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macandcheese
Joined: 27 Nov 2011
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 Posted: Sun Dec 25, 2011 8:54 pm Post subject: Financial Adviser? |
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So, I've managed to save a pretty good amount in my time here. More than I want just sitting in my checking account collecting the 2 dollars in interest a month that is currently.
I'm not quite sure what to do with it, but I do know I want it to start working for me instead of collecting dust.
Does anyone know of any financial advisers that speak English? I'm not looking for just a broker, because I'm not sure stocks are where I want to go. I want to sit down with someone, lay out my financial situation, and be presented with different options.
Any help? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Dec 25, 2011 9:06 pm Post subject: Re: Financial Adviser? |
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| macandcheese wrote: |
So, I've managed to save a pretty good amount in my time here. More than I want just sitting in my checking account collecting the 2 dollars in interest a month that is currently.
I'm not quite sure what to do with it, but I do know I want it to start working for me instead of collecting dust.
Does anyone know of any financial advisers that speak English? I'm not looking for just a broker, because I'm not sure stocks are where I want to go. I want to sit down with someone, lay out my financial situation, and be presented with different options.
Any help? |
How risk adverse are you?
IF you ARE risk adverse (don't have the long view or don't like to gamble a bit) then fixed term deposits may fit your needs till you go home. The major banks are offering 3-5% per anum (beats the crap out of the 0.75% that your savings account is earning).
If you are not especially risk adverse then call the English line of your bank and ask for a financial advisory.
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atwood
Joined: 26 Dec 2009
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| Posted: Tue Dec 27, 2011 5:18 pm Post subject: |
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Unless you're planning on living in Korea indefinitely I would not use a financial advisor here. And even if those were the circumstances, I'd be wary of using a financial advisor here.
For good, solid information on investing, start here:
http://www.bogleheads.org/wiki/Bogleheads_Financial_Start-Up_Kit
From there you can use their wiki and forum or the books they recommend. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Dec 27, 2011 5:30 pm Post subject: |
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| atwood wrote: |
Unless you're planning on living in Korea indefinitely I would not use a financial advisor here. And even if those were the circumstances, I'd be wary of using a financial advisor here.
For good, solid information on investing, start here:
http://www.bogleheads.org/wiki/Bogleheads_Financial_Start-Up_Kit
From there you can use their wiki and forum or the books they recommend. |
I would be careful about using the information carte blanche.
The vast majority of what is there is for US based in investors dealing in/with/about their circumstances in the US and although the principles are broadly accurate the specifics are based in and on US region and are not specific to Asia or (particularly) Korea.
Good place to learn about investing in general = yes.
Good place to take financial advice or learning the specifics about investing in Asia (based in the Asian markets) = no.
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atwood
Joined: 26 Dec 2009
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| Posted: Tue Dec 27, 2011 11:32 pm Post subject: |
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| ttompatz wrote: |
| atwood wrote: |
Unless you're planning on living in Korea indefinitely I would not use a financial advisor here. And even if those were the circumstances, I'd be wary of using a financial advisor here.
For good, solid information on investing, start here:
http://www.bogleheads.org/wiki/Bogleheads_Financial_Start-Up_Kit
From there you can use their wiki and forum or the books they recommend. |
I would be careful about using the information carte blanche.
The vast majority of what is there is for US based in investors dealing in/with/about their circumstances in the US and although the principles are broadly accurate the specifics are based in and on US region and are not specific to Asia or (particularly) Korea.
Good place to learn about investing in general = yes.
Good place to take financial advice or learning the specifics about investing in Asia (based in the Asian markets) = no.
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The OP said nothing about investing in Asia specifically. He also didn't specify how long he planned to stay in Korea. Even so, it's better to invest globally, which that site talks about, rather than in just one region.
As for carte blanche, hopefully no one invests in such a manner.
Do you have any advice for the OP? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Dec 27, 2011 11:59 pm Post subject: |
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| atwood wrote: |
The OP said nothing about investing in Asia specifically. He also didn't specify how long he planned to stay in Korea. Even so, it's better to invest globally, which that site talks about, rather than in just one region.
As for carte blanche, hopefully no one invests in such a manner.
Do you have any advice for the OP? |
He also didn't (unless I missed it) say he was American.
There is not enough to offer real advice to the OP other than to call the English line of his bank here in Korea.
If he speaks and can read Korean (again, no information) then there are even more options but he hasn't responded to his thread yet so...
And finally, even though the site (and forum members there) talk about investing globally they are all doing it through American services and not directly themselves or though other countries.
The ball of wax changes shape dramatically when you leave the US or are not a US citizen and the rule book is certainly different.
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atwood
Joined: 26 Dec 2009
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| Posted: Wed Dec 28, 2011 2:11 am Post subject: |
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| ttompatz wrote: |
| atwood wrote: |
The OP said nothing about investing in Asia specifically. He also didn't specify how long he planned to stay in Korea. Even so, it's better to invest globally, which that site talks about, rather than in just one region.
