Where to go for general finacial advising?

[MGoBlue09]

Hello All!

My wife and I are expecting our first child at the end of the year and naturally I have been thinking a lot about finances lately. I would like to sit down with someone knowledgable and do a general review of our finances and get some advice/suggestions for the future. I'm not looking to resolve one specific problem or be sold and investment product but just to make sure that we are putting a reasonable amount away for retirement based on our income, we are paying off the right debt at the right pace, maybe see what options we have to put away money  for the baby, and just make sure that overall we are doing the right things.

I'm not sure if this is the kind of thing you can sit down with your bank or credit union's financial advisor to discuss. We dont make a ton (just a little over $110k b/w the 2 of us) and our retirement savings is done through work so, like I said, Im not looking to be sold anything.

Anyone have any thoughts on where I can get this type of advice? Will my credit union offer this if im not necessarily looking to open up a new investment account?

Thanks!

[Anonymous]

Look for a fee-based financial advisor. Their pay is based on a percentage of your assets they manage, with a minimum amount to make sure they are compensated. The benefit here is they are unbiased in what they recommend and how it is done - managing your work 401k for example. I've worked at every size bank and it is very hit or miss, sometimes you get someone who really cares about you and not the commission....and most times you don't. A bank/CU FA is most likely on a draw or purse commission. Therefore they need to sell you something to make money, if that isn't possible they most likely will not be interested.

You can look up fee only FAs in your area at napfa.org.

[stellar]

I would actually start reading.  There are a few financial advisors who have written books designed to educate the average consumer.  Like Suze Orman or Dave Ramsey.  Ten years ago I read a huge book by Suze Orman called The Road to Wealth, which gave me a good basic financial education and it's non -biased, not trying to sell you anything.  That would be a good start for you and answer a lot of your questions.