REAL all-around prosperity wealth advisor?

6 Replies

I know we are not supposed to solicit help from a professional here, but I am at a loss.  Trying to find a wealth advisor who is experienced in all sorts of investments (stocks, real estate, reits, multi family , etc).  Someone who charges for his time, not commissions.  I don't mind doing my own research (love it actually), but also don't want to spin my wheels for months on end, because I feel completely overwhelmed with all the books, podcasts, etc, I feel I need to read and listen to so I'll know what I'm doing.  Would really really love some advice about where to start, how to allocate etc.  Any idea where I can find such people?  

I don't know anyone like that. I'm sure they must exist, but I don't know any. In my experience, financial advisors focus on a few vehicles and are good at giving you general advice and managing the investments, but all at a markup and never for the best performance. It's just like my CPA that understands tax law and is really good at filing accurate returns, but she's terrible at helping me develop a plan to reduce my taxable income. So I hired a specialist and project we'll save $25,000 in taxes this year!

It sounds like you're spending all your time researching different ways to invest and to see which one will earn you that absolute best return, but you're losing more than that by fiddling around on research and creating analysis by paralysis. Focus on one investment vehicle and learn it inside/out. Then move on to the next and continue improving your process.

Originally posted by @Nathan G. :

I don't know anyone like that. I'm sure they must exist, but I don't know any. In my experience, financial advisors focus on a few vehicles and are good at giving you general advice and managing the investments, but all at a markup and never for the best performance. It's just like my CPA that understands tax law and is really good at filing accurate returns, but she's terrible at helping me develop a plan to reduce my taxable income. So I hired a specialist and project we'll save $25,000 in taxes this year!

It sounds like you're spending all your time researching different ways to invest and to see which one will earn you that absolute best return, but you're losing more than that by fiddling around on research and creating analysis by paralysis. Focus on one investment vehicle and learn it inside/out. Then move on to the next and continue improving your process.

Great advise! I see this mistake often - someone assuming a bookkeeper is the same as a tax preparer, which is the same a tax strategist. All different - could be filled by the same roll, but you'll end up paying tax strategist prices for all 3 roles!

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Love it! I think you are looking for a "Fee only financial planner" - your instincts are great, this is a thing, and you are wise in my opinion to be skeptical of traditional financial planners, who WILL try to sell you in many cases on expensive whole or universal life insurance (VERY rare use cases where this is profitable to the ordinary investor) and/or will charge fees for Assets Under Management. 

To find a Fee Only Financial Planner, check out XY Planning Network. BP has no financial affiliation with these guys; I just recommend you search there because it is a network of exactly what you are looking for. 

@Carol Burns .  You are describing how I've felt in the past.  I've also wanted my CPA, my tax and asset protection attorney and my investment advisor to talk to each other so all heard what the issues and concerns were of each and to make strategic decisions that were best for my situation.  

I feel like I've found a group with which I'm now on a good path, although there is still work to do.

Until I get my investment plan further along, I'd rather not publically mention them, but so far, I've been very happy with them and they are very reasonably priced for the services they provide.  

Send me an email and I'll tell you who I am working with including a contact there.  You'll be able to find out a lot about them from their free webinars and their website.  My only relationship with them is as a client of theirs.  I was referred to them by my SEC attorney.

If you have any questions about them, I'd be glad to answer them for you.  I'd also like to hear what you think of them and their services.

I would echo what @Scott Trench says, take a look at XY Planning Network and do a keyword search for the important pieces of your puzzle. Fee-Only financial planners that specialize in all different areas exist. There are a few fee-only financial planners that are members of XY Planning Network that specialize in working with real estate investors, myself included. Good luck!