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Author: Melman Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75340  
Subject: Need advice for Retiring Parents in Western NY Date: 12/12/1999 4:07 PM
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My parents are entering retirement, and I'm trying to get them to develop a financial plan. For years, I've offered to pay for time with a good fee-based planner if they can find one, and advised them to attend all the free seminars they can find (but to be wary of advice from brokers and advisors who work on commission).

They need someone who can help them plan their IRA and 401k withdrawals, develop their estate plan, etc. I'm pretty sure I could provide this advice for them, but like a lot of parents they're reluctant to open the books to their kids.

They don't (yet) have a computer, and even if they did I'm not sure they could find the information they need.

They tell me that they recently attended a free seminar and had a free analysis from a "nice young man who wants to make their money work hard for them". This turned out to be a full-service broker, and I think I have convinced them that this is a Bad Thing, but I'm not really sure they see the light.

Other than continue to be a pest, what should I do?

(Any pointers to a competent, unbiased fee-based retirement planner in the Buffalo area would really be apprecicated.)
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Author: Ringfinger Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 16188 of 75340
Subject: Re: Need advice for Retiring Parents in Western Date: 12/12/1999 6:11 PM
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I have worked with Joanne Stanton in Lockport a bit. Mostly on my wifes behalf for some stock that she received as a gift. Joanne works for Edward Jones. You can find her on thier homepage by doing a search by zipcode.

For the limited experience I had with her, she cared quite a bit, sent out regular reports and reccommendations, and was pleasent to deal with.

I hope it helps.



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Author: DHatch Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 16201 of 75340
Subject: Re: Need advice for Retiring Parents in Western Date: 12/13/1999 7:05 AM
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Melman Date: 12/12/99 4:07 PM Number: 16178
-------------------------------------------------

<<Other than continue to be a pest, what should I do?>>

Recognize that it is usually difficult to push wet noodles up long straws.

.02



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Author: W401K Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 16206 of 75340
Subject: Re: Need advice for Retiring Parents in Western Date: 12/13/1999 11:10 AM
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I hope this will be an answer to your problem.
One of the responses you received was recommending a broker that works for Edward Jones. (a Full Service Brokerage firm).
Try this web site:
www.napfa.org
On the left side you will see an option to find a fee only financial advisor in your area. click on that and you will receive an e-mail listing fee only advisors.
You will also receive in the mail a publication as to "why you should use a fee only advisor"
My parents are similar, but they have opened their books to me and were shocked at how much they were paying in fees to Prudential and how poorly their funds had performed relative to less expensive options.
Hope this helps.
Good luck
Bill

By the way, I attended Niagara University. Go Purple Eagles!!

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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 16208 of 75340
Subject: Re: Need advice for Retiring Parents in Western Date: 12/13/1999 11:12 AM
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Greetings, Melman, and welcome. You wrote:

<<My parents are entering retirement, and I'm trying to get them to develop a financial plan. For years, I've offered to pay for time with a good fee-based planner if they can find one, and advised them to attend all the free seminars they can find (but to be wary of advice from brokers and advisors who work on commission).

They need someone who can help them plan their IRA and 401k withdrawals, develop their estate plan, etc. I'm pretty sure I could provide this advice for them, but like a lot of parents they're reluctant to open the books to their kids.

They don't (yet) have a computer, and even if they did I'm not sure they could find the information they need.

They tell me that they recently attended a free seminar and had a free analysis from a "nice young man who wants to make their money work hard for them". This turned out to be a full-service broker, and I think I have convinced them that this is a Bad Thing, but I'm not really sure they see the light.

Other than continue to be a pest, what should I do?

(Any pointers to a competent, unbiased fee-based retirement planner in the Buffalo area would really be apprecicated.) >>


For some thoughts on how to find a financial planner who may be able to offer your folks some assistance, see my article on that subject at http://www.fool.com/specials/1999/sp990728.htm .

Regards..Pixy

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