What is the process of meeting with a financial counselor like? Do I just call one up at random and meet? Is there a way to look for reviews on them? What do you bring to your consultation, what kind of fees should I expect, etc.? Not in Houston, FYI. My wife and I want to meet with one to determine investment strategies, and discuss down payment on a home purchase. I feel like she is way too financially conservative, in wanting to put about 55% of our savings down on a home, and she feels the opposite in that I want to put 75% down, roughly. Little things like this is where we need to seek counseling, as we tend to butt heads on these issues. Thanks for any advice.
You need a marriage counselor, not a financial counselor. A financial counselor shouldn't dictate how much of your earnings should be allocated. They should educate you on your options and let you decide.
You need to Google "fiduciary advisers." You want to work with someone that is obligated to work in your interest. The mistake many people make is working with an investment broker, who is mostly out for commissions on financial products that may or may not be best for you.
The financial advisor can give you advice and help with various types of IRA's, 401K's/403B's, various mutual funds, pensions, life insurance etc. I would bring pay stubs, maybe some tax returns, any info you have about your current and options for 403b's and 401k's. Bring that for both of you if you both work. They will ask or you can tell them, your plans and ideas of what you want from retirement, expenses such as paying for children's college/weddings etc. Then they will give you options about what you can do with your investments based on your spending needs and retirement desires. It is likely they will offer to move what investments you already have into something they have control of and it may or may not be a good deal. Frequently a combination of things will be an option. There may be some IRA's and a 401K plan that could be used together or one of those along with a life insurance policy plus retirement benefits depending on what your job is and what investments you've already made.
THIS. A lot of financial advisers do not have a fiduciary responsibility to act in your best interest. They can sell you stuff to make themselves money. Someone that is licensed or contracted to you as a fiduciary LEGALLY has to act in your best interest. If they do not, they can be held accountable under the law. For example: Fidelity has brokerage advisers and financial advisers. They sit in two seperate legal entities and have different responsibilities. The brokerage advisers are salesmen. The financial advisers are contracted to you to legally steer you the best way to fit your investment profile, regardless of products from Fidelity or other places. If proven to be acting in their own interest you can sue them and I believe they can be criminally charged.
