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 Saturday at 11:57 PM 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 

[Mark_fl]

Why is just gay a requirement? Why not a smooth muscled top as well? I mean if specific sexual preferences are important in a financial advisor, why not go all the way?

 

[marylander1940]

21 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. 

Would you like to share some basic information about your age, salary, saplings, etc. so we can better guide you? 

[marylander1940]

48 minutes ago, Mark_fl said:

Why is just gay a requirement? Why not a smooth muscled top as well? I mean if specific sexual preferences are important in a financial advisor, why not go all the way?

 

maybe @califunguy feels more comfortable talking about his personal "choices" with someone who is also gay and might understand him better. 

Many realtors in DC advertise as "gay realtors". 

Maybe it's just a desire to keep the money in the community. Who knows!

Not dragging this out of subject but I remember when folks would place the "gay money" stamp on bills to remind everybody of our economic importance. 

[califunguy]

Thanks, guys. Early 50s and really just want to speak with a planner to check that I'm on track. Strategy for 401k and Roth IRA kinda stuff. Best way to sell stocks (winning and losing ones). I've just been winging it all these years.  (I'm looking for a gay one because they probably better understand not having kids and other unique circumstances in our community).

[topunderachiever]

First utilize an AI ChatBot rather than some gay dude who thinks they know what's going on in the world of financial advice.

In fact, once you've compiled and written down all of the pertinent data required to formalize a financial plan, copy and paste it into 4 or 5 different Chat bots and compare their analysis, recommendations and courses of action.  You then choose a couple that you feel are closely suited to your element of risk and begin to fine-tune the responses by asking further clarification, "what-if" scenarios, what's next, tax impacts, etc. 

It's available to you 24/7, it will answer every and any question you may have, compare ideas, tactics, risks and rewards.  Collectively, these chatbots have the encompassing power and knowledge of tens of thousands of the best financial analysts out there.  At no cost. 

AI may not yet be the infallible strategist, but that hunky geek at West Hollywood Schwab likely isn't either.  

[+ nycman]

While I whole heartedly applaud your effort to keep gay money gay, it’s a horrible idea.

Hire your escort based on their ability to suck cock, not your financial advisor.

And as others have said, with minimal effort you can do better yourself, regardless of whether or not your financial planner is a homo.

After 5 years of having some funds managed by a financial planner and most of my funds managed by a bot, I went 100% bot when the data showed my bot was consistently generating 10-20% better returns than my human.

Don't get me started on my “semi-professional day trader” relative. I made his “amazing returns” look like peanuts.