Financial and/or Retirement Advisors

thom02099 · ‎09-03-2013

Looking for input, positive or negative, from readers, regarding financial advisors from the "big guys"...the banks such as Wells Fargo, Bank of America, Chase, etc. I have a banking relationship or history with each of the aforementioned banks, as well as credit cards issued by each of them. I'm nearing retirement and have what I think is a pretty good plan in place, I just need some objective (or perhaps subjective) critiques of what I have in mind for retirement. I don't want to get into the specifics here of what my plans are, just looking for feedback from other retirees or near retirees. Here's some of the things I'm looking for:

1 - Have you used such an advisor from one of your local branch offices?

2 - Have you used such an advisor from on-line resources from a major bank?

3 - Was the financial planning fee based or contingency based?

4 - Was the advice given broad based across the financial spectrum, or more focused advice, particularly on products or services that their bank provided/sold?

5 - Big Bank versus independent advisors - yea or nay?

Any other advice to offer?

guiness56 · ‎09-03-2013

I used one from USAA just because it was free and wanted to hear what they had to say.

They called my house and we spoke over the phone. All of the adivce was specifically tailored to me and my retirement pay.

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MidnightVoice · ‎09-04-2013

I have looked in WF as they hold my work 401K. They were OK, but instead I use the same small company that does my taxes. Family run, they have been my accountants for over 20 years. They oversee all my retirement stuff, and we chat by phone every 4 months. Much more personal than a big bank, and they do my tax and retirement, so everything is linked. When I do retire I will roll everything over to them.

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thom02099 · ‎09-05-2013

@MidnightVoice wrote:
I have looked in WF as they hold my work 401K. They were OK, but instead I use the same small company that does my taxes. Family run, they have been my accountants for over 20 years. They oversee all my retirement stuff, and we chat by phone every 4 months. Much more personal than a big bank, and they do my tax and retirement, so everything is linked. When I do retire I will roll everything over to them.

Great idea! I also us a small tax service, have done so for years. Perhaps it's time to talk to them more often!