Financial Planner?

[jhead64]

Recently in another thread a discussion popped up about the use of a CPA and a financial planner. I'm wondering how many use both? It had never occurred to me to use a financial planner and after reading some of the comments I think it sounds like a good idea.

How do you find a good financial planner? Does the person need to specialize in the trucking industry like a CPA should? Or do they just need to have a good reputation as a planner? How much should I expect to pay for their services? How often do you meet with the planner and what types of information should I be prepared to give them? I know a lot of truckers use a CPA from a state other than their own and that doesn't seem to be an issue. What about a planner? Is the same true or should you find one that you can meet in person?

Any help on this topic would be appreciated as this is something I've never dealt with before.

 

[LDB]

Go to Dave Ramsey's site and find the ELP, Endorsed Local Provider, in your area for financial planners. Frank Katz on this site and John Turner in Houston are top choices for CPA. I live in Houston about 8-9 miles from John's office so I use him. He is excellent.

 

[jhead64]

Thanks. I'll check it out.

 

[robh2]

I am a non driver--I love having a financial planner. Makes life so much better and making more money.

 

[jhead64]

I am a non driver--I love having a financial planner. Makes life so much better and making more money.

Can you be more specific? What types of advice do they give you? How often do you meet with them? How much do they charge?

 

[robh2]

The one I have now is with AXA. I speak to her at least monthly. She contacts me when she feels something needs to be moved into something better for our needs and it usually seems to be a good move. Also makes life easier at tax time to let her and our CPA talk their language to decide the best goals for any changes/rollovers for best tax performance now and long term. Before, our CPA would tell us what might be best for taxes and for us to think about it. Problem is, it may not have always been better investment wise, just tax wise. We let them handle that part and them present us with their best plan. Doesn't cost extra, just part of managing our money.

They also have a monthly get together at different bars in town for free drinks and meeting with some of her other clients and co-workers. It's really great to hear others strategies and goals. There is no speech or big talk, just chatting and drinking. lol...

I can't remember her fees from the top of my head, but it's not that much more than when we did it ourselves with Fidelity and American Century. Also doing it on our own, no one was on top of our account to make sure it was all good. We were just in a pool of other investors and we're not looked at individually and no one particular person to contact for consistent guidance. We are not traders, just altering funds and such based on what is in them and how things are performing in them.

She also alters our insurance the same way to make sure we are getting the most out of it as an investment. We already had AXA for our big life policies, so we looked at them and found someone we liked. I hope that helps.

 

[usafk9]

Not sure I'd ever view insurance as an "investment ".

Oh, and Katz is no more a CPA than I'm a porn star or neurosurgeon. Huge distinction.

 

[scottm4211]

Not sure I'd ever view insurance as an "investment ".

Oh, and Katz is no more a CPA than I'm a porn star or neurosurgeon. Huge distinction.

I've seen my your videos

 

[robh2]

I feel insurance should be part of your investment portfolio. With our policies, we use them as a last resort if ever sued and lose everything. It can't be touched in a lawsuit, so we still have it to use and not be homeless. It's insurance x2 for us.

It's also our own private bank. We no longer get loans from banks other than home. We borrow from our policy and pay 1% interest back to ourselves and pay it back like any other loan. We love having it. It also pays for itself now and earns interest just like an investment. We just use it like a bank and baby sit it. Works out great for our needs.

It all comes down to your retirement goals and needs. I never thought I would say this, but I love our whole life policy. It makes our life better, not just after someone dies.

Katz also is not who I was referring to in my post.

 

[LDB]

Probably mine. I thought he was but never checked into him since John definitely is and is around the corner.

 

[BigStickJr]

Not sure I'd ever view insurance as an "investment ".

Oh, and Katz is no more a CPA than I'm a porn star or neurosurgeon. Huge distinction.

You don't have a huge distinction. Or anything else huge. I've seen your hands.

This is why you are not a porno star.

 

[ATeam]

Accounting has CPAs. Financial planing has CFPs (Certified Financial Planner). These credentials indicate the professional has demonstrated a certain level of knowledge in the field and completes ongoing education to maintain the credential. No small amount of study is required to obtain these credentials. That said, the credential does not make the man (woman). People with these credentials (and any other credential) represent a wide variety of beliefs and practices. Jhead64, you are wise to ask the financial planner questions you are.

Years ago, I was a CFP. I built an independent practice and served hundreds of clients. There is good advice in this thread. Finding a CPA who works together with a CFP is the ideal combination as long as both make it their priority to understand the client and put the client's interests first.

If you have not already done so, the Dave Ramsey resources would be beneficial to explore. Before you interview CFPs in your effort to find one, reading Ramsey's popular book The Total Money Makeover will help you clarify your priorities. That is very important since the CFPs who will serve you best are those who understand what you want. The more clear you are in stating your goals and desires, the easier it will be to find a CFP who is a good fit for you.

Another popular book that will enhance your understanding of wealth, what money actually is and how money actually works as a force in your life is Rich Dad, Poor Dad.

The more informed you are about money and wealth, the better your choice of CFP is likely to be.

 

[BigStickJr]

Rich Dad Poor Dad

Got to wonder if it's a story of a guy that got into expediting late in life.

 

[BigStickJr]

Going to try to get that book to read over the weekend.
Big Dave Ramsey fan.
Suggest anyone reading this book read plenty of reviews on it first.
They're all over the place from this is the best thing since sliced bread to he's basically a moron and his ideas are illegal in Europe.
Still should be an interesting read.

 

[Treadmill]

Going to try to get that book to read over the weekend.
Big Dave Ramsey fan.
Suggest anyone reading this book read plenty of reviews on it first.
They're all over the place from this is the best thing since sliced bread to he's basically a moron and his ideas are illegal in Europe.
Still should be an interesting read.

Those ones are the haters and also Europe is not America.