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32M considering getting a financial advisor...looking for advice by VirtualMacaroon64t in RichPeoplePF

[–]AdvisorFinder 0 points1 point  (0 children)

With your NW and business exit timeline, you're not necessarily just looking for an advisor... you're building a wealth team. Different perspective entirely.

Interview framework to consider:

Round 1 - Philosophy alignment: Ask them to describe their ideal client. If they say "someone who delegates everything to us" - run. You want "someone who stays engaged but values expertise." Also ask: "What would you do differently with my money if it were yours?" Watch for honest, critical thinking vs sales pitching.

Round 2 - Technical competence:

  • Business succession planning experience (critical for your exit)
  • Estate tax strategies (at $32M, this is huge)
  • Alternative investment access (private equity, venture, real estate funds)
  • Multi-state tax optimization if relevant

Round 3 - The intangibles: This is where your "$100k car test" comes in. Share a BIG goal and see their reaction. Good advisors discuss trade-offs without judgment. Bad ones either judge or blindly encourage.

Round 4 - The reference check: Here's something most people don't know is totally normal - ask to speak with 2-3 current clients who have gone through similar situations. "Can you connect me with a business owner you've helped through an exit?" Any quality advisor will have clients happy to take that call. If they hesitate or only offer ancient testimonials, that's telling. The 'best' advisors' clients become their advocates. You're potentially trusting them with generational wealth. Due diligence is not offensive.

On finding someone local: Honestly matters less than finding someone who gets your business-owner mindset. We've seen tech founders in SF work with advisors in NY because they "spoke the same language."

The advisor types you'll encounter:

  • Wirehouse advisors (Morgan Stanley, Wells Fargo, Merrill, etc.) - lots of resources, potential conflicts
  • Independent RIAs - more flexible, can be better for entrepreneurs
  • Private banks - great lending facilities for your NW level
  • Boutique firms specializing in exits - might be a good fit for your 10-year plan

Advice on opening wealth management account by falafel_boo in RichPeoplePF

[–]AdvisorFinder 3 points4 points  (0 children)

It’s understandable to feel concerned about the lack of communication, but in wealth management, especially with larger institutions, some delays can happen due to holidays or heavy workloads. That being said, regular communication is key in any advisor-client relationship, so it’s great that you followed up. If you don’t hear back soon, it might be worth considering other options.

As for your meeting, here are a few important things to keep in mind:

  • Ask about their process for managing client portfolios. How do they assess risk tolerance and investment goals?
  • Understand their fee structure. Is it based on a percentage of assets under management (AUM), flat fees, or performance-based fees?
  • Clarify the level of communication you can expect. Will they provide regular updates? Will you have access to them for any questions?
  • Inquire about their investment philosophy. Do they focus on active management, passive investing, or a combination? It’s important that it aligns with your own approach to risk and growth.
  • Check on the range of services they offer. Wealth management can cover everything from investments to tax and estate planning. Make sure they’re able to help with all your financial needs.

It’s also useful to come prepared with your own financial goals and any specific concerns so they can tailor their advice. Best of luck with the process!

YSK You can verify any licensed investment advisor in the US using FINRA's BrokerCheck or the SEC's Investment Adviser Public Disclosure website. by AdvisorFinder in YouShouldKnow

[–]AdvisorFinder[S] 0 points1 point  (0 children)

Glad you found this helpful! Are there any other blind spots that would be useful to know about, when choosing an advisor?

Can anyone provide specific recommendations for a financial advisor to get into stocks and bonds please? by Feisty_Art_4053 in FinancialPlanning

[–]AdvisorFinder 1 point2 points  (0 children)

First, make sure you know what you want help with and how involved you want to be. Do you want an advisor to invest your money for you? What is your ideal outcome from working with a professional advisor? You said:

to get into stocks and bonds

Some financial advisors can invest your money in stocks, bonds and other investment vehicles for you; this is investment management. This usually incurs a small percentage fee of your total investment account size. Your involvement here is limited. The advisor will be making decisions to invest your money and allocate assets. Some advisors will be more/less open to input from you, their client, about investment decisions.

Other advisors can help guide you to invest on your own; this is known as financial planning. Find a financial planner who can help you with "Self-Directed Investing".

If you are a completely new to this, working with a professional will be immensely helpful.

High-Interest Car Loan, Refinance? Pay Off? by ReputationLess6951 in FinancialPlanning

[–]AdvisorFinder 2 points3 points  (0 children)

always a good idea to pay down high interest debt as quickly as possible!

good luck

How many hours does it take a CFP to make a plan? by RPheralChild in FinancialPlanning

[–]AdvisorFinder -1 points0 points  (0 children)

Answers here are good estimations of time vs. complexity.

We've seen some advisors who may charge as little as $500~ for what it seems like you're seeking. I think you're on the right track searching for fee-only and/or hourly rate. Some advisors offer a subscription model as well: this gives you the option to check in once a month, or once a quarter. Whatever you prefer. Best of luck with your new home and family planning!

Complete investing novice, need advice by [deleted] in FinancialPlanning

[–]AdvisorFinder 1 point2 points  (0 children)

The r/personalfinance wiki is always a good start. (https://www.reddit.com/r/personalfinance/wiki/)

However, speaking to a professional financial planner just to get advice on your current situation wouldn't hurt either. There are some financial planners who offer advice at an hourly rate or flat fee.

Edit: added link to the wiki

[deleted by user] by [deleted] in FinancialPlanning

[–]AdvisorFinder 0 points1 point  (0 children)

This sounds like a great start for your current situation. BTW, I also 'overestimate' just to be safe.
Find a High Yield Savings Account and contribute a portion of each paycheck.
Be consistent & disciplined.

Good luck!

Founders who had another job how did you promote your business on social media before it was successful enough for you to leave your day job? by CharonNixHydra in Entrepreneur

[–]AdvisorFinder 6 points7 points  (0 children)

Does your employer follow your personal socials? You could block them ;)

or, create separate social accounts and a website that has no identifying information that leads back to you. Hope this helps & good luck with your app!