sylvershadow All American 7049 Posts user info edit post |
I've heard Bank of america and other places, mostly banks, advertising investment advisors. I have some money in mutual funds, but I need to put more in and I want different mutual funds but I have no idea how to research them and tell if they're any good.... they all sound pretty good
should I go thru an investment advisor? if so, should it be soemone in a bank, or an independent? 11/27/2005 1:16:50 PM |
ZiP All American 18939 Posts user info edit post |
people may tell you to look at the other threads about this same subject
i use edward jones, personally
-ZiP!- 11/27/2005 1:35:17 PM |
drhavoc All American 3759 Posts user info edit post |
http://www.morningstar.com 11/27/2005 5:01:58 PM |
Patman All American 5873 Posts user info edit post |
It depend on how much money you will be investing. The truth for most people is they don't have enough to invest to be able to pay someone to invest the money and still make plenty themselves. You would be better off with your beginner mistakes than paying someone else.
Also, "investment advisors" that deal with small potatoes clients usually have ulterior motives. They aren't really advisors, but are salesmen.
I would recommend doing some research on designing a balanced portfolio and then go with a discount broker like Scottrade, Firstrade, Ameritrade, ETrade, OptionsXpress, etc. 11/27/2005 5:50:39 PM |
chocoholic All American 7156 Posts user info edit post |
^he's right.
Even "discount broker" Charles Schwab doesn't want to talk to anyone with less than 100K in liquid assets. I inquired about their accounts for beginning investors and learned all the advice would be automated via phone or internet, not much better than what I can read on my own.
You'd probably be best served by taking a personal finance class and opening an internet trading account.
I've got a broker, but mostly b/c my stepsister had all the $ from her dad's estate invested thru the guy and we opened my account at the same place. I think Bill keeps me on as a client just for kicks; it excites him to see someone young be this serious about investing. 11/29/2005 11:05:36 PM |
Nighthawk All American 19623 Posts user info edit post |
^Or he wants a peak at the jugs. 11/29/2005 11:10:46 PM |
BelowMe All American 3150 Posts user info edit post |
http://www.newyorkfed.org/research/staff_reports/sr48.pdf
i suggest you read that article before you consider which investment advisors to use
its long, but worth it 11/29/2005 11:27:16 PM |
BobbyDigital Thots and Prayers 41777 Posts user info edit post |
Two words:
Fee Only 11/29/2005 11:50:29 PM |
Maverick All American 11175 Posts user info edit post |
My bank doesn't have financial advisors, per se, but they work really well with giving out advice for new investors as well as recommending mutual funds to purchase. Of course, they are somewhat biased towards their own mutual funds, but those mutual funds don't seem to do too badly.
Quote : | "Also, "investment advisors" that deal with small potatoes clients usually have ulterior motives. They aren't really advisors, but are salesmen." |
BINGO
[Edited on November 30, 2005 at 8:53 AM. Reason : .]11/30/2005 8:51:49 AM |
chocoholic All American 7156 Posts user info edit post |
^^^^If that gets me better service than so be it. He's in another state so he'll be waiting a mighty long time 11/30/2005 8:13:32 PM |
drhavoc All American 3759 Posts user info edit post |
just gimme your money to manage for you. 11/30/2005 9:08:45 PM |