Where/when do you look for someone to manage your money?

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Thread: Where/when do you look for someone to manage your money?

  1. #1
    MSRT8:Nik's Avatar
    MSRT8:Nik is offline Senior Member
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    Oct 2008
    Laguna Beach, CA

    Default Where/when do you look for someone to manage your money?

    Is there a benefit to having a personal money manager vs handling it on your own other than you paying someone for a service you/I could manage on my own?

    I ask because my finances are getting complicated above my knowledge base and while I continue to learn I don't want to make too many mistakes (suck as starting when I am 30 ). I have been taking my investments very seriously and have been learning a lot, I have been putting money in the bank and investing roughly $500/mth into stocks (though I am down $200 right now- total invested is $1500 since I started about 2mths ago ). My next step is my personal Roth IRA and then traditional work IRA (ideally I would like to put $1000/mth plus company match on my work IRA and $1000/mth on my Roth). I by no means am banking in terms of work, but I am very comfortable. Just would like to hear other peoples opinions.
    Last edited by MSRT8:Nik; 07-08-2011 at 07:46 AM.
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  2. #2
    schmidty's Avatar
    schmidty is offline Senior Member
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    Mar 2010
    Las Vegas


    are you asking about wealth management or an accountant?

  3. #3
    M6Cabrio's Avatar
    M6Cabrio is offline Member
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    Jun 2011


    I manage accounts so that is my disclaimer if I am biased ha ha.

    There are some advantages to having a manger for some of your money. If you can find a good manager I think it is worth it because they can let it work for you in ways that you probably can not. You would have to do your homework in finding a competent manager with a great track record, but if you find the right one you will make great returns on your money. You would want to find someone who actually receives payment from you based on a performance fee. Don't go with someone that makes money off you even if you lose money....

    I also think you should invest a little on your own as well. It is always good to manage some of your own money. But to have your money working in different places spreads the risk out some. Your Roth you can only contribute $5k a year max, but I would 100% do that. Also if your company matches your 401k, definitely contribute to that. You can pretty easily manage your own 401k as well. Diversify that to many different sectors so you don't get killed by any 1 single stock.

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  5. #4
    ADV.1 Matt's Avatar
    ADV.1 Matt is offline Senior Member
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    Feb 2011


    Take a good hard look at anyone that is taking commissions off of funds in your accounts... look for performance based compensation and payment... a lot of people will still try and "churn" accounts to put you into new stuff all the time so they line their pockets with commissions.
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  6. #5
    carendt242's Avatar
    carendt242 is offline Senior Member
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    May 2008
    San Francisco


    i use a well-known firm - i just walked in when i was younger - and i got very lucky to have a really good quality guy. he has stuck w/ me through thick & thin - and he's consistently out-performed the market w/ very very conservative strategies. (in fact, i am the one that loses us money b/c i want to take some shots down the field.)

    you can't go wrong w/ a big firm imo - will you make a 10-banger next year? no; but you won't lose all of your money in 2 years either.

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  7. #6
    RAWMEAN's Avatar
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    May 2008


    I have had used the services of a financial manager for years, I am sure you know that the investments (long term) needs to be balanced in different areas so once my investment got to a certain level he helped me hire 5 different money mangers with expertise in each one of those 5 pieces of the pie. To me the key is long term investment. I dont check it on weekly or even monthly bases. I review their performance over long term. But keep in mind everyone has to make money specially if you hire the good guys so you cant be worried about their share, just make sure long term you achieve your goals.

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