I'm going to see a financial advisor the first time today

[no_hypocrisy]

at Wells Fargo.

What should I ask?

[FBaggins]

1. Here's a good list to read.

Last edited Mon Jun 27, 2016, 08:40 AM - Edit history (1)

http://www.edelmanfinancial.com/education-center/articles/h/how-to-choose-a-financial-advisor

It isn't absolute. A banks advisor can be worth what you pay her, but it is important to understand what conflicts she might have. If she starts to offer you annuities for your IRA funds... run as fast as you can.

[Lochloosa]

2. THIS!

[femmocrat]

3. Watch the John Oliver treatment:

(There is also a longer version on youtube.)

[mahatmakanejeeves]

4. Google "Phyllis Borzi" at DU.

Some helpful links in general:

Google "Phyllis Borzi" at DU.

Google "Borzi," as in Phyllis Borzi, the Assistant Secretary of Labor for the Employee Benefits Security Administration.

If you never do anything else today, watch this video. It was broadcast on April 23, 2013.

Tonight on FRONTLINE: The Retirement Gamble

Phyllis C. Borzi appears in the show.

Please see the article about excessive 401(k) fees in the September 2013 issue of Consumer Reports

There's a ton of information here:

Employee Benefits Security Administration

Understanding Your Retirement Plan Fees

Maximize Your Retirement Savings - Tips on Using the Fee and Investment Information From Your Retirement Plan

Full disclosure: I have money in Vanguard funds.

Vanguard offers funds with active management, Jack Bogle's beliefs notwithstanding. It's like your grocery store. You can buy broccoli there, and you can buy chocolate-covered marshmallows there. They leave the choice up to you.

[no_hypocrisy]

5. I love you guys . . . .

I KNEW you could help me.

[IronLionZion]

6. discuss your goals and plans first

and be wary of them trying to sell you any products before they have listened to you first. Focus on developing your savings and investment plan, building your portfolio, target dates, etc. And ask about fees for the various investments they offer.

I'd suggest looking for indexed stock and bond funds with low fees. I'd be suspicious if they steer you towards riskier investments or anything that you don't understand or they can't adequately explain to you.

[underahedgerow]

8. Yeah I'd go a step further and not place much trust in a bank to put my needs ahead of their

product sales.

I would do my own research, starting with The Motley Fool, get really well informed, then talk to my tax advisor AND talk to a private financial advisor, if they aren't the same person. And don't be going to no
H 1 R Block either.

I think Motley Fool is an incredible resource about all things savings and finance.

[annabanana]

7. To whom do they have FIDUCIARY responsibility?

Maybe not you.

[ArtD48]

9. Ask if the advisor gets paid salary or commission

If commission, then the advisor may pick less than ideal investments for you that give them a larger commission.