Fiduciary Financial Planner

13 Replies

Looking to see if anyone has a recommendation on a good fiduciary financial planner. Particularly one that has an interest or stake in real estate. I'm in the Los Angeles area. Appreciate any help.

Thanks!

@Devon Craychee   I voted for your post because most people do not know that they need to find a financial planner or adviser that will take fiduciary responsibility.  People tend to think that all financial advisors and planners are in a fiduciary relationship with them when they are not.

@Account Closed Thanks Michael I appreciate the vote.  I agree its an area I think a lot more people should do their due diligence on when making a choice on someone important in building a successful financial future not for them but you as the client.  I will continue my search.  

You might be better off to get with a CPA who understands financial and tax planning. The good CPAs out there can help you with your financial plan and hopefully your CPA served as a trusted advisor to their clients.

@lancelvovsky thanks for the reply. I do have a trusted cpa who is actually a buy and hold investor himself who gives me great advice when it comes to my tax planning etc. I'm looking for some who can give me structure and guidance on my finances and help set a game plan for my wife and my future, two people who are not the best at finances! Ha

@Devon Craychee

Devon, would love to speak to you about your situation. I am  Certified Financial Planner in New York and we deal with clients all throughout the country. Shoot me a direct message if you want to set up a quick call.

@Devon Craychee  I also voted on your post because the distinction between fiduciary and non-fiduciary advice is so important.  If you engage a fiduciary financial planner, you can be assured you are working with someone who is looking out for your best interests.  It's also important that the adviser represents themselves as "fee only."  If they are not fee only, it means they take commissions from product companies.  

That being said, in my experience, few financial planners really understand direct real estate investing or have experience doing it themselves.  Most are more comfortable with securities (stocks, bonds) and mutual funds.

Full disclosure:  I am a fiduciary, fee-only financial adviser, so my opinion is biased accordingly.

Hi @Devon Craychee --

My husband and I are brand new to BP* and are currently looking around LA for a fiduciary as well. We've reached out to Satori Wealth Management (in Sawtelle) as they are fee only, and will report back. We are also in the market for a CPA, as we moved from New York 2 years ago and this is the year we have to yank the band-aid off and find one out here as we have been sending our documents to them in NY since moving here! Would appreciate any recommendations for a CPA. 

*Brand new in that we were single family home house hunting for ourselves for a hot minute, realized LA is a crazy *** market to buy in and we'd be house poor or in an area that neither of us wanted to live in. Have lots of savings sitting around gathering dust and want to diversify from our other investments, so exploring the world of rental properties. 

Hey Amy,

Welcome to BP. Interested in what you hear from Sawtelle. I met a guy that I think will be great. He is down in San Diego so I am trying to find a time to go down there to meet. I am thinking I may just hold off till the beginning of the year. 

I have a great CPA that I can recommend. I have been using him for 10+ years. More than happy to make an itro if you would like.

LA is a crazy housing market, especially for investments. My wife and I invest in an area just outside Boise where I grew up. I know the area really well and I have family there to manage the properties for me so its been a win win. The market there is only going to get stronger over the next 10 years. Forbes just voted Boise #1 place to live. If you ever want to talk more about it just let me know.

What are of LA are you guys in?


Devon

@Amy Bauer - would also love to hear about your experiences in finding a solid advisor in LA!

https://www.biggerpockets.com/renewsblog/biggerpockets-money-podcast-41-find-certified-financial-planner-cfpkyle-mast/ This BP podcast with Kyle Mast was super informative/neutral.

A little late to the thread here, but would be happy to help in any way I can as well.  I am a CFP professional living in Pittsburgh but work with people across the country.  But if looking local, the best way to find a fiduciary, fee-only planner who has experience in real estate would be to go to NAPFA and use their "Find an Advisor" tool.  You can search your local market and even narrow down using the filter icon to select "Real Estate Investments" as an area of focus.  Of course, you would still need to interview these individuals to understand their actual experience w/ RE but this would be a solid place to start.  NAPFA requires their database of advisors to be fee-only, not commission-based.

Originally posted by @Devon Craychee :

LA is a crazy housing market, especially for investments. My wife and I invest in an area just outside Boise where I grew up. I know the area really well and I have family there to manage the properties for me so its been a win win. The market there is only going to get stronger over the next 10 years. Forbes just voted Boise #1 place to live. If you ever want to talk more about it just let me know.

Devon I have been thinking about structuring a similar approach with my family out in Ohio. Using family for the management piece seems like a great scenario to utilize those BOG and mitigate some of those headaches associated with traditional property management. Id love to know a little more about how you're structured this to create buy in and value add for them!