Do financial advisors help?
By rocky777
@rocky777 (353)
India
March 1, 2008 12:34am CST
I met a financial advisor recently and it really turned my life upside down. All you guys who have responsibilities (who does'nt? If you are not married, you may still have parents, and if you are neither married nor have living parents, you still have a responsibility - you) should do this. Plan your future, because the future is in your hands. Find a fee based financial planner, because any other would be tempted to make you invest in the avenues which pay him or her the best. What if you cannot afford a fee based planner? Ask your rich friends to recommend one. Maybe he will take you on a commission basis until you have enough to see him on a fee based basis. But bear in mind, no planner should charge more than 1% of your total assets per year under any circumstances as his fee. On a commission basis, it will cost you about 1 to 2.5% which is the usual commission on Mutual Funds.
2 people like this
2 responses
@cdparazo (5765)
• Philippines
1 Mar 08
Consulting a financial planner could really turn your life. I know it since I am a financial planner myself. He he he! At different ages in our life, we have different needs and different financial capacity. It may surprise a lot of people that no matter how much is the income, with will, determination, discipline and a good financial plan, one could turn out wealthy. Even taxi drivers, hair dressers and ordinary workers could make a very good nest egg in as short as 5 years. It is such a misconception that one needs a lot of money to invest and make it grow. My first advise to those who have money though, is not to put it in a bank since you will be losing money. You should invest it. To those who don't have money now. Save first about P10,000 and start investing it in mutual fund. Take the first step and make a lot of difference to your future.
1 person likes this
@jtr115 (722)
• United States
30 Mar 08
I'm currently in training to become a financial adviser. The company I work for offers a free financial analysis for its customers to show how long it will take for them to get out of debt and how much they should save for retirement. The head of the company says the analysis is offered free because "you shouldn't have to pay someone to tell you you're broke."
