[Historian] honeybee I look for someone who has many years of experience analyzing investments and helping clients prepare their personal financial strategy. This person should have a large # of clients. If a big % of those clients stayed with them after 2008, that is a good sign.
[Historian] honeybee I ask the financial adviser for statistics on their performance. What % gain did their clients earn each year for the last 10 years. I ask for the highest %, the lowest, and the average. I want to see consistency, maybe a few high years, or slightly lower years, but not a lot of ups and downs.
[Historian] honeybee I ask them if they handled many accounts that are similar to my own. If I were a foundation, I would ask what % of the $value of their accounts are foundations. If I have a family trust, I ask them for that %.
[Historian] honeybee Is this what you were looking for?
[Historian] amigomiwest A key question is to ask financial advisers for their philosophy and approach to managing risk. This is key. Getting a good return is one thing, but preventing loss is more important.
[amigomiwest] Historian been thinking about getting together a team of financial counselors post RV. I do not have such now... I thought I would start with a tax attorney and learn who else would be needed...
[Historian] amigomiwest That is a good place to start. And it is a good idea to develop a team over time. Also a very good idea to split your investments into 3-5 buckets, and place them with different institutions and advisers.
[Historian] amigomiwest Divide your investment into 3 to 5 portions. Find several financial advisers / financial institutions. Give each adviser/institution one of the portions to handle for you. This is one way to manage risk -- diversifying your portfolio. Make sure the advisers don't all invest in the same thing!
[Historian] amigomiwest For example, I put a % into very secure investments -- interest bearing, guaranteed, fully insured, etc. Another % goes into something more balanced, with some growth but not high risk. Another % may be for riskier investments with high %. Another might be real estate or rental properties. Another might be stable foreign currencies.
Read More Link on Right
[bluedog] Historian meaning do not let one institution handle it all for you
[Historian] amigomiwest Each of these types of investments is a different area of specialization, so I look for the best adviser and institution to handle it for me. I do not look for an adviser to be a "generalist".
[Historian] bluedog Absolutely not!
[amigomiwest] Historian do your advisers include those employed by banks, or other corporations, etc
[Historian] amigomiwest Now a financial strategist is someone who can help you decide what types of investments you should invest in, and what % to put into each. I look for strategists who charge me a fee for their time, and are not trying to sell me their company's products.
[amigomiwest] Historian what percentage of you earnings will you set aside for investments, buying new houses, cars etc.
[Historian] amigomiwest That isn't always possible, and I have found great strategists at banks. I get their advice, but a little of their product, and then go elsewhere for the rest of the investments.
[Historian] amigomiwest RE: what % I set aside for investments, do you mean after the RV?
[amigomiwest] Historian yes ...with RV money..
[Historian] amigomiwest Well, I actually prepared some notes to help people plan what to do post RV. Perhaps I should tidy these up and post them to the forum.
[amigomiwest] Historian I agree Historian you should do that !
[Historian] amigomiwest This is actually a process to follow post-RV . . . simple steps.
[Agent 007] Historian that would be great and then we can periodically post the link in chat for people
[Historian] Agent 007 amigomiwest OK. I will tidy that up. I was going to use it for a CC a few weeks ago, then decided not to.
[amigomiwest] Historian being a new investor, this will help many of us tremendously... it is a big investment world out there... so many directions to go!
[Agent 007] Historian sometimes it is better to just have it as a post - written word is sometimes better to comprehend than spoken on a call.
[Historian] Agent 007 amigomiwest It walks you through what financial info or decisions you need from your 1st cash-in (say, one 25K note) through to what you bring to speak with your attorney, accountant and financial strategist.
[amigomiwest] Historian awesome....
[Historian] Then you cash in the bulk after you speak with your advisory team, and after they set up the proper financial / legal structure for your particular needs.
[Agent 007] Historian sounds perfect
[Agent 007] thanks
[Historian] OK. I will tidy it up and post it in the next day or so. I will have some time on the weekend.
[amigomiwest] Historian I heard it may be best to only cash in 10K at a time.. what do you think about that?
[Historian] amigomiwest Oh, yes. That is because they are watching for money laundering. But that is $10K USD, and they will be watching for amounts just under $10K as well, such as $9500 deposited every day. You don't need to worry about that. They just need to know who you are, and where you got the funds.
[Historian] amigomiwest Just research what the financial strategists and accountants have to say about when to cash in, then plan what works best.
[GrannieAnnie] Historian Wouldn't a fiduciary financial planners be a great person to visit with as well?
[Historian] GrannieAnnie We were talking early about Financial Planners. I look for their experience, rather than their designation.
[Historian] amigomiwest RE: what % to invest in or spend on what, I don't plan on investing right away. I will focus on securing the funds -- that is, put them somewhere where they are very safe and guaranteed. Then I will take my time deciding what to invest in, and how much.
[amigomiwest] Historian this advise comes by attorneys and accountants? or do you have your own plan?
[Historian] amigomiwest I talk to attorneys, accountants and financial strategists. Then I watch business / investment programs on TV, and read some books. Then I take all the advice to set the plan that works for me.
[Historian] amigomiwest I always follow the accountant's advice -- I can't think of a time when I have not. But I don't always do what the financial strategist suggests. For example, instead of investing in mutual funds, I invested in the IQD.
[WHOSONFIRST] Historian ++++ We'll have to see what they say after the RV
[Historian] WHOSONFIRST I think they'll all be in shock! I kept telling them to get some IQD. They understood it, but didn't
For comment section, please scroll down. Thank you.
This website uses marketing and tracking technologies. Opting out of this will opt you out of all cookies, except for those needed to run the website. Note that some products may not work as well without tracking cookies.Opt Out of Cookies