Who Do I Go to for This? Seeking Possible Financial Advisor

Updated on July 13, 2008
K.P. asks from Kansas City, KS
13 answers

I am seeking someone who can teach me about financial issues. Right now my husband and I could die and I don't know what would happen to our home, our child etc. I know a lot of the things we should be doing, I just don't know where to start. I am seeking guidance, someone to help with our financial goals, our monthly spending, budgeting(how to pay our bills, when and how much)and maybe possible get us going on retirement savings. My husband also is lost on why I think it is important for him to invest in his 401K, to name me the benficiary on his life insurance policy that is still in the hands of his mother, and hopefully be able to get a mortgage rider on our home in that way it is paid for if he or I dies. Is there someone who can help, that won't cost a fortune?

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M.T.

answers from Kansas City on

Hi KP! My husband, David Teasley, is a financial advisor for Edward Jones and he would be willing to meet with you. It would be a free consultation. His office phone number is ###-###-####. Take Care! M.

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C.H.

answers from Kansas City on

I would also recommend Dave Ramsey's Financial Peace University. We received the cd's from our neighbor and it's really helped us have a plan in life. We still don't have a will yet (on our to-do list). Dave Ramsey explains insurance which is very helpful (and I believe he's totally against mortgage insurance...)

As far as getting insurance and a retirement planning going, I don't know if you live and/or work in Johnson County, but the Credit Union of Jo. Co. on 95th & I-35 has a wonderful financial advisor (free of charge!) named Dave Loftus. He is a very nice guy too. But your husband should definitely take advantage if there's a company match for his 401k! Pound this into his head. FREE MONEY. You can't go wrong.

Definitely look into daveramsey.com!

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G.W.

answers from Kansas City on

I highly recommend Martin Meyers- financial planner with Edward Jones. His number is
###-###-####. Our friends recommended him a few months ago. He is by far one of the best. My husband and I met with him and really liked him-he has helped us out a great deal.

G.

L._.

answers from San Diego on

I have sold life insurance in 2 different states. I want you to know that mortgage insurance is really just glorified life insurance that costs way too much, in most cases.

I sold one product that was designed right and one that wasn't. To correctly protect your mortgage you want the policy to be actually owned by your mortgage company. I'm not just talking about them being the beneficiary. If you were to own a policy and name them, then they would only get the money if you didn't have other more important claims against that money. Say you get into an accident and die. But the accident reconstruction suggests it was your fault. If another person is badly hurt or killed they can sue your estate. BUT, if your insurance company owns a policy that covers you and they are also named benificiary, then that money can't be listed in your estate.

I was surprised recently to learn that most insurance products that are marketed for mortgage coverage are ordinary policies that are owned by you and therefore, that money is subject to any and other claims at your death.

It's best to seek the biggest policy you can afford that is underwritten ty an A rated company.

Find a good agent that will sit down and explain it all to you. Be sure to ask them to explain how your policies between your husband and yourself should be setup. For tax purposes my husband and I own each others policies. I own his, he owns mine. I don't remember the particulars of why anymore.

Goodluck :) Good for you for trying to figure it all out.

Suzi

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C.M.

answers from Kansas City on

We used a group called Lighthouse investments (I know it is lighthouse but not sure about the investments part). The financial planner we saw was Rick Bain. We set up our Roth IRA and my husbands Life insurance. And the fee's come out of our IRA so we didn't really "pay up front". My life insurance is set up with My farmer agent. She also handled our car insurance and homeowners insurance so we get a discount for having all the policies together.

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T.I.

answers from Kansas City on

There are many avenues to go through to get help. Some are even free. You can consult with a family attorney to set up something also. But, if you have children together and his insurance policy still lists his beneficiary as his mother, it is long overdue to change. Insurance is one of those things you have and hope to never have to use. In any case, I'm sure he would want you and your children to be taken care of (i.e. house paid off, loans, etc. taken care of) in the event of something happening. That is just normal. Nothing weird or unheard of, just common sense. There are many avenues to pursue, but try speaking to a family attorney or estate attorney...some of them offer a free consult to get you on track or offer a "package" where you put everything together. Good luck!

