While I know it's not football related, I value the thoughts of fellow Nebrskans, so here it goes. I'm looking to find a financial advisor to help diversify my investments and maximize my retirement along with an already established 401k. I'm 35 years of age and value any insight that can be given in a market with so many options. I want to ensure I find someone that'll work for me, not themselves and is trustworthy/honest. I value any responses that this thread may acquire. Thank kindly in advance.
Financial Advisor - Omaha
- Thread starter jp9844
- Start date
My best advice is to educate yourself and skip the financial advisor. If you must go that route, flip a coin.. any of those people will gladly take your money. Research all the different buckets or types of investments, their liquidity, and find what percentages work best for you. You have stocks, bonds, gold, real estate, foreign currencies, mutual funds, private equity, options, futures, and then other things like Art and Antiques.
All that said, you're probably best off putting 70% in an index fund, the rest in a home, and a 6 month cash reserve.
All that said, you're probably best off putting 70% in an index fund, the rest in a home, and a 6 month cash reserve.
I'm sure he won't mind me sharing his name, but I go to Rick Blunk with Curnes Financial Group.
402.397.5440
http://www.curnesfinancialgroup.com/team/rick-blunk
Doesn't try to sell me something I don't need (like a VUL, which isn't necessarily bad, but doesn't fit my needs/goals, etc), explains the risks and what could happen in each scenario that comes up, when I call and ask about current events (Brexit, Trump being elected, etc) he gives me his 2 cents, which is usually don't overreact. Just don't bring up Husker football if you're crunched for time because he could talk for hours on the subject.
Personally I find him trustworthy because before we decided on a plan he asked me a bunch of questions (how much do I currently have saved, when do I want to retire, how much debt I have, do I have an emergency fund, etc) so I know he didn't automatically assume he knew what I needed when we first met. Right now I just have a Roth IRA and 529 plan set up which I know he doesn't get paid a whole heck of a lot on and he seems perfectly fine with that.
I'm in the insurance industry and unfortunately a couple people in my company are selling "financial services" the wrong way by trying to sell 1 product to every client they meet (which pays the most commission, weird...) and misleading people in how they're selling certain products.
Anyway I went on a little rant, but for sure whoever you go with do some research yourself.
402.397.5440
http://www.curnesfinancialgroup.com/team/rick-blunk
Doesn't try to sell me something I don't need (like a VUL, which isn't necessarily bad, but doesn't fit my needs/goals, etc), explains the risks and what could happen in each scenario that comes up, when I call and ask about current events (Brexit, Trump being elected, etc) he gives me his 2 cents, which is usually don't overreact. Just don't bring up Husker football if you're crunched for time because he could talk for hours on the subject.
Personally I find him trustworthy because before we decided on a plan he asked me a bunch of questions (how much do I currently have saved, when do I want to retire, how much debt I have, do I have an emergency fund, etc) so I know he didn't automatically assume he knew what I needed when we first met. Right now I just have a Roth IRA and 529 plan set up which I know he doesn't get paid a whole heck of a lot on and he seems perfectly fine with that.
I'm in the insurance industry and unfortunately a couple people in my company are selling "financial services" the wrong way by trying to sell 1 product to every client they meet (which pays the most commission, weird...) and misleading people in how they're selling certain products.
Anyway I went on a little rant, but for sure whoever you go with do some research yourself.
Last edited:
FWIW I'm 34 and my 401K strategy is to contribute as much as I can possibly stand and keep the lights on. If your company does a 401K match, you MUST contribute at least as much as they'll match. If you don't, you're throwing away free money. If I put a machine on the corner where you could put $20 in and it gave you $40, there would be a line a mile long to use it.
Yet I talk to people who don't contribute enough to get their full company match. It's one of the dumbest things you could ever imagine.
The thing a lot of people won't tell you to look at is the fees on which funds you choose. We fuss over one fund getting a 1% better return than another and then ignore that it charges 1.75% more to be in the fund in the first place. You can never guarantee how the market will do, but if they charge you big fees, you can guarantee that expense.
I compare the Morningstar ratings on the funds my company plan offers and choose a few that have performed well over at least 5 years. 10+ years is better if you can get data that far back. Anyone could have a big year, you want to know how the fund performs over a long time. If it doesn't at least match the DJIA and S&P500 gains over that time, I don't use it.
Don't expect crazy gains all the time. It's investing, not gambling. For people our age, the #1 asset class we have is TIME. There will be good years and bad years. I got 20%+ returns my first year because that was 2009 and there was a huge stock recovery. But there's NO WAY I could ever find a fund that will do those numbers every year. I know that as time wears on, if I'm getting 6-8% that's pretty solid.
Correct me if I'm wrong, but most 401K investments compound quarterly? Sock that money away and leave it the hell alone so it can earn interest.
