From Fermenting To Finance

And family! Life hacks I wish I knew sooner that might just help you.

Flying blind and wondering if you’re getting taken advantage of with an expensive advisor?

Concerned they’re not out for your best interest?

This post provides resources to find advice-only financial advisors.

How to Avoid Bad Advice

I first highly recommend checking out the Earn and Invest podcast episode: Are you being fleeced by your financial advisor? before going much further.

Rather read the cliff notes?

Here are some notes to consider to avoid a few pitfalls:

  • Look for an advice-only financial planner.
  • Avoid a registered investment advisor who also appears to “remove conflicts of interest” but charges a percent of assets. For example, a 1% “tiny fee” could be the difference of costing you 30k after 20 years.
  • Be wary of fee-based advisors such as a Certified Financial Planner (CFP) who are committed until they’re not, whose income increases only when selling you products or services
  • Advisors with conflicts of interest, such as stock brokers or those who begin helping with your finances by trying to sell you annuities or whole life insurance. They suggest it’s a “win-win” situation.
  • Listen to the Afford Anything podcast to learn What the F**k are Annuities?

Advisor Red Flags

  • They’re pushy, condescending or won’t fully explain rationales.
  • Claim they are a fiduciary and still try to sell you insurance, an annuity, or set you up with an AI monitored account.
  • Take a percent cut of your investments annually rather than charge by the hour.
  • They don’t know about a wide variety of financial accounts other than what they work with.

Advice-Only Financial Planners

Ready to find a trustworthy advisor?

Five at places to find hourly-based financial advisor (who won’t try to sell you a product but can review them) are:

1. Nectarine

https://hellonectarine.com

2. Aptus Financial

https://www.aptusfinancial.com

3. Abundo

https://www.abundowealth.com/what-to-expect

4. Plan Vision

https://planvisionmn.com/get-started/

5. Garrett Planning Network

https://www.garrettplanningnetwork.com

I have personally used Nectarine and had a good experience. All advisors cost $150 for one hour. I did mine virtually and loved being able to share my screen. For my first time, I felt like an hour was not nearly enough time. Likely, I needed to be better prepared, but also I realize it’s better to make it a regular checkup than try to do everything all at once, just as I go to the doctor annually. After a lifetime of avoiding my finances, it will take some catching up!

Who have you used? Do you have anyone to add to the list? Please share below!

Additional Resources

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