Investment Advice

[davidsonj73]

I want to seek out professional investment advice, which designation or designations should an investment advisor have? I live in the USA.

 

[Bible_Belt]

Advisors usually work on commissions. For the very wealthy, you can get a fee based advisor, usually a certified financial planner.

 

[davidsonj73]

Advisors usually work on commissions. For the very wealthy, you can get a fee based advisor, usually a certified financial planner.

Thanks for the reply!

 

[Divorced w 3]

I don’t think it necessarily matters what degree. I would suggest it is more about the time in the business. Any advisor is going to have a publicly verifiable record. If you’re not coming in with a ton of money then you should strongly consider a bank based advisor at a major chain because you will get way more than you would typically get with a smaller balance at a less established company. When I say a smaller balance I mean typically under 200-300k is usually not going to move the needle for most places. Stay away from the guys who are going to jam insurance at you at lower levels than even that. Moral of the story, try Bank of America, Chase, pnc, places like that. If you’re coming in with a lot more than that then the major houses will be a better fit.

 

[BackInTheGame78]

Advisors usually work on commissions. For the very wealthy, you can get a fee based advisor, usually a certified financial planner.

Not for much longer...a new law is about to take effect that requires all investment places to act as fiduciary's.

What the New DOL Fiduciary Rule Means for Your Clients

Retirement savers get new protections as DOL extends fiduciary standard to IRAs.

www.morningstar.com

 

[Divorced w 3]

Not for much longer...a new law is about to take effect that requires all investment places to act as fiduciary's.

What the New DOL Fiduciary Rule Means for Your Clients

Retirement savers get new protections as DOL extends fiduciary standard to IRAs.

www.morningstar.com

It’s good that the industry is being regulated and rightfully so- but that law isn’t going to change anything. For one, they tried that in 2017 and it was repealed entirely within 18 months. Then the industry teamed up with the government and wrote something called reg BI to make it seem more protected but it didn’t change anything other than creating a ton of extra paperwork that covered everyone’s asses and made it look good, but the clients have no idea what it is and it was resolved over docusign so it didn’t matter if it was one page or 100, nobody was put out. I find it very unlikely that the link above does anything meaningful, unfortunately

 

[jaygreenb]

I want to seek out professional investment advice, which designation or designations should an investment advisor have? I live in the USA.

What type of advice are you looking for? If it is just cookie cutter allocations, which 90 percent plus of "professionals" will give, do a little leg work yourself and avoid the fee's that will massively handicap your performance long term.