.

Quick reply to this message 12-12-2010, 11:46 PM
 

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As a licensed broker on the inside here are some things to think of.
No matter who you pick make sure you do a FINRA broker check for history and complaints FINRA - FINRA BrokerCheck. Most planners should give you a balanced investment portfolio with a mix of stocks, bonds, and cash like investments. If they start and only focus on any type of insurance or annuities they are simply looking to make commisions off you. Most should be starting with a 3-6 month emergency(cash) fund followed by maxing out 401k/retirement savings. I always say, you can't control the market but you can control the price you pay to invest in it. An adviser is only worth his money if he can give you returns better than your average ETF or index fund AFTER his fee is subtracted. Making a decision based on a firms name is pointless as I can give you HORROR stories about advisers from every firm out there. I can also tell you about some advisers that have done wonderful things for their customers. Your best bet is to interview multiple advisers treat it like a job and start by asking the following questions. 1. How do you get paid? (watch out for product specific bonuses) 2. Do you have any criminal disclosures 3. How long have you been in business 4. What educational or professional certification do you have? (focus on BS/BA or higher degrees as well as CFP/CFA/RIA/CPA certifications) 5. Will you be acting in a fiduciary capacity

6. Do you have SIPC insurance?

Last edited by Machine Head; 12-12-2010 at11:57 PM ..

Quick reply to this message 12-14-2010, 10:10 AM
 

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Just a little terminology -- the original poster asked for "fee based" advisors. Is that really what you are asking for? "Fee-based" typically means they earn their money in commissions. "Fee-only" means they earn their money on an hourly fee.

You can also check Napfa.org for other fee-only CFPs in your area.

Last edited by Green Irish Eyes; 12-14-2010 at01:45 PM .. Reason: Please review the Terms of Service -- new members may NOT make recommendations.

Quick reply to this message 12-14-2010, 05:41 PM
 

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Default Fee Only Planner We worked with one in Durham. He has his own business. His process is fairly detailed, looking at your entire situation (insurance, estate planning, budgets). More emphasis on protecting and growing our current investments. He also put us in touch with a great CPA and Estate Planning attorney.

DM me if you wish to have his name.

Quick reply to this message 12-15-2010, 02:28 PM
 

Location: Raleigh

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I have a great financial advisor at Guardian Capital Advisors, LLC. PM me for his name. I have used him for 5 years now and got his name from a very good friend.

Quick reply to this message 04-14-2011, 11:07 AM
 

Location: Cary, NC

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We just spent several hours over 3 visits in our home with Sean Godwin. I am attaching the link to his firm. Our entire financial futures are now in his hands- special care planning, estate planning, retirement planning, etc. My wife and I are extremely comfortable in our dealings with him. Good luck!

The Piedmont Carolinas Group

Quick reply to this message 04-14-2011, 03:08 PM
 

Location: Clayton, NC

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I wouldn't feel comfortable working with a firm with so few employees. A firm that small can't possibly provide you access to the best investment options while keeping it low cost. It seems like they might be good at special needs planning but I don't see anything about investment methodology or their planning process on that site.

Quick reply to this message 04-14-2011, 03:16 PM
 

Location: Cary, NC

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Quote:

Originally Posted by Wraunch

I wouldn't feel comfortable working with a firm with so few employees. A firm that small can't possibly provide you access to the best investment options while keeping it low cost. It seems like they might be good at special needs planning but I don't see anything about investment methodology or their planning process on that site.

Some of the site is still under construction. No site will answer every question, or offer every variable. That's why you need face time with these people, which costs zero. I provided the site for contact information: address, phone, etc.

They no doubt will not suit everyone's needs. The kitchen table is where it's best hashed out though.

Quick reply to this message 04-14-2011, 04:37 PM
 

Location: Raleigh, NC

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Quote:

Originally Posted by Wraunch

I wouldn't feel comfortable working with a firm with so few employees. A firm that small can't possibly provide you access to the best investment options while keeping it low cost. It seems like they might be good at special needs planning but I don't see anything about investment methodology or their planning process on that site.

I wouldn't worry about the size of the firm as much as I would about the qualifications and experience of the adviser(s). Here is a good article about questions you should ask when looking for an adviser.

