can regular people run personal finances without an advisor?

[the]

Originally Posted by pwd72s

I hold the belief that nobody cares about your money more than yourself. Yet so many people seem to hate discussing the subject, don't want to learn. Their loss, because they then end up buying that Lexus for the sharks who inhabit the financial world.

I agree with that.

But if I did take financial advice from someone, that person would have to have a demonstrated success in such affairs. I.e., I'd listen to Warren Buffett, not so much to a 25 year old who doesn't have 2 nickels to rub together.

[tc-sacto]

Vash.
Look for an Independant advisor. Not someone who works for a Major corp with their own products. Best to find a fee-only planner/advisor. At a minimum they should hold the CFP certification.(Certified financial Planner)

http://www.napfa.org/

Also see

http://www.cfp.net/search/

Questions to ask.
http://www.cfp.net/Upload/Publications/185.pdf

[silverwhaletail]

Originally Posted by legion

Would you rather take advice from one who is making $100k a year and drives a new Lexus?

Seek financial advice from someone who has made over a million dollars a year for the last 10 or 15 years, and whom has retained significant net worth and assets to show for it.

Emulate that guy's best practices.

[Seahawk]

Originally Posted by silverwhaletail

Seek financial advice from someone who has made over a million dollars a year for the last 10 or 15 years, and whom has retained significant net worth and assets to show for it.

Emulate that guy's best practices.

Failing that, while I agree, emulate sound financial practices that have been benchmarks forever:

- Save 15% of your gross income. Mix your portfolio based on risk, number of kids, age, etc. The data for managing a portfolio is everywhere on the net.

- Don't borrow money for anything other than a house or car. Your debt ratio is key.

- Pay credit card bills off every month.

- Never get divorced.

[tabs]

RUN FROM THIS PATICULAR GUY. Anybody who is promising Candy Cane & early retirement right now is not for real. The reality in today's market is that things don't look good and knowledgeable professionals are spooked.

The old axiom applies..would you do brain surgery on yourself? Or would you get an expert in brain surgery to do the operation? So professional help to help guide U through this stuff is a must.

If you have a pot to pi$$ in you HAVE to become versed in the financial markets. Even if it is not to get gypped.

The question is who to trust. there are so many out there that don't know their a$$es from a hole in the ground. All they know is the party or corporate line of what is being touted as the flavor of the day.

One thing to consider you are not likely to get the 1st string money manager as a walk in, your going to get a salesman. . Those 1st string professionals are usually gotten by referral, they already have a client roster.

If you are interested in learning, listen to CNBC, it is a good primer. Now to CMA on this, there are caveats to CNBC it does have its shortcomings. But to help get up to speed for beginners and know the tenor of the day it does fulfill that goal. Professional money mangers do listen to CNBC to see which way the spin is blowing.

Ohhh...CALIPERS.....guess what they invest your retirement money in....the Stock Market...so what is good for the stock market is good for your CALIPERS retirement. So if a disaster should befall the Stock Market...CALIPERS might NOT BE SOLVANT anymore..meaning NO RETIREMENT INCOME. EVERYTHING IS INTERRELATED IN TODAYS FINANCIAL WORLD. Welcome to reality.

BTW: The gal who runs my money knows the financial manager of the CALIPERS Trust account among other people.

[ken_xman]

Vash,

Be sure to speak to someone who can provide a realistic financial plan, does not have propietary product, manages your money in your best interest, and can help structure your portfolio taking the least amount of risk possible in achieving your goals.
I personally manage The Metropolitan Group at Smith Barney- a boutique wealth advisory group and will gladly help you or direct you to a trusted local professional. Do your homework on your advisor of choice... #of clients, total assets managed, aprox income, etc....
We might not be the right fit for you, but you can google kenneth christman smith barney, or the Metropolitan Group at Smith Barney, to get an idea.
There are several links to workbooks that can assist you to begin the planning process, along with articles on the economy and underlying markets.
Ken

[ken_xman]

Reading the comments of others. Lets have a reality check. The average FA can handle aprox 150 households, and service them properly. Some smaller, some larger, but averaging $1MM each, gives them a client book of $150MM. If they all pay 1% mgmt fee thats $1,500,000 in production. Some pay more of a fee some less dependant on service needs. The FA keeps about 40% of the production, aka $600,000 income. There are many that over charge, over promise, and under deliver. If your FA makes $300-500k, charges respectable fees and puts the client first, you will be just fine.

[HardDrive]

My wife and I handle our own money. I am comfortable in making my own decisions, and I have been very successful at it.

But thats me.

If you are going to use an advisior, keep in mind that they are keeping a percentage of your $$$. That $$$ never seemed worth while to me.

I suggest finding someone on the recommondation of a long term customer. Ask an elder who has been with someone long term. So much of the 'financial planning' industry is just retail driven drivel.

PS The two stocks I am holding VWO, and BRK.B are up 21% and 15%, respectively, this year.