Recommendation for Financial Advisor

Discussion in 'Business, Investing & Finance' started by g8tr72, Apr 6, 2021.

  1. g8tr72

    g8tr72 Well-Known Member
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    I have just inherited some money in a TDA Institutional Trust Fund, approx. $150k.

    Does anyone have a recommendation for a good Financial Advisor in the Gainesville area?

    The FA who handled the estate is not going to be retained.

    Thanks.
     
    • Gatormac2112

      Gatormac2112 The Voice of Reason
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      Funny I was thinking about asking the same thing, but for North Alabama. And I didn’t inherit $150k :tongue:
       
    • UFHealthGator

      UFHealthGator Well-Known Member
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      What do you need a financial advisor for?
       
    • alcoholica

      alcoholica I'm what Willis was talking about
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      Check with your bank or CU, they usually have a division that handles investments. A lot of them are associated with LPL financial, which is a reputable company.

      they should ask you a ton of questions and give you options based on the interview. If you feel like they are steering you in a direction too hard, don’t feel bad about walking. Also, don’t be afraid to ask about fees. Most FA’s I’ve met just want to do what’s beat for you, but there are bad ones out there.
       
      • UFHealthGator

        UFHealthGator Well-Known Member
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        I am not sure what LPL financial fee structure is, but most FAs charge a 1%-1.5% for assets under management, which in my opinion is highway robbery.

        If all you want to do is grow your money in the stock market, just put it in a simple 3 fund portfolio in Vanguard or Fidelity. Adjust your Stock to bond ratio depending on your age, or how soon you think you will need your money, and that is it. FA create over complicated portfolios that never beat the market, and often is very costly if you compound your AUM fee over the years.

        Just a simple calculation. If you put your 150k in the stock market, and earn on average 8% a year, the it would grow to $333k after 10 years. But if you have an FA that charges you 1%, then it would only grow to $302k. Is their advice worth $30k? Worse yet, if you leave it for 20 years, that 1% is worth a staggering $140k difference ($742k vs $608k).

        I suggest you just talk to Vanguard or Fidelity, and they usually even have complementary financial advisors that could give you basic advice on how to invest your monies.
         
        #5 UFHealthGator, Apr 6, 2021
        Last edited: Apr 8, 2021
        • Concrete Helmet

          Concrete Helmet Hook, Line, and Sinker
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          Agree 100%. This is what I did a few years back and I've had comparable returns as the FA we use to manage our businesses PSP plan and IRA accounts. Vanguard even has target date funds that adjust stock to bond ratio as they age. They also seem to have enough different type of funds to meet different investment goals, growth/income and tax deferred, you can move your existing ones there if you prefer. Most of their funds are also very low cost compared to using a professional.
           
          • bradgator2

            bradgator2 Rioting
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            You havent revealed any other details on your situation. Assuming it is simple.... I generally agree with those above. You could slide all that into several ETFs that have razor thin expenses. For example: VTI, which is Vanguard Total Stock Market Index Fund... with a cost of just 0.03%. Or VOO for their S&P500 ETF, or VXUS for their international ETF. Something a little volatile could be their VYM which is their High Yield Dividend ETF.

            You should definitely shoot 78 a PM and start there.
             
            • Gatormac2112

              Gatormac2112 The Voice of Reason
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              I agree with the smart guys above. Broad market low fee index funds over FA any day. Occasionally when the market isn’t doing well for me I think of getting an advisor, then see the fees and snap out of it.
               
              • 78

                78 Dazed and Confused
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                And you’d have underperformed by 1,000 basis points or more owning broad market index funds over the past 12 months.

                It pays to know when you know. It makes sense to throw in the towel when you don’t.
                 
              • URGatorBait

                URGatorBait #TeamDubs
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                Do you guys have any suggestions on any apps (or websites but preferably an app) that is solid for tracking stocks and funds (just tracking, not trading)?
                I don't care for the ones that overcomplicate the layout and try to squeeze every single number into one small screen :lol:
                 
              • Gator By Marriage

                Gator By Marriage A convert to Gatorism
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                It's a website not an app, but I like Marketwatch. It's free and you can easily set up a watch list. Often has some interesting articles. My bro-in-law is an FA with Raymond James and he uses it all the time.
                 
                • URGatorBait

                  URGatorBait #TeamDubs
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                  Looks like they have an app and does all the same. I haven't downloaded it yet, but I'll check back when I do.
                   
                • URGatorBait

                  URGatorBait #TeamDubs
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                  The app is exactly what I was looking for.

                  Thank you sir.
                   
                  • Gator By Marriage

                    Gator By Marriage A convert to Gatorism
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                    My pleasure.
                     
                  • Gator By Marriage

                    Gator By Marriage A convert to Gatorism
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                    I never noticed that. Thanks
                     
                    • Concrete Helmet

                      Concrete Helmet Hook, Line, and Sinker
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                      Just use a laptop of desktop when dealing with financials....otherwise your retirement accounts may end up resembling one of the Donkey's late night bourbon filled post...:lol:
                       
                    • URGatorBait

                      URGatorBait #TeamDubs
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                      I do, when actually looking to make adjustments, etc.

                      For this I was just looking for simply tracking a fund or stock. Marketwatch provides enough information without cluttering the screen. I just like to see how things are doing with the stocks/funds, without having to always go in and out up the account.

                      I use my personal laptop for work and home stuff and have the computer separated as different "users" for each, so it is a pain in the ass switching back and forth during the day when working :lol:
                       
                      • Concrete Helmet

                        Concrete Helmet Hook, Line, and Sinker
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                        Gottcha...I thought you might be one of those guys who do everything on their phone....In my case my phone is 9 years old and is useless as tits on a Bull other than looking at it when it rings to see who I'm not going to be talking to..
                         
                      • URGatorBait

                        URGatorBait #TeamDubs
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                        I'm on here 95% of the time on my phone and I do a lot on the phone, but there are certain things that the laptop is just better.

                        I need to get another laptop, but what I want aint cheap :lol:
                         
                      • Gatormac2112

                        Gatormac2112 The Voice of Reason
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                        That is true, last year was an outlier of a year for returns and if you had your money in the right stocks would've crushed the index. That doesn't happen all the time. Most FAs (what this thread is about) wouldn't have done a damn thing to position for the big breakout and would have kept you invested in funds. If your FA is different then please share with the OP.
                         

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