How to Choose a Financial Advisor

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04-15-2011, 04:57 AM
 

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In college I thought about becoming a Stock Broker so I Took a Senior level finance course "Investment Strategies" and the end result of each one was they don't work under perfect market conditions. so the other poster was correct just buy spy on a regular bases and it buys the market low risk and you can invest the money u would of gave to an advisor.
"There is a lot to be said for investing part of your funds in a generic ETF like SPY which tracks the S&P 500 index and which outperforms 80% of all financial planners for a very small charge."

Reply With Quote Quick reply to this message 04-15-2011, 06:47 AM
 

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One suggestion would to find a planner that gets a commission based on the total amount that you invest, not on the product that they sell. It keeps thinks cleaner and any reputable planner will offer this type of account.

Reply With Quote Quick reply to this message 08-16-2011, 04:27 PM
 

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How is your work going with Sean Godwin so far? I'm looking for someone to help us with our financial future as well.

Reply With Quote Quick reply to this message 01-15-2012, 11:07 AM
 

Location: Don't be so snarky

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Any other recommendations on this? Would like someone who manages the portfolio and collects a cut of the earnings over time/annual basis, something like that. Dont want to pay them hourly for their time as at the end of the day I dont want to manage it. Also dont want to just pay them a commission on what I buy, that seems like the antithesis of performance-based or commission pay.

Suggestions?

Reply With Quote Quick reply to this message 01-15-2012, 02:34 PM
 

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Quote:

Originally Posted by Wraunch

I wouldn't feel comfortable working with a firm with so

few employees. A firm that small can't possibly provide you access to the best investment options while keeping it low cost. It seems like they might be good at special needs planning but I don't see anything about investment methodology or their planning process on that site.

Small advisory firms typically use a large brokerage platform such and can offer virtually any investment.

I disagree strongly with holding index ETF's or a group of diversified mutual funds. An advisor or an individual that studies and manages their portfolio should be able to beat the indexes, primarily because it is fairly obvious what to avoid at any given moment, for instance banks for the last several years (until the last few months). There was no excuse to own banks until recently and if you owned an index ETF you had several.

Reply With Quote Quick reply to this message 01-17-2012, 07:40 AM
 

Location: Raleigh, NC

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Quote:

Originally Posted by ApexWolfpacker

I disagree strongly with holding index ETF's or a group of diversified mutual funds. An advisor or an individual that studies and manages their portfolio should be able to beat the indexes, primarily because it is fairly obvious what to avoid at any given moment.

For a counter view, look at Bill Miller's performance vs a buy-and-hold person like Warren Buffet.

Is the Stock Market Beatable? | MarketBeaters


"A good example of this is Bill Miller�s Legg Mason Value Trust mutual fund which beat the market for 15 year years in a row from 1991-2005, the longest streak of its kind. Investors who tracked the results thought they were missing out on riches by not investing in this market guru�s picks and continued to pour money into the fund. Since then his fund�s losses reached over 60% of its prior value and has drastically underperformed the market." Reply With Quote Quick reply to this message 01-17-2012, 12:24 PM
 

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There arn't any. Just go to APMEX.COM buy metals and drop them in a hole in the ground and dig it up 20 years later. It will outperfom anything anyone else has done.

Reply With Quote Quick reply to this message 02-02-2012, 09:29 AM
 

Location: Don't be so snarky

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Quote:

Originally Posted by rory breaker Any other recommendations on this? Would like someone who manages the portfolio and collects a cut of the earnings over time/annual basis, something like that. Dont want to pay them hourly for their time as at the end of the day I dont want to manage it. Also dont want to just pay them a commission on what I buy, that seems like the antithesis of performance-based or commission pay.

Suggestions?

Just bumping this back up. Seems to be a complicated topic that not many have a direct answer to (including myself). About to just go with one of the big firms. Reply With Quote Quick reply to this message 02-02-2012, 09:37 AM
 

Location: in town

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my dad is a private advisor, he uses schwab as his trading platform, he is low key, pm me if anyone wants his info...

yeah, i gotta rep my dad!

