[RayinPenn]

http://www.transparentinvesting.com/...wholestory.pdf

Anyone who is thinking of investing with an investment advisor would be well advised to read the article above. Investing need not be complicated; I choose to steer my own ship. I have for many years and am more than happy with the results.

If you must seek help only do so with an advisor
1 who charges by the hour
2 who doesn't try to sell you anything
3 who doesn't talk about the current market or trading - your looking for investment help not trading help.

The above are my opinion based on 30 years of investing(not trading).

[Cedwards38]

Good info and good advice.

[rayschic]

Great article. Thanks for posting.

[tommy steam]

Originally Posted by RayinPenn

http://www.transparentinvesting.com/...wholestory.pdf

Anyone who is thinking of investing with an investment advisor would be well advised to read the article above. Investing need not be complicated; I choose to steer my own ship. I have for many years and am more than happy with the results.

If you must seek help only do so with an advisor
1 who charges by the hour
2 who doesn't try to sell you anything
3 who doesn't talk about the current market or trading - your looking for investment help not trading help.

The above are my opinion based on 30 years of investing(not trading).

Very good information. If one does need help you can look or Google , fee only financial advisor. There are several around here.

[Bonnevie]

but make sure they are fee only, not fee based. not the same thing.

[gomoho]

Originally Posted by RayinPenn

http://www.transparentinvesting.com/...wholestory.pdf

Anyone who is thinking of investing with an investment advisor would be well advised to read the article above. Investing need not be complicated; I choose to steer my own ship. I have for many years and am more than happy with the results.

If you must seek help only do so with an advisor
1 who charges by the hour
2 who doesn't try to sell you anything
3 who doesn't talk about the current market or trading - your looking for investment help not trading help.

The above are my opinion based on 30 years of investing(not trading).

I would like to add #4 only work with a "certified" financial planner

[Laurie2]

A good accountant can be important to those who direct their own investment choices.

Investment decisions can cause tax consequences or create tax benefits.

Self-directed investors must be sure they understand the tax implications of everything they do, like the following stuff and more I have not thought of. . .

-Rollovers

-Tapping IRAs

-Conversion to Roth

-Using a charitable account to buffer tax hits in a higher income year, for instance, when taking distributions from an IRA. Such accounts, available through some of the big mutual fund companies, are not just for the wealthy. Funding a charitable account can allow you to manage your giving in a way that might help you at income tax time.

-Being ready for the RMD. There are those who might need to start this process a few years ahead of that birthday in order to keep more of the distribution.

-Income levels that when crossed can affect Medicare costs. The levels can seem pretty high to most of us, but it is something that some investors need to be aware of, especially as the RMD birthday starts to close in.

-Tax rates on dividends and capital gains. Understanding how to take gains (or maybe losses) on individual stocks can help at tax time.

-etc.

A good accountant can help individual investors to manage their self-directed portfolios in a tax-effective way.

You can learn a lot from a good accountant.

[Gary7]

We have chosen to use a financial adviser (instead of an investment adviser) ... with a credible financial services and solutions company.

Investment Advisors limit their help to investment choices. Financial Planners help you with lifestyle spending, cash flow, saving, investment management, retirement planning, etc.

Laurie2 is right on with the accountant endorsement.

Depending on ones knowledge of the global investment market and the implications to your long-term/short-term goals and tax implications, either solution can work for you ... if the investment decision maker is on top of their game for your benefit.

[rubicon]

My wife and I both firmly believed that when it came to the subject of interest it was better in our pocket than a banks. We have utilized that same strategy over the years and reinforced it by taking investment courses. I actually had back the enough credentials to be a financial planner but opted out for a number of reasons..We avoid high fees have used ladders to our advantage and found ways to avoid or reduce our tax liabilities

Its exhausting because you have to stay caught up on what is going on.

[KayakerNC]

Be VERY careful.
"Kimmel often had the endorsement of local religious leaders, who in some cases got a 1 percent commission on their flock.

RALEIGH: Indiana man, 68, sentenced to 22 years in NC-based Ponzi scheme | Crime | NewsObserver.com

[RayinPenn]

Originally Posted by Laurie2

A good accountant can be important to those who direct their own investment choices.

Investment decisions can cause tax consequences or create tax benefits.

Self-directed investors must be sure they understand the tax implications of everything they do, like the following stuff and more I have not thought of. . .

-Rollovers

-Tapping IRAs

-Conversion to Roth

-Using a charitable account to buffer tax hits in a higher income year, for instance, when taking distributions from an IRA. Such accounts, available through some of the big mutual fund companies, are not just for the wealthy. Funding a charitable account can allow you to manage your giving in a way that might help you at income tax time.

-Being ready for the RMD. There are those who might need to start this process a few years ahead of that birthday in order to keep more of the distribution.

-Income levels that when crossed can affect Medicare costs. The levels can seem pretty high to most of us, but it is something that some investors need to be aware of, especially as the RMD birthday starts to close in.

-Tax rates on dividends and capital gains. Understanding how to take gains (or maybe losses) on individual stocks can help at tax time.

-etc.

An accountant can help individual investors to manage their self-directed portfolios in a tax-effective way.

You can learn a lot from a good accountant.

All those questions can be answered with a little research.

[Villages PL]

Originally Posted by RayinPenn

http://www.transparentinvesting.com/...wholestory.pdf

Anyone who is thinking of investing with an investment advisor would be well advised to read the article above. Investing need not be complicated; I choose to steer my own ship. I have for many years and am more than happy with the results.

If you must seek help only do so with an advisor
1 who charges by the hour
2 who doesn't try to sell you anything
3 who doesn't talk about the current market or trading - your looking for investment help not trading help.

The above are my opinion based on 30 years of investing(not trading).

I too have been making all of my own decisions for about the same length of time and couldn't be happier with the results, despite the fact that I have been through 3 major market crashes. And I completely agree that investing need not be complicated.

I guess I broke a lot of rules by never being in a mutual fund; I just pick my own stocks. Lately, I feel as though I should be more diversified but I'll stick with what I have until it's time to take some profits off the table. Then when the next buying cycle comes around, I'll search for some new names to add to my list.

[Chi-Town]

My wife and I went to a financial planner many years ago. We filled out an exhaustive questionnaire regarding expenses, goals, etc. After a lengthy face to face meeting he presented to us a "road map" to follow. We still call it our financial bible. We had both agreed to follow the plan fully. No arguing or back and forth. There was a fee for this but well worth it. We now have a financial advisor specializing in retirement and wealth management with Morgan Stanley Smith Barney.

It's good to see that some here have done very well on their own, even individual stock pickers. But the history that I have seen with others isn't always that rosy. I would recommend to most to use a professional for their finances.