Financial Advice Investments
March 19th, 2006
Question: I’m looking for financial advice. I am trustee for about $180-220K and I don’t know what to do with it!
I am wondering if I should see a financial planner, a banker, an investment advisor at my credit union or what? I don’t like my stockbroker now. I can’t hide it all away; I need to use about 25% of it for school over the next two years. I am trying to set up school loans so it won’t be that much taken out…
Whats the best person to talk to? Whats the best way to set up my accounts? I am in Washington State if that matters.
Thanks in advance!
I have an attorney, I have a stockbroker. I just need better advice. The legal and tax side of this is taken care of.
I don’t want to spend all of the principle. I want to set up accounts where I can access money and have sane advice. Attorney and CPA giving me conflicting advice – financial planner vs. help at credit union.
Answer: That’s a large enough amount that you should really consider a financial planner. The important thing is to find a *fee-only* certified financial planner – you need to verify that this person doesn’t receive a commission from any product s/he may recommend to you.
Be wary of any advice from a stockbroker or investment advisor at a bank – their advice may be good, but it is inherently biased, because the are interested in selling their own products.
You may also want to speak to a CPA (certified public accountant), because management of this trust may affect your tax situation and your ability to apply for financial aid and loans for college.
Do a little research of your own, it will make you feel much more confident:
Some good, easy reads:
-The Complete Idiot’s Guide to Personal Finance in your 20s and 30s
-The Complete Idiot’s Guide to Managing Your Money
-Investing for Dummies
Financial Planning for Retirement by Insured Investments Advisors Group, Inc.
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