Reply With Quote Quick reply to this message 03-09-2013, 09:45 AM
 

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Can you give me the name of this financial investors you mentioned? Thank you.

Quote:

Originally Posted by mclink We worked with one in Durham. He has his own business. His process is fairly detailed, looking at your entire situation (insurance, estate planning, budgets). More emphasis on protecting and growing our current investments. He also put us in touch with a great CPA and Estate Planning attorney.

DM me if you wish to have his name.

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05-05-2013, 10:15 AM
 

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BUMPING this thread. I just watched this documentary on PBS (click here to see it free The Retirement Gamble | FRONTLINE | PBS), and it's got me thinking about retirement HARD. Not to mention I have been working at a nursing home for the past two years, and seeing the residents is really making me reflect on the future - while they have Medicare, Medicaid and Social Security, I am doubtful any of that will be around for folks my age (I'm 37). I have about $25k in two old 401(k)s just sitting there. I have no idea what to do with them. I'm not currently contributing anything because my current company has frozen 401(k); and my return to grad school ate through my savings, and left me with a small student loan. I would like to talk to a fee-only CFP; I also keep hearing folks say to buy index funds, they track the market and an actively-managed fund is pointless. I remember hearing the "Motley Fools" say that in their book YEARS ago.

Planning for retirement is nerve-racking!

Reply With Quote Quick reply to this message 05-05-2013, 11:16 AM
 

Location: Durham, NC

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Quote:

Originally Posted by Special_Guest BUMPING this thread. I just watched this documentary on PBS (click here to see it free The Retirement Gamble | FRONTLINE | PBS), and it's got me thinking about retirement HARD. Not to mention I have been working at a nursing home for the past two years, and seeing the residents is really making me reflect on the future - while they have Medicare, Medicaid and Social Security, I am doubtful any of that will be around for folks my age (I'm 37). I have about $25k in two old 401(k)s just sitting there. I have no idea what to do with them. I'm not currently contributing anything because my current company has frozen 401(k); and my return to grad school ate through my savings, and left me with a small student loan. I would like to talk to a fee-only CFP; I also keep hearing folks say to buy index funds, they track the market and an actively-managed fund is pointless. I remember hearing the "Motley Fools" say that in their book YEARS ago.

Planning for retirement is nerve-racking!

So I'm not a financial planner, but I've similarly been trying to balance/rebalance a 401(k)-equivalent and a taxable savings account. I'm also exactly the same age as you are. A fee-based CFP is a great way to go, though with the size of your current asset pool, even spending $500-$1,000 on a consultation may be more than you want to spend. At the higher end there, that would be like a 4% one-time "tax" on your investment account! Here's some basic advice to try to help you get started solo. First, if your 401(k) account(s) are from companies you no longer work for, you can either roll over the account to your current employer's account, or to a new account you can open with a broker. I highly suggest the latter option as you will have many more investment funds to choose from. I would STRONGLY recommend Vanguard, which has for decades been the key driver in lowering fees of owning an account. Vanguard traditionally has the lowest fees for holding an account, plus their index funds themselves are low-cost. As long as you have $1,000 balance in your rollover 401(k) and get electronic statements, Vanguard has no fees for their account save the loads (annual fees) for each fund. You are correct that an index fund or the like can be a better option than actively-managed funds, though it's worth noting that a GOOD actively-managed fund, if the fees are right, can beat index funds. When you have a lot more money saved for retirement, these funds are worth looking at -- at the size of your current investments, I wouldn't bother. My suggestion would be to look at a target-year retirement fund. The problem with just getting a regular stock index fund (like SPY referenced above) is that you're 100% invested in stocks; in that case, 100% in S&P 500 domestic US stocks. You should have a mix of bonds and international stock for diversification. A target-year retirement fund is basically a single "security" (mutual fund) that you own that changes your US stock, international stock, and bond balance over time -- more aggressive in the early years to aid with growth, more conservative in later years to preserve your nest egg. Vanguard's Target 2040 fund (symbol: VFORX) has an annual expense ratio of 0.18%. This means that it would cost you $45/year on a $25,000 portfolio to hold it. And with no up-front purchase fees (loads) on purchase and no account fees, this is a very low-cost way to go. This also means you don't have to actively manage the 401(k) choice, just set-and-forget. If you want to get more sophisticated, you could hold underlying Vanguard stock, bond and commodities funds and buy/sell/shift over time to have your own mix of investments. Also, if you end up holding taxable savings as well over time, you might want to put investments that throw off cash dividends or interest in the 401(k), so you defer taxes until withdrawal at retirement. Personally, I have a heavy bond and dividend-growth strategy in my Vanguard 401(k) fund; dividend growth stocks look to companies that pay dividends each year and which have increased their dividend payments over time... a company that is producing known stable cash dividends is likely more stable and successful than the new-hit dot-com growth play. But -- for the scenario you describe, I think a target-year fund is the best way to go! If you have a 401(k) at your current employer and can't roll it over, look for the least-expensive index fund they offer and park the funds there.

