I am eighty five years and have been investing through a discount broker since 1982. Have decided I should have some one to discuss my investing with. Which is better a Full Service Broker or a Certified Financial Planner ?
A certified financial planner who operates on a fee-only basis. That person won't have an interest in trying to sell you a particular product. A broker is a salesman. He only gets paid if you buy something. Presumably after many years of investing you are interested in talking estate planning, living trust, that sort of thing. Many people can be helpful. Ask your friends who they have used and whether they liked the person. If on first meeting you basically don't like the person, trust your instincts and go somewhere else. Best of luck, Chris
Abigail21,Find out how they are compensated, and invest with someone who is going to put your interests first. If he gets paid more to do something, he's going to think about suggesting that you do it, even if it isn't exactly the solution you want.
Abigail,Get several referrals, carefully interview at least 3 financial planners and go with who you most like and trust.Most full service brokers work on a fee basis and some are CFPs. There are good and bad full service brokers and good and bad independents. Like any other profession, most are hard working and honest, unfortunately, we only hear about the "rogues".Also, there is no substitute for experience. All people starting out make "dumb" mistakes, therefore try and avoid someone who is in the early stages of their "stupid period" ;)Good Luck,EZ
I agee with Chris go to a certified financial planner.I'd askfriends or a professional person you know to give youthe names of people they use as a certified planner.Hang out on this board, Vanguard Tutorial & Bob BrinkerMoney Talk you'll get lots of info and it's fun.Best to you,Baara
This is like asking which is better, the devil or the deep blue sea? My vote (he says with trepidation) is a financial planner IF, and ONLY IF he or she works on a fee basis only as opposed to commission babsis and comes recommended by several people you know and trust.
I am eighty five years and have been investing through a discount broker since 1982. Have decided I should have some one to discuss my investing with. Which is better a Full Service Broker or a Certified Financial Planner ?The person is more important than what he is. However a broker with a large firm might be best.My assumption is that if you get bad advice a large firm maybe of more help to you in resolving the dispute. I generaly like fee only planners but my assumption is that they help you understand financial options but not what security to buy or sell.I think from your question you maybe coming up with some buy or sell ideas and want a professional to speak to about them. If so the full service broker.
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