As for carte blanche, hopefully no one invests in such a manner.
Do you have any advice for the OP? |
He also didn't (unless I missed it) say he was American.
There is not enough to offer real advice to the OP other than to call the English line of his bank here in Korea.
If he speaks and can read Korean (again, no information) then there are even more options but he hasn't responded to his thread yet so...
And finally, even though the site (and forum members there) talk about investing globally they are all doing it through American services and not directly themselves or though other countries.
The ball of wax changes shape dramatically when you leave the US or are not a US citizen and the rule book is certainly different.
. |
I agree if he's not from the US that changes things. You can "leave" the US and still invest there, however. And you can invest with similar companies in Europe and Australia. There are a few British members of that forum, for example.
"Call your bank" is very poor advice unless someone is just looking for a good savings account. Her statement about having someone "lay it all out" for her implies she doesn't know much about investing and makes her a prime candidate for fleecing.
The books recommended on that site would give the OP the basics of investing and at least know what a financial "advisor" was selling him or her. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Dec 28, 2011 5:31 am Post subject: |
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So that would go back to...
| ttompatz wrote: |
| Good place to learn about investing in general = yes. |
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PatrickGHBusan
Joined: 24 Jun 2008
Location: Busan (1997-2008) Canada 2008 -
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| Posted: Wed Dec 28, 2011 5:37 am Post subject: |
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| atwood wrote: |
| ttompatz wrote: |
| atwood wrote: |
The OP said nothing about investing in Asia specifically. He also didn't specify how long he planned to stay in Korea. Even so, it's better to invest globally, which that site talks about, rather than in just one region.
As for carte blanche, hopefully no one invests in such a manner.
Do you have any advice for the OP? |
He also didn't (unless I missed it) say he was American.
There is not enough to offer real advice to the OP other than to call the English line of his bank here in Korea.
If he speaks and can read Korean (again, no information) then there are even more options but he hasn't responded to his thread yet so...
And finally, even though the site (and forum members there) talk about investing globally they are all doing it through American services and not directly themselves or though other countries.
The ball of wax changes shape dramatically when you leave the US or are not a US citizen and the rule book is certainly different.
. |
I agree if he's not from the US that changes things. You can "leave" the US and still invest there, however. And you can invest with similar companies in Europe and Australia. There are a few British members of that forum, for example.
"Call your bank" is very poor advice unless someone is just looking for a good savings account. Her statement about having someone "lay it all out" for her implies she doesn't know much about investing and makes her a prime candidate for fleecing.
The books recommended on that site would give the OP the basics of investing and at least know what a financial "advisor" was selling him or her. |
Depends on the bank of course and on what you want to do with your money. If for example you read up on the basics of investment, discuss goals with your spouse or come up with goals on your own then contacting the financial advisor of your main bank can be a great idea because you will know what to discuss.
You can also have more than one advisor.
Basically, the first thing you need to determine is your relationship to risk. Are you confortable with high risk investment or do you prefer safer long term slow growth? You can mix your investments by putting some cash in risk investments and a chunk in safe\guaranteed investments. In fact, this sort of diversity is often a smart idea.
Now, depending on WHERE you wish to invest, choosing the financial adviser or planner is important. As Ttom alluded to: a local adviser will likely have a far better grasp of asian markets...
Citizenship also affects investments options dramatically in many instances as well as how well your money is protected in some cases.
We had a few Financial advisors help us over the years. One was in Canada to look over our money there, one was in Korea while we were there for our money in K-land.
We also educated ourselves on investment and worked to reach some basic goals (owning properites outright and free of morgage, debt free by a certain point, savings for our kids education, travel budget...) |
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atwood
Joined: 26 Dec 2009
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| Posted: Wed Dec 28, 2011 3:49 pm Post subject: |
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| PatrickGHBusan wrote: |
| atwood wrote: |
| ttompatz wrote: |
| atwood wrote: |
The OP said nothing about investing in Asia specifically. He also didn't specify how long he planned to stay in Korea. Even so, it's better to invest globally, which that site talks about, rather than in just one region.
As for carte blanche, hopefully no one invests in such a manner.
Do you have any advice for the OP? |
He also didn't (unless I missed it) say he was American.
There is not enough to offer real advice to the OP other than to call the English line of his bank here in Korea.
If he speaks and can read Korean (again, no information) then there are even more options but he hasn't responded to his thread yet so...
And finally, even though the site (and forum members there) talk about investing globally they are all doing it through American services and not directly themselves or though other countries.
The ball of wax changes shape dramatically when you leave the US or are not a US citizen and the rule book is certainly different.
. |
I agree if he's not from the US that changes things. You can "leave" the US and still invest there, however. And you can invest with similar companies in Europe and Australia. There are a few British members of that forum, for example.
"Call your bank" is very poor advice unless someone is just looking for a good savings account. Her statement about having someone "lay it all out" for her implies she doesn't know much about investing and makes her a prime candidate for fleecing.
