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Your thoughts about financial planners?


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I guess it depends on what you are planning to get out of meeting with one. We have a financial planner who helps us determine where we should invest and how to most effectively meet our goals. It has worked well for us, and in this economy we are able to continue investing at cheaper prices in order to maximize our return when the economy turns around. We meet with him at least once a year to reevaluate where we are and where we want to be.

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I have mixed feelings. We have always used a Financial Planner for our investments, but there are usually some fees built in to what they sell you. Each mutual fund they sell has an MER (I think that stands for Management Expense Ratio) that comes off your fund. The prospectus shows the fund's track record apart from the MER, but it really bugs me that even when my fund is performing in the negative numbers, my FP is still getting paid out of my capital.

 

On the other hand, I really don't have time to do it myself. I think I'll start managing our own portfolio once the kids are grown, but for now I'm glad that someone is helping us in this area, even if it means we won't have the same returns.

 

Disclaimer: I'm not an expert, so if I've explained this wrong, feel free to *gently* correct me.:) I'm also in Canada, so it may be different here than in the US.

 

Lori

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Honestly? We don't think we need one anymore. Every time dh has gone to see one, he has ended up telling them things they should already know. :confused: Dh reads Kiplinger's and Money magazines, and between the two of them, he stays very current on sound financial advice. If you already have your financial house in order (no debt beyond mortgage, pay off credit cards montly, maximize 401K and IRA contributions, invest through good mutual funds, etc.), it may not be necessary.

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DH and I have seen various ones over the years, but mostly we knew what we were doing and just got a few tips. Most were pretty good, but the bottom line is that most of us haven't saved nearly enough for emergencies and retirement.

 

Last year DH's work provided one because he was considering retiring early on disability -- and he was AWFUL! He was extremely arrogant and kept digging at me about why I hadn't worked full-time in 11 years because "you'd be so much better off." Then we found out that he shared some things about us with another client that we didn't appreciate being shared. That was the end of our dealings with him of course, and DH wrote HR about how we had been treated.

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