I personally have the Vanguard Windsor II fund for my IRA.
Yet I talk to people who don't contribute enough to get their full company match. It's one of the dumbest things you could ever imagine.
The thing a lot of people won't tell you to look at is the fees on which funds you choose. We fuss over one fund getting a 1% better return than another and then ignore that it charges 1.75% more to be in the fund in the first place. You can never guarantee how the market will do, but if they charge you big fees, you can guarantee that expense.
I compare the Morningstar ratings on the funds my company plan offers and choose a few that have performed well over at least 5 years. 10+ years is better if you can get data that far back. Anyone could have a big year, you want to know how the fund performs over a long time. If it doesn't at least match the DJIA and S&P500 gains over that time, I don't use it.
Don't expect crazy gains all the time. It's investing, not gambling. For people our age, the #1 asset class we have is TIME. There will be good years and bad years. I got 20%+ returns my first year because that was 2009 and there was a huge stock recovery. But there's NO WAY I could ever find a fund that will do those numbers every year. I know that as time wears on, if I'm getting 6-8% that's pretty solid.
Correct me if I'm wrong, but most 401K investments compound quarterly? Sock that money away and leave it the hell alone so it can earn interest.
I personally have the Vanguard Windsor II fund for my IRA.
Last edited:
If you are going to speak to a financial adviser and they start talking about their average rate of return, ask them about their real rate of return. Average rate of return is a very deceiving number.....
What would your average annual rate of return be if you were to invest $100,000 in stocks over a four year period of time, with an immediate -50% crash in year one, followed by +50% in both years two and three, and then a -30% crash in year four?
Year 1 -50% Year 2 +50% Year 3 +50% Year 4 -30% Total +20%
Add up the numbers and then divide the total by 4 (years). You would get an annualized return of 5%. Thus, promoters of this investment could advertise that they made a 5% average annual rate of return.
But, your balance is at the end of each year:
Year 1 $50,000 Year 2 $75,000 Year 3 $112,500 Year 4 $78,750
Your real return was a net loss of $21,250.
What would your average annual rate of return be if you were to invest $100,000 in stocks over a four year period of time, with an immediate -50% crash in year one, followed by +50% in both years two and three, and then a -30% crash in year four?
Year 1 -50% Year 2 +50% Year 3 +50% Year 4 -30% Total +20%
Add up the numbers and then divide the total by 4 (years). You would get an annualized return of 5%. Thus, promoters of this investment could advertise that they made a 5% average annual rate of return.
But, your balance is at the end of each year:
Year 1 $50,000 Year 2 $75,000 Year 3 $112,500 Year 4 $78,750
Your real return was a net loss of $21,250.
Which is why you shouldn't liquedate your 401K after 4 years at age 39
I'd suggest asking for references from co-workers, friends and family members instead of an anonymous message board.
Which is why you shouldn't liquedate your 401K after 4 years at age 39
Ha! While I am for trying to retire at 39, I wouldn't want to take the penalties (and the income tax hike) for liquidating it all so early.
I was merely trying to shed some light on the often misleading pitch of "10 average rate of return!" And possibly endorsing some indexed funds.
How dare you. When I'm not benching 700 pounds I'm checking the balance on my multiple, multi-million-dollar portfolios!
What if you stayed at a holiday inn express last night??
I don't have any names for ya, but this would be my advice:
You are going to be paying for their service. Ask them specifically "what are you going to do for me?", "what are your services going to cost me?", and "what is your fiduciary responsibility to me".Some advisers will throw out "dollar cost averaging", recommend a few mutual funds or insurance-based vehicles, and that's it. Some advisers will follow the stock market, give advice across the spectrum of investment vehicles, and give buy and sell advice on a recurring basis. So know what you're paying for.
You are going to be paying for their service. Ask them specifically "what are you going to do for me?", "what are your services going to cost me?", and "what is your fiduciary responsibility to me".Some advisers will throw out "dollar cost averaging", recommend a few mutual funds or insurance-based vehicles, and that's it. Some advisers will follow the stock market, give advice across the spectrum of investment vehicles, and give buy and sell advice on a recurring basis. So know what you're paying for.
Jack Swanda, PM Financial, 402-491-3400. Worked with him several years and trust him. They do a good job of explaining fees. Most of their clientele is "more mature" so they won't put you in anything too crazy.
I think most of them take about 3% a year. Take that x 30 years and see how much you have left. I agree with the post above-- educate yourself and put the money in index funds. If you have time, it will work over the long haul.
What specifically are you hoping an advisor will do for you that you can't do yourself? Also, at 35 are you talking about a 401K of $500K+ or what range?
Isn't that what Bernie Madoff said?Sounds advice but all recommendations from me are pure gold!
Sounds advice but all recommendations from me are pure gold!
