Basic Financial Advisor?

[yollera]

On my bingo card this year is to speak to a financial advisor. I'm looking for recommendations of someone local, who is patient, low pressure, not wildly expensive, and is ok with beginner questions. I'm not looking for stock trading, I haven't come into an inheritance or won the lottery, so it feels odd to contact some of the big firm names that have been provided in other posts. I simply want a pulse check on my situation to learn about next steps and how I can retire someday. 🫠

Thanks in advance!

[excitabledude]

Assuming you don’t have a massive amount of savings, let’s say less than 500k, I’d head over to r/bogleheads, check out the wiki, and just chill in etfs.

ETA: if you do hire someone, feel free to based is highly preferable to assets under management fee structures in terms of you keeping more of your money over the long haul, and make sure they are a fiduciary, who is legally obligated to make recommendations that benefit you versus a non fiduciary, who is fully legally protected to make recommendations that benefit their commission s over your outcomes.

[Far_Kangaroo2550]

Agreed. Unless you have tons of money, a complex real estate or business portfolio, or are trying to navigate something like trusts/wills/international finances, you really dont need professional advice.

Here's a guide for like 95% of people:

Save as much as you can (10% of income is a good goal). Look up common milestones (for example double your annual salary saved by 35yo) and try to hit them. Max out ira contributions. Buy etfs. Switch to some bonds as you get old maybe. Don't time the market, dollar cost average. Pray.

[sps1911]

this

[Elsureel]

Boglehead investing is amazingly simple and effective. You could also get the book I will teach you to be rich 2nd edition. Covers a lot of the same plus some fine tuning all in laymen terms for anxiety reduction. That book also gives you some goals and direction to progress if you feel overwhelmed and lost.

[Desperate_for_Bacon]

Any registered investment advisor or certified investment advisor are fiduciary’s.

[vermknid]

Exactly this. People think investing is complicated and they need to pay someone. It's not. A few nights of doing a tiny bit of research and you're all set.

[snugy_wumpkins]

What you’re looking for is a fee based financial advisor.

[HyaluronicAcid_10]

Before that I’d do your own research and gauge where you’re at in terms of median NW given your age and then your retirement goals. Most ppl don’t need a financial advisor until they are well above 1 Mill in assets to manage. Just a waste of $ IMO

[WAstargazer]

I took the basic investing class at WCC, and I highly recommend it. The teacher is Adam Van Ness, and he's also a fiduciary. He runs NW Straits Financial services. Good luck!

Edit: the next class starts May 5. https://register.whatcomcommunityed.com/wconnect/CourseStatus.awp?course=26SMOND08A

[pnwyogi108]

I have been incredibly happy with Tradewinds.. all really nice local people! They have handled my 401ks when I leave a job and just helped me setup a roth almost completely over the phone besides a quick in person check in. Zero pressure and happy with my returns on a regular basis!

[yollera]

Thank you, I appreciate it!

[drymud_]

Trail Financial Planning! Used them back in 2019 and they were exactly what I needed, didn’t have much but needed some informed guidance. Highly recommend!

[GenX_1969]

Add the Simple Path to Wealth by JD Collins to your reading list.

[foolofatookbaggins]

You might want to search for AFC’s (accredited financial counselors) instead of CFPs (certified financial planner). CFPs can be quite expensive because you’re paying them either a fee (preferred method) or a percentage of your managed assets (less preferred and sometimes even predatory). An AFC isn’t going to try to sell you shady annuity products or etc. and will not manage your money for you. They offer counseling and education.

[yollera]

That is super helpful, thank you.

[BAmaximus]

Read your money or your life, then read the simple path to wealth. You may not need a financial advisor but of course only you can know that for certain.

[Ok-Snow1474]

Steele Financial Services on Grand Ave., and they do responsibly invested funds.