Good luck!

Reply With Quote Quick reply to this message 05-05-2013, 12:44 PM
 

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Thanks BCR!

Reply With Quote Quick reply to this message 05-05-2013, 03:26 PM
 

Location: Raleigh, NC

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Quote:

Originally Posted by Bull City Rising A fee-based CFP is a great way to go, though with the size of your current asset pool, even spending $500-$1,000 on a consultation may be more than you want to spend. But -- for the scenario you describe, I think a target-year fund is the best way to go!
Nice post. Clark Howard has Easy, Medium and Advanced investments guides
Clark's Investment Guide | www.clarkhoward.com As suggested, for a beginner, go with a Target Retirement Account. One note on fee-only planners. There are two kinds - one that manage your money on an annual basis, typically for ~1% of assets. There are also fee only planners that charge by the hour, in case you just want someone to talk to. There are not many of those in the area.

Search For Advisors By Clicking On A State | Garrett Planning Network

Reply With Quote Quick reply to this message 05-05-2013, 04:30 PM
 

Location: River's Edge Inn, Todd NC

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WPTF 680 has had Doug Lewis, a local financial planner, on for years and years.
Sunday 6 - 7 pm. He is fee based.

Reply With Quote Quick reply to this message 05-06-2013, 05:48 AM
 

Location: Chapel Hill, NC

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Special Guest, There is a personal finance forum here on C-D which has a lot of knowledgeable people on it. It's under the heading of Economics. Also, if you have $25K in some old 401ks, then I agree, roll it over to an IRA. There are some good, low-expense funds in Vanguard. Many people like Vanguard Wellington which is a moderate-risk stock and bond fund. Fidelity is the largest mutual fund company and has many funds to choose from, too as does T. Rowe Price. Also, try to read up on your own about basic personal financial planning. There are many good books out there. Money Magazine and Kiplinger's are also good financial magazines to read. If you know someone who is knowledgeable about finances, then talk to that person first before seeing a financial advisor. And make sure you choose one who is not selling you products on commission that may not necessarily be right for you. Finally, if your company has no 401K, you really need to be socking retirement money away each year somewhere. You need to increase your retirement savings if you want to retire at a reasonable age. You can contribute $5500 per year to an IRA or Roth IRA account. You should do that as a minimum each year until you retire. Ideally, you should put away 10-15% of your salary each year into retirement - more if you are getting started late. The earlier you start saving, the more time your money has to compound, so don't put it off.

Good luck to you.

Reply With Quote Quick reply to this message 05-06-2013, 06:14 AM
 

Location: Raleigh, NC

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Quote:

Originally Posted by michgc

Fidelity is the largest mutual fund company and has many funds to choose from, too as does T. Rowe Price.

In terms of assets, I think Vanguard is now the largest with over $1 trillion under management. In addition to them, Fidelity and T. Rowe Price, I would add Charles Schwab to the list of firms to consider. Be cautious of full commission brokers, as they do not have a fiduciary obligation, only to recommend suitable investments. Reply With Quote Quick reply to this message 05-06-2013, 06:58 AM
 

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Quote:

Originally Posted by michgc

You can contribute $5500 per year to an IRA or Roth IRA account. You should do that as a minimum each year until you retire.

Just a note that Roth IRA contributions are income-limited. Income Limits Updated for 2013 Reply With Quote Quick reply to this message Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

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