Still Looking after Twenty Years - Posted by Frank Chin
Posted by Frank Chin on February 02, 2001 at 07:30:16:
I’ve been talking to guys(and ladies) like this for nearly 20 years. They focus on 9 to 5 people and how you can retire after 30 years saving $100.00 a week.
First, if you’re a real estate investor - most of these people don’t understand creative real estate. They can talk about your home - and thats about it. When i mention I invest in multi-family propety - the answer I get is - “thats very nice”
Second, some of them are really Life Insurance guys. They talk you into insurance policies wrapped inside an annuity.
Third, others are stock brokers calling themselves financial planners. How about some nice mutual funds for you?
Currently, I am talking to some - but mainly for tax and estate planning purposes. In this instance - a good planner will tell you that you need estate planning and point you to a good one.
There is a fee based advisor I was considering who charges an hourly fee. The plan is for him to outline specific areas to be looked at - such as structuring ownership interests for my properties, tax consequences in case simultaneous death (wife and me), naming of IRA beneficiaries, life insurance beneficiaries etc.
The idea here is that when there’s lots of assets - you shouldn’t have everything jointly owned.
Then if further analysis is to be done - then he’ll outline what else needs to be down. His hourly rate is $150.00 (he’s in New Jersey) with free initial one hour consultation.
My suggestion is to read a good book or two on financial planning before interviewing them. Then decide on which area is important to you and see if the planner has any expertise. It you’re a real estate investor, and he’s an insurance or mutual fund guy - then he can’t help you much.