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Fear of the Financial Planner

August 19th, 2009 at 06:50 am

Yesterday, I made an appointment to speak to a financial advisor. My husband has a fairly robust 401k through his employer. On the other hand, I have not invested in any retirement account in over 5 years. My "portfolio" is sadly lacking.

I have an IRA and mutual fund that have languished for at least 10 years. I have something that was started by my employer before I was a partner, which appears to be invested in a CD. The total value of my retirement portfolo is less than $20,000.

In addition, I need solid advice about managing our tax liability and our current life insurance policies and limits.

I am surprised that I let the whole retirement thing get so bad, but I know that studies show that I am not alone. Women, for a variety of reasons, tend to shun away from traditional finacial planning and to delay planning for their own retirements. Instead of kicking myself about how I got here (when I was the kid that opened an IRA when I was 19!), I'm going to try to focus on the postive - it's not too late to put aside the $ to have a great retirement!

Not surprisingly, when I told my husband I was going to speak with a potential financial advisor, he was indifferent. While he's happy poking at his company stock options now and then on E*trade, he's basically uninterested in managing any of the finances. I suppose I should just be grateful that he's supportive and on board with the plan going foward.

I can't explain why, but I am terrified of this meeting. My inner voice has been telling me it's ok if I want to cancel and I've come up with some great excuses. Whenever that little voice chimes in, I remind myself that I'm not committing to anything just yet, and I take a deep breath.

Anyone have any thoughts about long term financial planning or financial planners?

3 Responses to “Fear of the Financial Planner”

  1. NJDebbie Says:

    I love managing our family finances, but I must admit, I don't know much about investing. I'm currently contributing to a 403b plan at work and a Roth IRA. May I suggest a book? Suze Orman's Women and Money. I think it's a great book. Don't commit to any financial planning advice until you become informed and can make an educated decision on the various products a financial planner may suggest. I think you can be your own financial planner. Best wishes on whatever you decide to do. Wink

  2. LuxLiving Says:

    Just made my first contact with one this week. See my last blog post, and I am testing the waters myself.

    I want advice. I don't want a product per se, so be careful as many have a product line that they sell. Now I'm not saying that is a bad thing, we all have to eat, but remember who works for whom and only bite on what you've investigated on your own. IOW, don't take all their advice in one gulp. Nibble, contemplate, investigate and then decide.

    Why not do some reading on the internet about good questions to be asking someone? What kind of training they should have before you sign on to any particular one? etc., etc., etc. That's what I'm doing.

    We have some particular issues that need advising. Others I'm fine with doing on my own.

    I don't want a money manager. I want an advisor. Knowing what you're after is more than half the game I'd say, and the second half is finding one that fits YOUR ticket, not the other way around.

    Good luck. Keep us posted on how it's going??

  3. ceejay74 Says:

    This seems to be coming up a lot on the blogs all of a sudden! I just finished venting to Mrs. on He Said, She Said, They Say's last post about how clueless I am of the big picture.

    Of course, mine is complicated by the fact that I'm an American who wants to move permanently to the UK someday and wonder the best way to protect retirement assets from both governments. I'm jealous of people who only have to figure stuff out for one country! Smile

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