There was a recent news article that brought up something that many have debated for quite some time – who can they actually talk to about their finances who is trustworthy and knowledgeable?
Wells Fargo has a new “conversations” campaign where any Wells Fargo member can speak to one of their financial advisers free of charge. I’ve considered doing this, as I’m a Wells Fargo customer, just to see what they would tell me and if it would be of help. I certainly wouldn’t want them to try to sell me some type of product they have, because it would make me think that they’re just trying to prime me for a sale as opposed to giving me legitimate advice.
Several years ago I used to be a member of the Hudson Valley Federal Credit Union (in New York State), and as part of membership you were offered a free session with one of the bank’s financial planners. I must say he did a good job at the time getting me to open up a Roth IRA and put some money into a Certificate of Deposit (CD), as the interest rates were still OK and hadn’t bottomed out yet (this was before the recession in 2008).
I’m always looking for more ways to improve my finances – for me personally, I’m fairly good at saving but I’m not very knowledgeable about investing. I can’t be an expert at everything, and I don’t have the time or desire to learn more than the high-level basics of investing. With Social Security seemingly always on the doorstep of death and the retirement age continuing to rise, looking for more ways to invest in the future but not lock up my money until I’m 65 (or older) is always of great interest to me.
When it comes to financial advice, I usually go to family members or close friends who I think know enough about these matters (and sometimes more importantly, know me and my personality well enough) to give me decent advice. Who do you trust when it comes to your money?