Financial advisor

[Daisiefire]

So the bank teller was looking at my fiancé's account when he went to put his cheque in. She told him to wait a minute and brought a guy back with her. He looked over his numbers and said is this paycheque for half a month or a full month. Told him half a month. The guy said you are coming to see me. He ended up being a financial advisor, saying that his bank account should not look like it should with that much money coming in. So at the end of the month we have an appointment. Obviously we need it. I've been wanting to, but have been busy.
Anyways, what would you guys suggest to do to prepare for the appointment?
Thanks

[kissjo]

WHAT???? I think thats low and sneaky, to tell you the truth. There is NO reason that any financial advisor should force themselves on you. And seriously, I wouldn't just take his sole advise either. I would shop around for advisors - different ones tell you different things. I personally would never use an advisor at the bank....they seem to have the banks best interest at heart, whereas an advisor in a financial planing institution seem to have your personal interest at heart (just my personal experience anyways). Banks were trying to force products down my throat, whereas my financial planner went through every option and gave me a choice. Do you think he would've looked over your statements and your cheque if you were making a quarter of the paycheck? (by the way, even though he works at a bank, the fact that the teller went to get him seems awful intrusive on personal information).

Thats just my 2 cents....others may have a different opinion. I just thinks banks are only protecting their financial stability, and not the stability of their clients.

[Daisiefire]

Just brought this point up with fiancé and he said he was talking to the teller about how it seems wrong that we are living paycheque to paycheque. So it wasn't out of the blue.
We were thinking of seeing the bank and an independent advisor. To see which would go better with what we are trying to accomplish.

[Orual]

I found a simlilar thing with the bank advisor, mostly interested in selling the banks products, not in helping accomplish goals. Independents are not as bad as they tend to have a variety of products to offer but they still make money off of what you invest in, so no matter what your financial situation looks like they suggest investment.
When you do the math, investment does not make sense when you have debt. Even making 10% on $1000 doesn't make sense if you have another $1000 on a credit card at 19%. You are still loosing money.

I suggest taking a look at Dave Ramsey. His plan is pretty simple, though it takes discipline to carry it through. He has a website, a radio brodcast (AM 930 weekdays 1-3), books. Yes he does make money if you buy his products, but he does not sell investment products or loans, only book, computer software and such. You can get several of his books from the library. Wish I had known the things I have learned from him six years ago before I had any debt, we wouldn't be living paycheck to paycheck now.

[kissjo]

I didn't mind the Dave Ramsey book, but I found Gail Vaz-Oxlade to be way better and Canadian too. She was blunt...but she was so thorough and explained everything really well. She has a debt free book and an investment book - both were wonderful.

[Kelkens]

Financial advisors...are not what we think...ie advising how to manage finances...

They are selling a product..

However it might be helpful to meet with one to start a saving goal..some people need that extra push to do it.

[suziecharlie]

There is a thread about financial advisors under "Finance."

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My husband had a similar issue. He went in said this is what I want, nothing else (change some stuff around) and all the person did was talk buying and doing everything else. It took 5 months to sell mutual funds at one institution and transfer to another. The bank we transfered to didn't even sell their portion until the final meeting (we had to call them) and then tried to go thru the whole selling, you should do this and that. They just wouldn't listen to what we wanted. We wanted to be more conservative with our investing money, since 10 years there way didn't make a cent.

People make mistakes with investment all the time but... pushy advising/selling.

They don't have anything to lose and defend themselves by saying we could never have predicted this or that.

[Kelkens]

The other thing is if you are no longer buying they drop you like a hot potato..

We went with a financial advisor from Primerica..we are now in our 50's and since investments have actually decreased in value we have stopped buying RRSP's as we know we will be drawing them out soon.

Since we have had these investments for close to 18 years even with the dips in the market we are still ahead but we certainly are not buying anymore now as we are close to retirement.

Do you think we can even set up a meeting with a "advisor from Primerica"...we have been trying for weeks. The bottom line is they are not interested as we are not giving them business.

So be very careful. It is good to put money aside to top up pension if you have it but it is equally as important to pay off all debts including a mortgage. There have been a lot of articles about investment vs.debt and most still say the most important thing to do is pay off debt and have property. Property increases in value a lot more than stocks,etc.

I have an elderly aunt that has rented out a condo for a number of years. She said it has given her the best return on her money.

If I had to do it over again I would have taken the money we had and bought rental property..

[kissjo]

Look up information on Primerica....Not a reputable company. Same with AIL. All scams, IMHO. I have had great services with both ING and Investors Group. I have a family member who works with an investment firm in BC - they had at one point worked with a bank and said that they are so happy to not work for the bank anymore, advising people on products that he himself didn't believe in, or sending them in the complete wrong direction (ie: going in for debt consolidation and encouraging someone to get a line of credit on top of their debt consolidation, just in case). He actually feels better working for a company that actually cares for their clients, and puts their interests first.

I have a great advisor. He contacts me twice a year to see wether or not I want to review my investments. He is prompt in returning any calls and/or emails. He invites me to tons of client events. He has never jammed anything down my throat. I know exactly where my investments are going and what to expect in retirement. He has suggested certain items to me, but I have refused them (ie: critical illness insurance) - I feel its just not the right time. He hasn't pushed it anymore, saying that he's given me the info, and if I want to review it in the future, we can. I have watched my money grow leaps and bounds with him. When I had my money with the bank, it was a nightmare and I never plan on working with a bank for anything other than my one bank account, ever again.

[RedEng]

Financial advisers are trying to sell a product and do work on commission, but that is not a reason to talk to one.

DH and I went to a Retirement workshop by Assante 15 years ago, became their clients and are still with them. It sounds like you and your fiancee need to get informed on what to do with your savings or increase them. Listen to the financial advisor and then ask for few days to decide or ask if there is any penalties/fees if you decide to move your money in the next 6 months.

I don't know how detailed a bank adviser is, but this is what may be needed for your meeting.
- last pay stubs
- info on employee retirement plans
- any other savings accounts, RRSPs, TFSA, RESP (if you have kids)
- any debt you have car, house, credit card etc.

If you are living paycheque to paycheque I recommend watching the show 'Til debt to us part'. Financial Advisers won't help with this. Good luck

[alwaysdaddysgirl]

I am a big fan of Gail. I have no debt (except mortgage) and no issues with monthly spending but I still watch the show to keep me in cheque. I do have one of her books if anyone wants to buy it.

I am also a big follower of the magazine Money Sense. It is for Canadian Investors. I invest my own money and have never lost anything big. Nobody cares more for your money than you do. They are big advocates of the Couch Potato plan. Which takes very little effort on your part.

Remember investors need to make a living off you and your money as well as hundreds of their other clients.