Personal Finance
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 2 years ago, 05/23/2022
Does anyone use financial advisors?
Hey guys just wanted to know if anyone uses financial advisors for their investments? Does anyone recommend one around in LA? San Bernardino county area would be better. I want to open a LLC.
You will need an attorney for the LLC, not a financial advisor. A FA typically takes care of your insurance and brokerage accounts.
- Lien Vuong
- [email protected]
Most financial advisors are simply sales-people who sell you the stocks or funds. They often direct you to the ones that make them or their company the most money. Ironically most financial advisors are not financially free themselves. That should tell you something. Why take financial advice from someone who has not demonstrated the ability to master their finances?
Opening an LLC? Why? You certainly don't need one if you are going to take the advice of a financial advisor. You also don't need one to get started in real estate. If your attorney says you do need one, it should be customized to reflect your circumstances and you need to know how to manage it properly or it does you no good whatsoever.
Quote from @Lien Vuong:
You will need an attorney for the LLC, not a financial advisor. A FA typically takes care of your insurance and brokerage accounts.
thank you
Quote from @Greg Scott:
Most financial advisors are simply sales-people who sell you the stocks or funds. They often direct you to the ones that make them or their company the most money. Ironically most financial advisors are not financially free themselves. That should tell you something. Why take financial advice from someone who has not demonstrated the ability to master their finances?
Opening an LLC? Why? You certainly don't need one if you are going to take the advice of a financial advisor. You also don't need one to get started in real estate. If your attorney says you do need one, it should be customized to reflect your circumstances and you need to know how to manage it properly or it does you no good whatsoever.
I wanted to meet up with someone and just see if they could guide me into what would be the best option to get started investing. I see that FA dont really help you in that way. Thank you Greg
@Christian Nunez @Greg Scott I'd have to disagree when talking about Financial Advisors. Yes, you wouldn't utilize them to open an LLC, and yes, some are just sale-people trying to attract clients. I could say the same thing about some real estate agents and brokers.
One thing that's different between common real estate professionals and Financial Advisors is that we have a fiduciary obligation to our clients to always act in their best interest. An advisors job should focused on educating our clients more than just investment management. It never hurts to just talk to one (that understands real estate investing) to get a feel on if they are a salesman or if they are someone you could have a drink with.
Also I became FI through real estate, left my W2 job and became and Investment Advisor to help others get FI. So we aren't all the same :)
Quote from @Denver McClure:
@Christian Nunez @Greg Scott I'd have to disagree when talking about Financial Advisors. Yes, you wouldn't utilize them to open an LLC, and yes, some are just sale-people trying to attract clients. I could say the same thing about some real estate agents and brokers.
Also I became FI through real estate, left my W2 job and became and Investment Advisor to help others get FI. So we aren't all the same :)
My financial advisors are already financially free. I am fortunate to consider them my friends. They helped me to do what they did years ago. I like to follow in the footsteps of successful people. Most "financial advisors" are not good at their own finances, let alone being able to help someone else.
Glad to hear you are a fiduciary and are investing in real estate. I hope you can help others achieve financial freedom, unlike most that just focus on instruments that just bring in commissions.
Quote from @Denver McClure:
@Christian Nunez @Greg Scott I'd have to disagree when talking about Financial Advisors. Yes, you wouldn't utilize them to open an LLC, and yes, some are just sale-people trying to attract clients. I could say the same thing about some real estate agents and brokers.
One thing that's different between common real estate professionals and Financial Advisors is that we have a fiduciary obligation to our clients to always act in their best interest. An advisors job should focused on educating our clients more than just investment management. It never hurts to just talk to one (that understands real estate investing) to get a feel on if they are a salesman or if they are someone you could have a drink with.
Also I became FI through real estate, left my W2 job and became and Investment Advisor to help others get FI. So we aren't all the same :)
That is awesome! Goals right there. I'm actually looking into buying my first property. I'm working with a real estate agent right now. How much would it cost to talk to an advisor?
That is awesome! Goals right there. I'm actually looking into buying my first property. I'm working with a real estate agent right now. How much would it cost to talk to an advisor?
Hey @Christian Nunez, what's your goal with talking to an advisor? You seem like you've got a question or questions in mind so throw them out here so the forum can provide some feedback.
Hey @Christian Nunez, its free and it should be that way with most advisors. Feel free to PM me and we can talk whenever you want!
Quote from @Christian Nunez:
Hey guys just wanted to know if anyone uses financial advisors for their investments? Does anyone recommend one around in LA? San Bernardino county area would be better. I want to open a LLC.
Starting out I did get an LLC but first received advice from my attorney and tax accountant for my specific situation. Everyone is unique - definitely seek advice.