The wife and I are finally growing up and I'd like to sit down with a financial planner now, so that we can make sure we're doing everything we should be. Can anyone recommend one in the OKC metro area?

A financial planner, unless you use them as a one-time thing, will be a drain on your money over the years. I would suggest buying a book from Dave Ramsey and one from Suze Orman.

It's so blindingly simple for people that have discipline:
Get out of debt / Stay out of debt
Invest regularly with discipline into a diversified portfolio.
Wait 20 years - Now you're wealthy.

Ramsey's financial strategies are too dumbed down IMHO. The thought that "all debt is bad" is just silly. As long as your debt is doing something for you, it can be good debt. For example, I'm in the process of racking up a ton of student loan debt getting my law degree. I'm certain that I'll see a heck of a return on that debt as compared to what it costs me.

So long as your debt is doing something for you, it's not bad debt.

Most debt carried by Americans, however, is stupid debt, e.g., credit cards, cars we can't afford, etc. The premise of Ramsey's stuff is good, but sometimes, he tends to be simplistic.

A financial planner, unless you use them as a one-time thing, will be a drain on your money over the years. I would suggest buying a book from Dave Ramsey and one from Suze Orman.

It's so blindingly simple for people that have discipline:
Get out of debt / Stay out of debt
Invest regularly with discipline into a diversified portfolio.
Wait 20 years - Now you're wealthy.


Actually, a relationship with a financial advisor is GREAT for people who need help with a long term retirement plan--and who need help with methods to achieving those retirement goals.

People who complain about the cost of doing business with a broker are often those who trade frequently online, and as a FA with UBS in Dallas, there is no doubt that brokerage services are cheaper via the online method.

YET, by choosing an FA you get a personal attendant to your finances who can help ensure you stay on track to meet your goals, access to great industry research, and access to institutional level money managers that aren't available to the individual investor.

So any suggestions on an FA in Okc? I too need one and Ramsey's plan doesn't fit for single mothers who make squat.

We use Lee Arbogast.... very professional. He definitely knows his stuff.

Might give him a call and see if he charges a consultation fee. Tell him Karrie sent you.

Lee C. Arbogast, Inc., Certified Public Accountants - Home Page (http://www.leearbogast.com/)

5100 N. Brookline Avenue

Suite 125

Oklahoma City, Oklahoma 73112-3656

U.S.A.



http://www.leearbogast.com/img/content/5064_26506.gif

(405) 943-2388

The best advice I ever got ( and am so upset that I didn't stick with it) is to pay yourself first.

10% of your income a month into a diversified Mutual Fund... have it taken out automatically.. you'll never miss it and as it grows, the peace of mind you'll have is incredible.

We did that for awhile and it was pretty amazing to see how it grew over the years.

Unfortunately, when we had an unexpected job change, I panicked and took it out... ( it was not a retirement fund)..... I don't know why I did that, I never used it for purposes intended. I just didn't know if we were going to have steady income for a few months and pulled it out... stupid, stupid. ( But at least we had it just in case of a rainy day - that's the point).

But, anyway, I'm starting again this year and adding to retirement funds with a vengenance. Something I wouldn't have to do if I wasn't so stupid when I was younger and didn't take the advice of everyone and their mother to start saving young.... automatically have it taken out of your account... like I said, You will Never miss it.

New Year's resolution everyone!

btw - you can set it up yourself very easily. Check out Motley Fool or any books on mutual funds or if you don't want to do that, call an FP.

You can call the funds themselves.. we used Oppenheimer and Pimco.. very easy to set up.

I would recommend a good friend of mine--Grant Soderberg with UBS in OKC at 405-302-1966.

With UBS you get the backing of a truly global firm (largest wealth manager in the world), and our FA's wear two hats--that of both investment advisor/ planner and that of stock broker.

So if you want a comprehensive financial plan, with access to the best money managers in the business--while also having the ability to "play" in the market with a brokerage account, UBS and Grant are the way to go!

I would recommend myself, but I am actually part of a high-net worth team of private wealth advisors with UBS in the Dallas Park Cities branch. I am from OKC, and come home often (and have my own small book of business on the side). But I have a pretty good feel for the market in OKC, so feel free to ask my any questions about the advisory/brokerage industries!

But I have a pretty good feel for the market in OKC, so feel free to ask my any questions about the advisory/brokerage industries!

I have a question, probably an accounting question and you might not know it but I'll ask anyway! This year I set up a Simple IRA for our company... do we have until April 15th to contribute to it? Or does it have to be done before the 31st of this year to get this year's deductions? And I think the max is $10,500.00 pp correct? Thanks in advance!

Advise on the financial planner... I'd go with a "for fee" planner. This is a financial planner that you pay a fee to and in an unbiased way they help you figure out what you need to do with your money to meet your goals. Planners that don't charge a fee are kind of like salesmen... they get a commission for selling you stuff their company wants them to sell you (so they aren't really free).

Just a thought anyway.

As for the deadline to contribute to the SIMPLE IRA, yes the deadline is April 15. Now for th maximum contribution, I know it was recently increased so I would have to get back to you on that one.

Also, concerning FEES, a financial advisor with a larger firm (UBS, Merrill, Goldman, Morgan Stanley, etc.) will have a similar fee structure. Today the industry as a whole has moved towards fee-based products--meaning you pay 1-2% for the entire year on your assets under management. This fee varies, but this is the future of the business.

Brokers are a thing of the past--commissions only make up a very small part of an FA's overall compensation. Comprehensive "wealth management" is now in vogue, stressing a lifelong relationship with the client.

Also, you are right with fee-based products. When the client makes money, the FA makes money (since the fee is based on total assets under management). This ensures you're on the same side of the fence!

Hope this helps! Moral of the story, you can't go wrong with any of the larger firms.