Any gay financial planner recs for West Hollywood?

[califunguy]

Looking to get all my ducks in a row in terms of my investments and retirement planning. Anyone have a good recommendation (and cost)? Also would love to hear if there is anything else I should ask when I do meet with someone. Thank you, guys. 

[TonyDown]

I would ask for the fee structure for ongoing clients and for a one-time financial plan.  Do they sell annuities, mutual funds, life insurance, tax planning, legal estate planning etc?  Do you need that from your financial advisor?  You might ask how many clients they serve.  How big is their Org?  Also, you might ask about certifications, years of experience and education. 

I have my own tax advisor and estate documents attorney.   My financial advisor reminds me when I should check with them to confirm certain decisions. 

I kept the same financial advisor from before I moved to Southern Cal.  He has a copy of my revocable trust and power of attorney instructions in case I pass or am incapacitated.  

My bank and my credit union both encourage me to switch to their financial advisors.  I am glad I never did that.

Have you done an Internet search?  I see there is a big outfit in LA serving gay clients that offers anything one might think of. 

Good luck!

[Lotus-eater]

I wouldn't use a CFP that charges an assets under management (AUM) fee, typically about 1% of your portfolio, which is far too expensive (a 1% AUM fee equals $10,000/year on a $1 million portfolio). I would pick someone who charges a flat fee to create a plan or charges an hourly rate.

Avoid non-fiduciaries, who will tend to recommend insurance products like annuities (for which they receive a commission) as well as a CFP who recommends a complicated mix of funds with high expense ratios.

PlanVision seems like a good option if your finances are not especially complicated and you don't need a lot of hand holding. The Bogleheads forum is also a useful resource. 

TonyDown makes good points about having estate documents and agents to manage your finances and healthcare if you lose the capacity to do so.

Edited 8 hours ago by Lotus-eater

[+ PhileasFogg]

7 hours ago, califunguy said:

Looking to get all my ducks in a row in terms of my investments and retirement planning. Anyone have a good recommendation (and cost)? Also would love to hear if there is anything else I should ask when I do meet with someone. Thank you, guys. 

Whether they’re gay, straight or alien from Mars, I’d encourage you to get the best available based on net performance and not other considerations.

Bernie Madoff led with affinity group marketing outreach…and we see how that went for his clients