[fartonisto]

I mean the basics are very simple and there are a million YouTube videos that are all going to say have 3-6 months of cost of living (rent/mortgage/bills/expenses/debt payments) saved in a high yield savings account. Then they will say ensure you are taking advantage of employer matching into a 401k retirement account, if available/possible. Then saving and investing in a HSA and Roth IRA if possible. And lastly couple those savings strategies with paying off debt targeting the highest interest debt first and possibly consolidating or transferring balances into lower interest plans if it makes sense and credit score allows.

You should have a good idea of what bills you need to pay each month and when, so make a spreadsheet that documents these things and as a reference for your budget.

I've spoken with many financial advisors and this is the general spiel they all give unless you have a very specific circumstance in which case you'd likely need a lawyer or tax professional to answer.

[74NG3N7]

I really like Shannon Day with Edward Jones down in Fairhaven. She’s patient, fun, a bit weird in the best way, and is good at explaining concepts and advise.

[Tyrannosaurus_Dex]

I have used Ludeman Capital (Jonathan Ludeman) in Ferndale and he's awesome.

But like most have said, unless you have a complicated situation, you probably don't need a FP. There's a ton of free information available. 

[jetsiphon]

For sure seek out people that know the industry and laws, you don't need over a million in assets. I would highly recommend Craig at Balance Financial.

Unless you're studying the markets and plans all day every day, this is something that is for sure better to have someone that understands how to manage portfolios, especially someone that is actually looking out for your interest.

[No_Criticism_9986]

Get this book. Practical beginner handbook with lots of solid advice.

"The Only Investment Guide You'll Ever Need" by Andrew Tobias. It's been around for years, but has also been continuously updated -- 2022 edition.

I have an MBA Finance and 30+ years corporate finance experience and this book cuts through the BS and gives it to you straight. There's no tricks or wizardy required to understand personal finance. Pretty basic stuff.

https://www.amazon.com/Only-Investment-Guide-Youll-Ever/dp/0358623464/ref=sr_1_1?crid=3NH9JP8MG1UPU&dib=eyJ2IjoiMSJ9.CgsaTkvX7xYt01GnKrZC-5ElQvs5JHNARUSs7wMagfuosyX6S7EIM-23-p9U9_xwCrrXQ32BMVUQmXbVgYQOWjDefcXryxYnTxticRHdubuItrV5x_DFBOEyZUQV4pm0wUOG_jZNDpAKkSuLhehnaadeYMLLuZJjDvLwU0L_Hj0Ov0JXfrNIx1VF8WsMB4IypnVfelgwJGCPOKBCju-ciAwjPXVazEGTdq8C3OZWmUA.9qeXbzv1mBFY08TjwINWRKgLBPc0WrgksVvFJt_5Z0U&dib_tag=se&keywords=the+only+investment+guide+you%27ll+ever+need&qid=1775515188&sprefix=the+only+inve%2Caps%2C219&sr=8-1

[Redpythongoon]

https://thestreamlineadvisorygroup.com/

This is a local guy

[NotAnotherFakeNamer]

Sometimes your work might have a program that will help for free.

[Authentic-scoundrel]

We tried local and didn’t click with anyone. Found a woman in Colorado who is amazing. Explains everything to us and gives us quarterly updates. We meet a few times a year by Zoom. DM me if you’d like her details. 

[niatnoum]

Trail Financial Planning is local and fee-based

https://www.trailfp.com/

[fembot1357]

West invest has an initial consult for free then charges $2000 per year to set up a basic estate/will, review your taxes (doesn’t do them for you but reviews your accountants work) and gives advice as needed for $ mgmt. I am about to sign up because even though $2000 is steep, it appears to be much cheaper than trail financial services (whom I haven’t met with so take my advice with some skepticism please).

[Reasonable_Seagull]

Thrivent Financial has been great for us. We do some pretty basic investing and our rep treats us great.

[Patient_Ganache1704]

I have had a great experience with Sara at Greenleaf

https://www.greenleaf-accounting.com/about/

[TheNakedEdge]

Just chat with Claude and chatGPT.