https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Sat, 11 Apr 2026 01:44:05 +0000 https://boards.hellobee.com/topic/how-do-you-find-a-financial-adviser#post-2437936 Tue, 26 Jan 2016 17:57:47 +0000 sunny 2437936@https://boards.hellobee.com/ <p>@Anagram: You can (potentially) contribute to a Roth IRA via the back door method if your income is too high to contribute directly. I say potentially because there may be some taxes to pay that could possibly make it too burdensome. Assuming that you can afford the taxes/it makes sense to convert the Trad IRA to Roth IRA, then you should be able to continue to contribute to the Roth IRA until congress closes the back door. </p> https://boards.hellobee.com/topic/how-do-you-find-a-financial-adviser#post-2437778 Tue, 26 Jan 2016 15:05:36 +0000 mrsog 2437778@https://boards.hellobee.com/ <p>@Anagram: my husband is a financial adviser so as far as answering questions about your accounts, I have no idea because he handles everything.<br /> He used to work for a big bank so if you have a bank account anywhere you can walk in and ask to speak to their adviser and they will set up an appointment for you. I would not recommend this as the banks more revenue driven and will put you in something that will make them a bigger commission than what is actually what you need. He now works for an investment/financial services institution that focuses on retirement and investment planning. His clients are participants in the plans they have through their employer. So if you employer offers your 401k through Principal, for example, you can call and they will make you an appointment with an adviser to review your accounts and not just with the money you currently have with them, but with anything you may have outside as well.<br /> No cost to consult and I think only certain types of managed account cost you a % fee. </p> https://boards.hellobee.com/topic/how-do-you-find-a-financial-adviser#post-2437767 Tue, 26 Jan 2016 14:46:51 +0000 Anagram 2437767@https://boards.hellobee.com/ <p>@sunny: yeah, thanks! I don't think I can keep contributing to a Roth because of our income. And I don't think we get any deductions on a regular IRA for the same reason. But Maybe doing a regular IRA and converting to a Roth would work for the lump sum I need to move, and then I guess I just can't add to it? Those are questions for Fidelity I guess.</p> <p>Or maybe I need to talk to the 403b people first and get the terms of the 403b so I have exact numbers to discuss with Fidelity? </p> https://boards.hellobee.com/topic/how-do-you-find-a-financial-adviser#post-2437697 Tue, 26 Jan 2016 13:45:32 +0000 sunny 2437697@https://boards.hellobee.com/ <p>@Anagram: My understanding of the 403b is that it is pre-tax money going in, with taxes being paid at withdrawal. Like 401ks, some plans are crappy and some have better options. </p> <p>A Roth IRA has post-tax money going in, and all (qualified) withdrawals are tax free. This means you pay the taxes now because you think your tax rate will be lower now than later. </p> <p>The general advice that I've read is that you want a mix of both types of accounts to optimize your taxes at retirement. </p> <p>Fidelity customer service has always been pretty helpful at explaining things to me so that is a great place to start. </p> https://boards.hellobee.com/topic/how-do-you-find-a-financial-adviser#post-2437646 Tue, 26 Jan 2016 13:22:11 +0000 Anagram 2437646@https://boards.hellobee.com/ <p>@sunny: yeah, so I think putting into a 403b is a better idea overall.....but then I hear about the "back door Roth" and I wonder how to compare the two. I've looked at some calculators online, but they all say it depends on the particular 403b and the price of changes/investments. And there's no company match on the 403b as a state employee.</p> <p>I think I'll just call Fidelity and go from there. </p> https://boards.hellobee.com/topic/how-do-you-find-a-financial-adviser#post-2437611 Tue, 26 Jan 2016 13:02:44 +0000 sunny 2437611@https://boards.hellobee.com/ <p>@Anagram: You can always make a contribution into a traditional IRA, but beyond certain income limitations it won't be tax deductible. Roth IRA contributions have income limitations but you can get around those right now (hence "backdoor Roth IRA"). </p> https://boards.hellobee.com/topic/how-do-you-find-a-financial-adviser#post-2437450 Tue, 26 Jan 2016 11:30:51 +0000 PurplePumps 2437450@https://boards.hellobee.com/ <p>I work with Merrill Lynch Wealth Management. They were Bank of America, which is just where I had all my savings, so that is how he was recommended to me. The consult was free so you could talk about all this and your options, and I believe they are paid based on how much and if you invest with them. I should know better, but honestly don't care since the investments are making more money than if I were just sitting on it.