Who do I contact for helping us with our finances/budget?

[cdlamis]

I know we need to see a financial advisor but is this the correct name and where do we find such person? A bank?
Any advice? Thanks!

Daniella
Mom to Julia 6/02
and Bella 12/04
"http://www.gynosaur.com/assets/ribbons/ribbon_sapphire_24m.gif"

[candybomiller]

First of all, what is it you hope to accomplish with your financial advisor? Do you want to get out of debt? Set up a monthly budget? Invest?

Feel free to pm me or email if you don't want to shout it to the world!

[kep]

I'm not sure about a financial advisor exactly, but I can't recommend highly enough the Dave Ramsey plan & books. He has amazing common-sense info and advice on all matters financial.

Kelli

Proud Mommy to Lukey (2003). Weaned after 3 years of happy nursing!
And Mommy to our newest baby, Joseph, born 3 days after Christmas.

[babystuffbuff]

We are finally (FINALLY!) going to a financial advisor (yes, that's the right term) on Saturday. I am so excited. I've tried books and budgets and programs and for us, nothing has really stuck. Maybe we just have no self control. :)

Anyway, we called a local Ameriprise office, and have an appointment this weekend. Ameriprise bought out the financial services division of American Express, which is what I used back home. Maybe I was just lucky, but my advisor was awesome. So that's who I went with now that we are looking for someone here.

I know that there are people who can do Dave Ramsey, or make their own budgets, and do great. I really admire them. But we needed professional help. :P I first called Charles Schwab, but it turns out they won't talk to you unless you already have an account (IRA or something) with them. I think you could probably go to your bank, depending on the bank. We have accounts with Bank of America, but I just went with what I knew. I am so happy that we are taking the jump and getting some help, I think it is going to take a big weight off my mind. Good luck!

Sarah

[Momof3Labs]

Ick, I wouldn't go to the bank and I definitely wouldn't go to Ameriprise. They are out to sell you their products; they don't make any money unless they do. And Ameriprise has a downright horrible reputation in general.

I'd recommend finding an advisor that you pay per hour (fee-based). They are most likely to have your best interests at hand.

[kbudsberg]

I love Dave Ramsey also. He lists counseling recommendations on his website. Try this:

http://www.daveramsey.com/fpu/counseling/

I too wouldn't trust anyone I don't pay hourly. I would trust anyone Dave Ramsey recommends. Good luck.

Kim

[momofmany]

I have used an Ameriprise Financial planner for 20+ years and have been very happy with my experience. We started out doing a financial plan which was creating a budget to help us determine what our monthly expenses, etc. were. We then went through our financial goals - both short and long term. These were things like paying off debt, paying off mortgage, education savings, retirement, etc. The financial plan is really a complicated model that takes all kinds of factors into consideration including risk tolerance, life expectancy, etc.

I have been very pleased with my planner and the Ameriprise offerings. (I've had the same planner for 15 years. We have a wonderful relationship). They are much, much broader now - they no longer offer proprietary products only so the breadth of their product offering is very wide. What I like best is that my advisor is very intuned to my financial goals and needs and we are working toward them together. We reallocate our portfolio at least annually - but usually twice per year. He has the tools to help us understand our picture.

For me - this process has been great. I could not do this on my own. We have a very comfortable nest egg now and every time I panic thinking I won't be able to ever retire, I can review my statements and realize that we have a plan and we are working it.

The Ameriprise model may not be for everyone - but it has been very good for us.

good luck!

[emily_gracesmama]

I have worked with the same advisor with Ameriprise Financial for 9 years, and he's been with the company since 1989 (I am fully licensed as advisors must be). Some advisors, no matter what company they are with are out to make the biggest buck possible. But we do not push our own funds at all, some of them are performing great, and we use them, but it is very close-minded to only use one fund company. The best advice I can give anyone is to find an advisor who has been in the business for awhile, most of the newbies don't know well enough yet what they are doing and you may not get the best possible advice. Look for a Certified Financial Planner, which you can find by going to the CFP's website, and look for someone you feel is in tune with your needs. We consider our clients to be friends, it is a relationship-based business, you need to be able to be honest and comfortable with your advisor. Doing a financial plan is a great idea, since we can look at everything involved in your financial picture and make sure you are on track for your goals and protected with things like life and disability insurance. The advisors who have been there longer tend to be able to have more support staff and you will get better attention and assistance. Hope that helps!

[brittone2]

ITA w/ Lori. Go for someone that charges an hourly rate and is independent. We went a few times in our early years of marriage to someone affiliated w/ a big brokerage. The person we worked with that was a "financial planner" that basically was a glorified salesperson. They are under pressure to move certain products (which means pushing you to buy them), to have you move your money around, etc. so they can make a commission and bonuses. eta: I wouldn't say that experience was worthless, but we were very careful about what advice we took from him. Overall, I think most people are much better off paying someone the hourly rate and feeling assured of the CFP's independence.

[vonfirmath]

>Ick, I wouldn't go to the bank and I definitely wouldn't go
>to Ameriprise. They are out to sell you their products; they
>don't make any money unless they do. And Ameriprise has a
>downright horrible reputation in general.

I definitely agree NOT to go to Ameriprise. They brought my husband in to hire him. And they are commission only -- paid only if they sell the Ameriprise products. My husband did not like what they said so went no farther at that point.

Go to the Dave Ramsey websites. He's got financial advisors that are affiliated that sell NO products. You find one in your area and go talk to them. His big deal for his people that he wants people with the "Heart of a teacher" -- so that YOU understand your finances. Then you go out and figure out what program you want to be part of, if any, after talking to his financial advisers.