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L.G.

answers from Kansas City on

I would strongly recommend that you go through Financial Peace University. This is a class sometimes held in local churches that will teach you everything from setting up a monthly budget to helping you get out of debt to what kind of insurance to buy and when. You can go to www.daveramsey.com for more information and to find a class in your area. They meet once a week for 13 weeks - my husband and I took the class last year and I cannot tell you what a difference it has made for us. They have licensed professionals that can answer your specific questions, or direct you in the right place if they don't know the answer.
I hope this helps!

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M.B.

answers from Kansas City on

I would recommend that you visit with a couple of different folks and learn about their particular philosophies and values. It is important to take a look at the whole picture, because the investments, life insurance, etc., all play in together throughout your life. As far as the 401k, if the company offers a match, he most certainly should be participating! It's free money that he is not taking advantage of. But it's actually not always the best option if there isn't a match. I do happen to be a financial advisor with Principal Financial Group (been around for nearly 130 years), so I do know a few things about this. And I'm not a fee-based planner, so I'd be happy to sit down with you and provide you with a free consultation. Let me know if you are interested. But the most important thing is to sit down with someone, lay out a plan and get to work on it. That's the only way you'll get to where you want to go. Good luck!

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L.R.

answers from Kansas City on

as for your home - ask your insurance agent for a policy that if something happens to either of you, your mortgage is paid off. They may also life insurance policies too.

As for your financial side of everything, call Claude Aldridge @ ###-###-####. I know they do retirement, but not sure if they life insurance policies or help with financial assistance.

You can also call Wayne Holz for life insurance policies - that's who is my agent. His cell phone is 1-###-###-####. Even though it's long distance, he resides in KS and sells policies in KS.

Hope that helps and gets you started. Good luck!

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W.H.

answers from Kansas City on

Good morning,

I understand just what, or who, it is you are looking for.
Here is one who can help. He is competent and very nice. He charges only a fair price and won't sell you anything if you don't need it.
Contact: Mark Squires ###-###-####

I hope this helps.

Traci in Raytown www.cleanducts4kc.net

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B.W.

answers from Kansas City on

KP,
Who is your insurance agent? I suggest your talk with a State Farm Agent. They are NOT finincial Planners however they have the skills to help you set forth your goals and help you figure out how to geat there. Plus they do not charge for there services..They will want you to purchase your insurace from them..I work for State Farm and the things you are looking for are things we talk to young people about all the time....I thinks you are on the right track asking these questions! Just follow thru!

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J.E.

answers from Kansas City on

Go to www.daveramsey.com. Look for the Endorsed Local Providers link. These are people who are checked out and researched and found to be trustworthy... would be endorsed if not. Don't go to just anyone.

Not being in a 401k with matching funds, that's money right out of your pocket. What if a stranger came up to your husband and said, "I'll match whatever you have in your pocket... $10, $20, $50, whatever..." Would your husband flat-out say no? That's what he is doing by not participating in a company match 401k plan.

Also, find a simple compound interest table... it is AMAZING to see how much money you're throwing away by not saving!

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C.M.

answers from Kansas City on

Most of the time, whoever you use for homeowner and auto insurance can also sell you life insurance. You can also try someone like New York Life that specializes in life insurance. As for when and how to pay your bills, ALWAYS pay them before the due date and if you can pay more on things like credit cards, do so. Does your husband not understand that if something happens to him, everything will go to his Mother and you will have NO control over your own finances? My husband has been in the banking world for over 10 years and also sold life insurance at one point in time so knows a lot about what options are out there. If you would like, he would be happy to come and talk to you about everything. If you or anyone else reading this is interested, please email me at [email protected]____.com and we will set something up.

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