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PMT Forum's MOST POPULAR Discussion Boards => General Questions and Discussions about Money => Financial Planning Help and Tips => Topic started by: empleyado on Jul 04, 2013, 10:30 PM

Title: Is it advisable to get a financial planner?
Post by: empleyado on Jul 04, 2013, 10:30 PM
Hello, does anybody here have their own financial planner? How does having a financial planner help you?

I was contemplating getting a financial planner to help me with life insurance, retirement planning, education planning, estate planning, etc. Is it better to invest in a financial planner or just DIY? Is it expensive to get a financial planner?
Title: Re: Is it advisable to get a financial planner?
Post by: personalfinanceapprentice on Jul 05, 2013, 09:52 PM
My impression is most financial planners you'll meet are basically agents of insurance or investment firms (sunlife, prulife, insular, etc.) I think the "advice" they give is free, but they recommend products from their companies.

And from my personal experience some may recommend products (VUL!) that may not be the most efficient use of your funds.

But then, if you really don;t have the time to learn and invest yourself, there's no harm in getting a financial planner.

Personally, I prefer the DIY approach, since you are the best judge of your own goals and needs, and in the best position to know your current situation and which products will really suit you.

But again, if you don;t have the time or inclination to learn, you'd be better off asking someone else to plan for you. Just get someone who seems like they really listen and understand, and isn't out to just sell you something. And I think you can try out several, without committing to anything first, just to get a feel.

--
To answer your other questions more directly: I'm my own financial planner. Whether yourself or another person, any decent financial planner can help you prepare for life events and get your finances in order (how much to save, invest, and where etc.)

My personal opinion is no one can be a better financial planner for you that yourself, provided you get the knowledge (which isn't that hard to acquire). But if you lack the time or inclination, having any decent financial planner is better than not having anyone. I have no experience, but I don't believe it's expensive.

Also, some (a lot?) of members here are from prulife, insular or sunlife and can answer your questions better.

Title: Re: Is it advisable to get a financial planner?
Post by: freefront on Jul 05, 2013, 11:01 PM
I'd love to have one, if only to have someone make sense of my messy trail of paperwork, help me prepare plans and goals, and to periodically check on the progress of the same. Alas, my net worth doesn't justify hiring one, for now.
Title: Re: Is it advisable to get a financial planner?
Post by: SirZap on Jul 06, 2013, 12:40 AM
@empleyado, maybe you can do it yourself, as personalfinanceapprentice said kasi ikaw lang din nakakaalam nyan

@freefront, gusto ko sana kitang tulungan for "positive" energy/karma, but I'm not a registered RFP
maybe the usual things will do for you:
1. savings at least 6 months of your expenses, or more - typical
2. insurance - chose your own. im not selling you anything, probably wiht VUL
3. investment - chose your own.
4. retirement - now this one is tricky as it depends on the previous 3 topics
3.
Title: Re: Is it advisable to get a financial planner?
Post by: SirZap on Jul 06, 2013, 06:07 AM
@freefront,

anyways, I was surprised you'll be needing one even you can't afford one now. seriously.
Title: Re: Is it advisable to get a financial planner?
Post by: richpulubi on Jul 06, 2013, 08:31 AM
In general, you don't really need one.  Many people get one cuz their financial situation is already bad.

If you don't have the patience to read books, then just watch 'On The Money' on youtube.
Title: Re: Is it advisable to get a financial planner?
Post by: empleyado on Jul 06, 2013, 09:10 AM
Maybe I should have started this as a poll to know how many here have financial advisers.
Title: Re: Is it advisable to get a financial planner?
Post by: empleyado on Jul 06, 2013, 09:12 AM
In general, you don't really need one.  Many people get one cuz their financial situation is already bad.

If you don't have the patience to read books, then just watch 'On The Money' on youtube.

Yeah that is what i've been doing. Just reading and watching some finanvial literacy shows.

