I'm looking for an independent financial advisor that's not getting a commission on the product they sell.
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Answer:
There are plenty of brokers that are trustworthy, that earn commissions.. Having said that I understand your concern.
I'd like to add one more word of caution. Do not go through a bank or insurance company. Do not buy a variable annuity unless you truly understand them and are one of the 5% that would benefit from them (I know this is "left field"... but it's important)...
Although I don't have a direct answer for your question. consider this;
My wife and I don't use a planner. We average 2%-4% above the S&P Benchmark each year with average risk. Choosing a financial "plan" and executing it is not as hard as the industry would like you to believe. Take a year. Read 2-3 books on investing/retirement investing. Make an "asset allocation" that works for you. Execute it with low cost, no load mutual funds &/or Exchange Traded Funds (ETF's).
You should find the following fact in the books you read;
Picking the "right" funds is not the major indicator for future success. Having an "asset allocation" plan is! Remember, only 20% of the managed mutual funds beat their Benchmark of the S&P500. You can meet that number with a low cost ETF or S&P500 Index Fund. You can do better with a "asset allocation" that looks at all the classes...
Good luck (it's not that hard.. it can be fun!!!)....
BTW: Don't ever take "tips". Don't pick the "fund of the year" unless it fits your model and other requirements.
go for another
http://www.learn-more-business.110mb.com...
Those of us in the Insurance and Financial Services industry generally work on commission, but that doesn't mean that all of us don't have your best interest at heart. I make recommendations every day to my clients that will have an adverse affect on my own earnings because it is the right thing to do for them.
It may take some time, but I would suggest that you interview several local financial advisors until you find one that you are comfortable with. You may also want to ask friends and business associates for recommendations.
Manhattan Girl, good question. The answer is to use a FEE-ONLY financial planner. Make sure it's fee-ONLY, not fee-BASED. These people are paid directly by you (and no one/nothing else) for objective advice with no ulterior motives, no conflicts of interest, etc.
http://www.napfa.org/consumer/planners/...
I agree with one of the other posters that education is the best route, but if you must have advice, a fee-only planner is the way to go. DON'T use anyone from an insurance company, full-service brokerage, bank or the like.
http://www.napfa.org/consumer/planners/...
Dear Manhattan Girl,
I am a financial planner that provides advice and receives no commissions of any kind on investments.
E-mail me.
Dana B. CFP, ChFC, MSFS
President - wealth management firm
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