<br /> I'm confused about the paying taxes part, are you actively trading and realizing gains? If there's no tax advantage to a traditional IRA, personally, I'd be hesitant to lock money up in there unnecessarily. If I can' do a back door Roth, Roth is the best place for extra cash imo. </p> https://boards.hellobee.com/topic/how-do-you-find-a-financial-adviser#post-2437444 Tue, 26 Jan 2016 11:27:52 +0000 Anagram 2437444@https://boards.hellobee.com/ <p>@ShootingStar: ohhhh...USAA. That might be a good call. I have to see if I still have my small account open with them. Our home insurance is with them and my small jewelry insurance. I'll look into that. Thanks! </p> https://boards.hellobee.com/topic/how-do-you-find-a-financial-adviser#post-2437442 Tue, 26 Jan 2016 11:26:56 +0000 Anagram 2437442@https://boards.hellobee.com/ <p>@Truth Bombs: but if I put it in an IRA (either kind), can I still add to it every year, regardless of income? </p> https://boards.hellobee.com/topic/how-do-you-find-a-financial-adviser#post-2437440 Tue, 26 Jan 2016 11:26:19 +0000 snowjewelz 2437440@https://boards.hellobee.com/ <p>I use one through my IRA account.. I mean, he doesn't do much and only calls 2-3 times a year (and not even the same person), but he did help me put my nest egg into investment finally last year.</p> <p>I'd probably ask friends for referrals! A friend's brother is one and several friends use him, so if I ever need one I'd probably go to him. </p> https://boards.hellobee.com/topic/how-do-you-find-a-financial-adviser#post-2437426 Tue, 26 Jan 2016 11:19:15 +0000 ShootingStar 2437426@https://boards.hellobee.com/ <p>We used one through our bank (USAA) and it was free. </p> https://boards.hellobee.com/topic/how-do-you-find-a-financial-adviser#post-2437413 Tue, 26 Jan 2016 11:13:45 +0000 Truth Bombs 2437413@https://boards.hellobee.com/ <p>@Anagram: if the money is already in a tax sheltered account and you're doing a true rollover, then you are certainly eligible to roll it into a traditional IRA or do a Roth conversion, regardless of your AGI. Eligibility issues would only be for new money you want to contribute. If you just want one time advice I would go to a larger mutual fund company like Vanguard or Fidelity. A professional advisor mostly wants clients with an ongoing relationship where they would charge you a percentage of assets under mangement. </p> https://boards.hellobee.com/topic/how-do-you-find-a-financial-adviser#post-2437399 Tue, 26 Jan 2016 11:08:48 +0000 MrsBrewer 2437399@https://boards.hellobee.com/ <p>Cost wise, where I work it's generally $250 for the first consultation, then an hourly rate at future appointments. </p> https://boards.hellobee.com/topic/how-do-you-find-a-financial-adviser#post-2437394 Tue, 26 Jan 2016 11:06:03 +0000 Anagram 2437394@https://boards.hellobee.com/ <p>@bluestriped bee: I've put this issue on the back burner for way too long, and it keeps niggling the back of my consciousness, like "hey, you still need to deal with me!" And then I do nothing. </p> https://boards.hellobee.com/topic/how-do-you-find-a-financial-adviser#post-2437392 Tue, 26 Jan 2016 11:05:31 +0000 MrsBrewer 2437392@https://boards.hellobee.com/ <p>I work for one ;-). I only do generally accounting work, so I have no idea, but the owner of the small CPA firm I work for owns a financial advising office too. </p> https://boards.hellobee.com/topic/how-do-you-find-a-financial-adviser#post-2437385 Tue, 26 Jan 2016 11:01:29 +0000 BSB 2437385@https://boards.hellobee.com/ <p>Following. I need some advice, too. But wondering how much it will cost me. </p> https://boards.hellobee.com/topic/how-do-you-find-a-financial-adviser#post-2437381 Tue, 26 Jan 2016 10:57:17 +0000 Anagram 2437381@https://boards.hellobee.com/ <p>How do you find a financial adviser? Is it best to find someone locally? Online? </p> <p>My husband likes to manage all of his own investments and retirement stuff. But I have a chunk of money that I need to do something with, and to avoid paying taxes on it, I need to roll it over into some kind of retirement account. But our joint income and the fact that I'm a public employee makes me ineligible for a lot of things. So I think I need to make an appointment and get a professional opinion about what I need to do.</p> <p>I've been going down the rabbit hole of 403b vs traditional IRA (without eligibility for deductions) vs a back door Roth IRA. Ugh. I just want someone to tell me what to do.</p> <p>And how much does it normally cost to consult a financial adviser? I don't need regular appointments, just advice on this one thing. </p>