One thing im concerned of is how much do RFP's charge. If you ask some, they would say 'it depends on your portfolio'.  Maybe they would charge 10%, 20% of your portfolio, who knows.
Title: Re: Is it advisable to get a financial planner?
Post by: palailai on Jul 06, 2013, 10:08 AM
since i have a limited income, i dont need a planner, being a PMT member oks na...i really learned a lot from this forum plus reading financial blogs...
Title: Re: Is it advisable to get a financial planner?
Post by: dhadha09 on Jul 06, 2013, 12:34 PM
yup. no need one. just be with the people that has same goal as you are, same people on how they see money. :)
Title: Re: Is it advisable to get a financial planner?
Post by: freefront on Jul 06, 2013, 03:31 PM
@freefront,

anyways, I was surprised you'll be needing one even you can't afford one now. seriously.

Here is the thing. False modesty aside, I can outright tell you that I can out-work anybody in the profession that I do, and take on another job and take care of one thousand and one hundred things besides like family and pets. 'yabang 'no? I am also the kind that if you try to put in a routine, try to box, or make to perform one part of a job so well at the same time expect me to do the other 9/10 of that job just as well day after day after day---- I will pick you up by the collar and you and I are going to talk about this abuse to my person outside.

So, let me do that which I do rather well. Somebody else take care of the things that distract me and keep me  from performing well. Masyado ba artistic? Award? It's a matter of temperament. It throws me off my zone that I have to bother with stuff that other people can do with ease and expertise.

Who's to say I'd be better off If I sold a few liters of blood early on and hired a financial planner/ life coach, rather than muddle along without any plans and goals and just lived pretty much day-to-day? Nobody can. I didn't do it. At the place where I am right now, a financial planner at my beck and call would be like a yaya to me. You think a personal assistant would suffice? Sure, that person can take care of the bureaucratic redtape, go to the banks, etc., but she wouldn't know what are the prevailing interest rates and where to get them. Or take me to task and lay down proof that I made lousy returns for the year on my stock portfolio and perhaps give a few pointers on how to make it better only if he can show proof his' is better than mine.

It's a wish. A dream if you like. It will probably feel like propping your feet on your desk while somebody else takes control of what you have at this moment, does everything on excel, and makes reco on where more work is needed and what is going along nicely. What's with the taxes, licenses, registrations, seminars, etc.(I'm absentminded a bit. I'd forgotten minimum 3 of my birthdays. I've been known to pay fines, every now and then)

See?  So, If your uncle is a congressman, it might be wise to suggest that financial planning be included in K+!2.

I need coffee. ( Oh, that financial planner should love me and won't protest to making coffee once in a while and he'll get to take home a batch of spaghetti sauce once in a while)  :hihi: Too much, huh?
Title: Re: Is it advisable to get a financial planner?
Post by: SirZap on Jul 07, 2013, 12:32 AM
yeah! now I get your point, you focus on what you like to do and pass the drudgery on another.
what you do pays you well to cover the expense of paying a person doing  "accounting work". well I hope it does.
you need an accountant/financial planner its that what you're saying.

sometime you have to stop what you're doing and sharpen the saw. i hope you get what I mean.
its the analogy of 2 person cutting trees. the other person cuts more trees and rests more because he takes time to sharpen the saw.
Title: Re: Is it advisable to get a financial planner?
Post by: empleyado on Jul 14, 2013, 07:50 PM
Thank. I would love to hear the feedback of somebody who has a financial planner also.  :D
Title: Re: Is it advisable to get a financial planner?
Post by: mdejess on Nov 12, 2013, 06:35 AM
My impression is most financial planners you'll meet are basically agents of insurance or investment firms (sunlife, prulife, insular, etc.) I think the "advice" they give is free, but they recommend products from their companies.

And from my personal experience some may recommend products (VUL!) that may not be the most efficient use of your funds.

But then, if you really don;t have the time to learn and invest yourself, there's no harm in getting a financial planner.

Personally, I prefer the DIY approach, since you are the best judge of your own goals and needs, and in the best position to know your current situation and which products will really suit you.

But again, if you don;t have the time or inclination to learn, you'd be better off asking someone else to plan for you. Just get someone who seems like they really listen and understand, and isn't out to just sell you something. And I think you can try out several, without committing to anything first, just to get a feel.

--
To answer your other questions more directly: I'm my own financial planner. Whether yourself or another person, any decent financial planner can help you prepare for life events and get your finances in order (how much to save, invest, and where etc.)

My personal opinion is no one can be a better financial planner for you that yourself, provided you get the knowledge (which isn't that hard to acquire). But if you lack the time or inclination, having any decent financial planner is better than not having anyone. I have no experience, but I don't believe it's expensive.