I remember having some relatively heated discussions about buying gold with some folks on here (I no recollection of who it was). But dammit if they were not convinced that it was the best vehicle for their money.
I'll let you in on a little secret. If you are going to invest your hard earned money, you want to put those funds into a sure winner, something that cannot lose no matter how the US economy is performing. Financial advisors will not tell you about this cant-miss investment because it does not generate fees. Its a secret that is never publically shared but I am going to reveal it to you now............ the future belongs to .........
(((((( plastics ))))))
Have a nice retirement.
(((((( plastics ))))))
Have a nice retirement.
I believe that's what Sam Wainwright told George Bailey in that old movie "It's a Wonderful Life."of
Here is a good video for what to ask an advisor done by creative planning. Not an ad for them. Just some good questions.
http://getasecondopinion.com/tony-i...medium=email&utm_content=tony-interview-pm_FC
Always make sure they are a fiduciary.
If you tax plan is simple and fees are a concern consider a robo.
If u like to do it yourself make sure you have a set rebalancing/tax loss harvesting schedule.
Interview at least 2 advisors before making a decision.
http://getasecondopinion.com/tony-i...medium=email&utm_content=tony-interview-pm_FC
Always make sure they are a fiduciary.
If you tax plan is simple and fees are a concern consider a robo.
If u like to do it yourself make sure you have a set rebalancing/tax loss harvesting schedule.
Interview at least 2 advisors before making a decision.
Remember the IRS allows you to contribute up to $18k/year in your 401k. Just do it if you can. I always liked this Buffett article:
http://www.fool.com/retirement/warren-buffetts-super-simple-retirement-advice.aspx
http://www.fool.com/retirement/warren-buffetts-super-simple-retirement-advice.aspx
Depending on what you have for available cash annuities are a good, safe place to put your money. No risk for loss and decent potential for gains. Company I work for has a great product that essentially sets up like a pension. If you're still working I would continue to fund your 401k at the highest your company will match. We also sell life policies that build cash value. A lot of our products are based off the s&p 500 so for the most part they are more consistent than the variable products.
I'll invest it for you. I have an idea tha{ involves running an escort service out of a morgue. Sure big money winner
The only thing I would add here is that I think a lot of people focus only on the nest egg/retirement income side and don't do enough to ensure that they are debt-free upon retirement. Saving is absolutely essential, but when I talk to people older than me who still have 15-20 years left on a mortgage in addition to other debts, I scratch my head. This is something you can definitely take care of on your own, but a good financial planner should also guide you on this side of the equation, even though it doesn't necessarily generate income for him or her.
With how low mortgage rates are at the moment, you hope that your investments are outpacing the 4% interest you're paying on your mortgage.
Yes I get that, but I still don't want to be servicing debts when I'm retired. To each their own, but I don't want that type of obligation when my income-generating years are over.
I completely agree with not wanting debts when you're retired. I am always shocked when 50+ year old buy a house with a 30 year mortgage on it.
Dwight Schrute: A 30-year mortgage at Michael's age essentially means that he's buying a coffin. Now, if I were buying my coffin, I would get one with thicker walls [double bass playing in background through the wall] so you couldn't hear the other dead people.
Not only is investing correctly important but how your assets will be disbursed upon an untimely death is very important. We set up trusts over 25 years ago when living in Columbus and will be updating them next year since our children are now out of the house.
I recommend taking out a life insurance policy while you are young and if it is a term policy try to lock it in until you are around 70 or so. Our 30 year term policy will expire next year and I can keep the same coverage but my payment goes from $35.00 a month (for the last 30 years) to just under $100.00 a month next year, $125.00 a month the next year, $175.00 a month the next year, and then over $250.00 a month the next and I am currently 63. I still remember the day we took out our policy and declined taking a 35 year policy and it was very little more a month.
I recommend taking out a life insurance policy while you are young and if it is a term policy try to lock it in until you are around 70 or so. Our 30 year term policy will expire next year and I can keep the same coverage but my payment goes from $35.00 a month (for the last 30 years) to just under $100.00 a month next year, $125.00 a month the next year, $175.00 a month the next year, and then over $250.00 a month the next and I am currently 63. I still remember the day we took out our policy and declined taking a 35 year policy and it was very little more a month.
General rue for life insurance, after the policy matures, do not continue with the one year re-news (unless you are terminally ill or extremely sick). You are 63, which is a hard age for a term policy. You may be forced into a smaller whole life.
We are considering our/all options and will be making an informed decision next year.
Good. Look for somebody that has multiple companies to look at. Each company has sweet spots. If you are in good health, go fully underwritten, don't drink coffee or eat a lot of sugar before your blood work. If you have some health issues (diabetes, heart meds, etc), see if a simplified issue policy is cheaper or even available based on your age.
Unfortunately, $35/month is probably out the window for you.
Similar threads
