Looking for an experienced frum financial advisor

[aporush82]

Hello. Im interested in working with a financial advisor to help me properly save and invest my money. Specifically a frum one who knows the ins and outs of frum living etc...
Any leads would be greatly appreciated

[ushdadude]

Educate yourself a little first. Many FAs are great but there are many sharks in the water. There isn't really anything inherently different being frum, it just takes more money. Read this book or something similar.


https://www.amazon.com/dp/0991433106/?tag=cl03f-20&smid=ATVPDKIKX0DER



this is also a must:


http://efficientfrontier.com/ef/0adhoc/ifyoucan.pdf

[Kobe Bryant]

Hello. Im interested in working with a financial advisor to help me properly save and invest my money. Specifically a frum one who knows the ins and outs of frum living etc...
Any leads would be greatly appreciated

Try https://livingsmarterjewish.org/

[herb]

Educate yourself a little first. Many FAs are great but there are many sharks in the water. There isn't really anything inherently different being frum, it just takes more money. Read this book or something similar.


https://www.amazon.com/dp/0991433106/?tag=cl03f-20&smid=ATVPDKIKX0DER



this is also a must:


http://efficientfrontier.com/ef/0adhoc/ifyoucan.pdf

-1 a Jewish lifestyle has many different expenses, mainly expenses age 40-60 while any non Jewish FA will have you saving for retirement after paying for your 1.2 kids tuition. Completely different strategy

[ushdadude]

-1 a Jewish lifestyle has many different expenses, mainly expenses age 40-60 while any non Jewish FA will have you saving for retirement after paying for your 1.2 kids tuition. Completely different strategy

Why is that inherently different?

ETA: the main part of my post is to educate yourself a little before shopping around.

[cgr]

Check out https://jewishfuturepledge.org/
They can refer you to some good FA's.

They recently hosted a great webinar on maximizing tax savings on tzedaka.

[aygart]

Why is that inherently different?

ETA: the main part of my post is to educate yourself a little before shopping around.

It is different because the concepts of dealing with marrying off child number 8 and supporting them in kollel and the like are totally foreign to them. Dealing with a potential of children getting a level of support long term by choosing to take low paying jobs such as chinuch yet having large families only compounds it. Many clients won't even fully understand everything they need to plan for. Working with someone familiar with the needs of a frum family can make all the difference.

[ushdadude]

It is different because the concepts of dealing with marrying off child number 8 and supporting them in kollel and the like are totally foreign to them. Dealing with a potential of children getting a level of support long term by choosing to take low paying jobs such as chinuch yet having large families only compounds it. Many clients won't even fully understand everything they need to plan for. Working with someone familiar with the needs of a frum family can make all the difference.

I hear that. I guess I included that making more money.
Also it should be noted there is a difference between a financial advisor and wealth manager. Most people who need help can probably hire a FA for a few hours to help direct them and then manage their wealth themselves. Often it's not necessary to pay an ongoing AUM fee

[aygart]

I hear that. I guess I included that making more money.
Also it should be noted there is a difference between a financial advisor and wealth manager. Most people who need help can probably hire a FA for a few hours to help direct them and then manage their wealth themselves. Often it's not necessary to pay an ongoing AUM fee

Agreed that most can be done by the individual if they will actually do it. Most won't.

[ushdadude]

Agreed that most can be done by the individual if they will actually do it. Most won't.

Is someone doesn't put money towards savings, what can a money manager do differently?

[aygart]

Is someone doesn't put money towards savings, what can a money manager do differently?

1. Give them a call
2. Set up to invest automatically
3. Rebalance periodically
4. Keep the strategy moving

[ushdadude]

1. Give them a call
2. Set up to invest automatically
3. Rebalance periodically
4. Keep the strategy moving

Right. That's done initially

[ushdadude]

Was thinking and changed my mind, a frum flat-fee FA (not AUM and not someone who sells insurance) would be a good asset for the community.

[AsherO]

Was thinking and changed my mind, a frum flat-fee FA (not AUM and not someone who sells insurance) would be a good asset for the community.

Ouch!

[ushdadude]

Ouch!

It's just a conflict of interest

[AsherO]

It's just a conflict of interest

I was referring to a narrower context…

You aren’t really paying a LI agent (even if they cross-sell other offerings), they’re a salesperson who is experiencing in selling their product and has obvious biases. A FA is different and there are obviously advantages to paying a flat fee.

[ushdadude]

I was referring to a narrower context…

You aren’t really paying a LI agent (even if they cross-sell other offerings), they’re a salesperson who is experiencing in selling their product and has obvious biases. A FA is different and there are obviously advantages to paying a flat fee.

In my experience many LI agents masquerade as financial advisors.

[AsherO]

In my experience many LI agents masquerade as financial advisors.

I don’t think they’re masquerading, they have what to sell you and in many cases it’s a valuable product by (or set of products that fit well together). Is it objectively the best for you? Perhaps not.

[ushdadude]

I don’t think they’re masquerading, they have what to sell you and in many cases it’s a valuable product by (or set of products that fit well together). Is it objectively the best for you? Perhaps not.

When someone sets up a meeting with me representing "***** Financial Services" and starts the shpiel with a whole life policy for myself, my wife, and my toddler, i don't think they really know about financial planning. They know about expensive policies that pay massive commissions. Or the "FA" who tried to sell me a leveraged whole life policy before I even had an IRA or 401k etc.

If they come in as insurance sales men it's one thing. But don't represent yourself as a FA if your not.

[AsherO]

Fair enough