Also, some (a lot?) of members here are from prulife, insular or sunlife and can answer your questions better.





You are experienced and knowledgeable, and you appear to be disposed to give of your experience and knowledge without any intention to get people to patronize insurance companies, banks, etc.

Perhaps, you and others like you can organize a kind of free citizens financial advisors, so that folks can go to you to obtain the best impartial advice from you on how to make money from money without getting scammed or committing mistakes and lose hard-earned money.

What do you say?

Know of any members here who are like yourself?

I like to talk with them.

Starting with you.

You see, everyone here, it is risky to get to meet personally with a financial adviser or counselor or planner whatever who will tell you about what to do with your money to make money, or even what to do with your monetizable assets for your peculiar concerns, like making money, or in regard to estate planning, etc.

Because once you get to meet the person face to face and he talks with you, you will feel under some obligation to return the favor, that is the way people get to part with their money in the longer term, etc.

If there are really financial planners or advisors or counselors whatever and they are free, better just let them be approached by people who prefer to engage them ANONYMOUSLY.



Mdejess
Title: Re: Is it advisable to get a financial planner?
Post by: mdejess on Nov 12, 2013, 07:23 AM

[...]

But if you lack the time or inclination, having any decent financial planner is better than not having anyone. I have no experience, but I don't believe it's expensive.

[...]



More than information we need experience of experienced persons.

You see, people normally learn from experience which can at times be very costly; so if we have experienced people then we can learn from their experience, without incurring ourselves the cost.

But between you and me, I think you are more experienced and wiser, from your experience.

So, if you care to, you can share with us your information and your experience.

How do we get a regular income from our investment in funds with banks?

I have uitf funds and mutual funds with banks.



Mdejess
Title: Re: Is it advisable to get a financial planner?
Post by: personalfinanceapprentice on Nov 13, 2013, 03:05 PM
^ try these Facebook groups:

OFW Usapang Piso - https://www.facebook.com/groups/OFWusapangpiso/ (https://www.facebook.com/groups/OFWusapangpiso/)
Angat Pilipinas Coalition - https://www.facebook.com/groups/angatpilipinas4studentfinancialliteracy/ (https://www.facebook.com/groups/angatpilipinas4studentfinancialliteracy/)

They aren't just blogs or ads either.

For OFW usapang piso, they tie up with experts Randell Tiongson, Aya Laray, Marvin Germoi, Fitz Vilafurte, Jess Uy and a few more. People who have had years of experience.

there's no charge. Join the group and ask a question. To be fair and honest: they offer paid webinars, and since most of these experts leverage their skills to make money, it's possible for them to eventually recommend a product or service to you. But since I've joined, questions have been answered free of charge. Specially questions like the one you asked.

For Angat Pilipinas, it actually does live seminars/talks. usually by Seph Romana, but I don't think it's limited to him. Again, it's free. I've never seen anyone ask a question here, but I'm pretty sure someone will answer.

That's why I prefer the do-it-yourself approach. not on is it free, and not only to you "upgrade" your own skills and knowledge, but there's a wealth of expert advice if you take the time to find the right venues.


Full disclosure: I'm a member of both groups. I advertise my blog posts on those groups. However, I don't make any from the group. I don't share in the proceeds of the paid webinars either. The only way I make money if someone goes to my blog (because of ad revenue). But no one needs to view my blog for theie questions to get answered.
Title: Re: Is it advisable to get a financial planner?
Post by: thelittlecoolshop on Jan 02, 2014, 05:35 PM
Parang naitanong ko ito dati sa BPI, and ang sagot sa akin they do offer personalized investment planning for clients with very big financial investments (I think 10 M  pesos up).  Pangarap ko din yan na when I reach a certain amount of moolah, ipapahawak ko rin sa personal asset manager ko, pero as of now dream at goal palang yan haha!
Title: Re: Is it advisable to get a financial planner?
Post by: mjtfernandez on Jan 09, 2014, 04:18 PM
A little biased but I think YES but you don't necessarily have to believe everything they say. The only person who knows your entire financial condition is you. And you are the one to calls the shots to accept or not accept the recommendation. It's like having a doctor but you could always have a second opinion.