Reputable Financial Advisor

L1: Reputable Financial AdvisorWhen I’ve exhaustedthe more common questions and into the bigger picture re: 72t program I’m oftenreferredto “seek professional advise”What do I look for in a reputable Financial/TaxAdvisor? Thanks2005-11-07 18:53, By: Diana911, IP: [209.179.195.127]
L2: Reputable Financial AdvisorAfter you feel comfortable with the terminology, etc. start by asking questions – if you know more than they do… run (don’t walk).If you want someone that is knowledgeable and really don’t care whether or not they are local, send an email to ‘The Badger’ – he is somewhere in Colorado, but in today’s electronic age, that’s about 5 seconds by email or phone. I’ve never actually met Bill – he was from Chicago and I plan on moving to Chicago, but we have had nice visits by both email and phone.
Goo Luck!
2005-11-07 19:21, By: Gfw, IP: [172.16.1.71]

L2: Reputable Financial AdvisorYou have to determine what you want the “financial advisor” for. Usually they are retained to provide advice in selecting investments, doing financial planning for the future (i.e. retirement planning, educational funding, and possibly estate planning, although that”s best by an attorney or tax practitioner/CPA), etc. However, you might be looking for someone who is experienced in SEPP 72-T plans, but you should ask them for suggested alternative solutions. They could be experienced also in some or all of the other areas mentioned above. Ask your accountant, tax advisor, lawyer, etc. for recommendations, and if they themselves are experienced in the area you need advice on. Retain someone who is “fee based” (i.e. on an hourly or “flat rate”), not someone who is commission-based because he will be looking to sell you his products.2005-11-07 23:29, By: dlztaxes, IP: [4.175.9.229]

L2: Reputable Financial AdvisorDiana:
Finding the right person to work with can be somewhat like an Easter-egg hunt withthe CPA element being the easiest. While TheBadger is located in Colorado, he has more latitude and fewer restrictions to work with someone in any state. Financial advisors (FA) are more heavily regulated and must be licensed in each state to work with someone. So you will have to look locally or within a comfortable radius of your location to find the right FA.
Look for an independent FA not associated with a major brokerage firm. There’s too much pressure on the rep to sell what the firm is pushing. An independent advisor has the freedom to select theproduct or methodology to best help the client. Like GFW said, educate yourself so you know the answers before you go in so you can tell when the FA / CPA really knows what he / she’s talking about an not just blowing smoke.
I disagree with DLZ that you should not consider using someone because they offer products on a “commission” basis. If on your first call to a potential FA you ask if they use commission products, then you hang up when the answer is yes, you are limiting yourself unnecessarily. There may be some really good investments which are appropriate for your situationthat are only available as a commission product, and you will be limiting yourself. I do both and have found in many cases it is cheaper to the client to go commission rather than fee-based. The bottom line here is how is the FA is compensated; commissions, fees or a combination. It doesn’t matter as long as you are getting the service you need to accomplish your mission. The popular press wants the general public to think a certain way: Commissions — Bad; Fees — Good. This just isn’t so.
Good luck.
Jim2005-11-08 09:18, By: Jim, IP: [70.184.1.35]

L2: Reputable Financial AdvisorFinancial advisors (FA) are more heavily regulated and must be licensed in each state to work with someone. So you will have to look locally or within a comfortable radius of your location to find the right FA.
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“Financial Planners”, “Finacial Consultants”, “Fianancial Advisors” do not require licensing on any governmental level. If you are a fee only advisor and charge a fee for the dispensing of investment advice you must register with the SEC as a Registered Investment Advisor—the state in which you do business may also require that you register with the state as an “Investment Advisor” In addition you must be licensed by the NASD via the Broker/Dealer you represent if you earn a commission by selling commissioned base products.2005-11-08 11:48, By: Joel L. Frank, IP: [68.197.111.95]