The books recommended on that site would give the OP the basics of investing and at least know what a financial "advisor" was selling him or her. |
Depends on the bank of course and on what you want to do with your money. If for example you read up on the basics of investment, discuss goals with your spouse or come up with goals on your own then contacting the financial advisor of your main bank can be a great idea because you will know what to discuss.
You can also have more than one advisor.
Basically, the first thing you need to determine is your relationship to risk. Are you confortable with high risk investment or do you prefer safer long term slow growth? You can mix your investments by putting some cash in risk investments and a chunk in safe\guaranteed investments. In fact, this sort of diversity is often a smart idea.
Now, depending on WHERE you wish to invest, choosing the financial adviser or planner is important. As Ttom alluded to: a local adviser will likely have a far better grasp of asian markets...
Citizenship also affects investments options dramatically in many instances as well as how well your money is protected in some cases.
We had a few Financial advisors help us over the years. One was in Canada to look over our money there, one was in Korea while we were there for our money in K-land.
We also educated ourselves on investment and worked to reach some basic goals (owning properites outright and free of morgage, debt free by a certain point, savings for our kids education, travel budget...) |
I would disagree about the need for a financial advisor. Why pay someone to do what you can do for yourself? And one way or another, you are paying them.
I agree about assessing how much risk you can/are willing/ need to take but your statement regarding diversity--that it is "often" a smart idea--is dubious. Without diversifying your investments, you are taking on much more risk.
Case in point, the Asian markets that keep getting mentioned. The Hang Seng is down 20%, Shanghai's A-shares down 22%, Nikkei 225 down about the same, Kospi is down around 10% while the S&P 500 is basically even for the year and Vanguard's Total Stock Market Index is up 1.64%. With TIPs, which are up 13% for the year, that's a nice return with relatively low risk. |
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PatrickGHBusan
Joined: 24 Jun 2008
Location: Busan (1997-2008) Canada 2008 -
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| Posted: Wed Dec 28, 2011 4:40 pm Post subject: |
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| atwood wrote: |
| PatrickGHBusan wrote: |
| atwood wrote: |
| ttompatz wrote: |
| atwood wrote: |
The OP said nothing about investing in Asia specifically. He also didn't specify how long he planned to stay in Korea. Even so, it's better to invest globally, which that site talks about, rather than in just one region.
As for carte blanche, hopefully no one invests in such a manner.
Do you have any advice for the OP? |
He also didn't (unless I missed it) say he was American.
There is not enough to offer real advice to the OP other than to call the English line of his bank here in Korea.
If he speaks and can read Korean (again, no information) then there are even more options but he hasn't responded to his thread yet so...
And finally, even though the site (and forum members there) talk about investing globally they are all doing it through American services and not directly themselves or though other countries.
The ball of wax changes shape dramatically when you leave the US or are not a US citizen and the rule book is certainly different.
. |
I agree if he's not from the US that changes things. You can "leave" the US and still invest there, however. And you can invest with similar companies in Europe and Australia. There are a few British members of that forum, for example.
"Call your bank" is very poor advice unless someone is just looking for a good savings account. Her statement about having someone "lay it all out" for her implies she doesn't know much about investing and makes her a prime candidate for fleecing.
The books recommended on that site would give the OP the basics of investing and at least know what a financial "advisor" was selling him or her. |
Depends on the bank of course and on what you want to do with your money. If for example you read up on the basics of investment, discuss goals with your spouse or come up with goals on your own then contacting the financial advisor of your main bank can be a great idea because you will know what to discuss.
You can also have more than one advisor.
Basically, the first thing you need to determine is your relationship to risk. Are you confortable with high risk investment or do you prefer safer long term slow growth? You can mix your investments by putting some cash in risk investments and a chunk in safe\guaranteed investments. In fact, this sort of diversity is often a smart idea.
Now, depending on WHERE you wish to invest, choosing the financial adviser or planner is important. As Ttom alluded to: a local adviser will likely have a far better grasp of asian markets...
Citizenship also affects investments options dramatically in many instances as well as how well your money is protected in some cases.
We had a few Financial advisors help us over the years. One was in Canada to look over our money there, one was in Korea while we were there for our money in K-land.
We also educated ourselves on investment and worked to reach some basic goals (owning properites outright and free of morgage, debt free by a certain point, savings for our kids education, travel budget...) |
I would disagree about the need for a financial advisor. Why pay someone to do what you can do for yourself? And one way or another, you are paying them.
I agree about assessing how much risk you can/are willing/ need to take but your statement regarding diversity--that it is "often" a smart idea--is dubious. Without diversifying your investments, you are taking on much more risk.
Case in point, the Asian markets that keep getting mentioned. The Hang Seng is down 20%, Shanghai's A-shares down 22%, Nikkei 225 down about the same, Kospi is down around 10% while the S&P 500 is basically even for the year and Vanguard's Total Stock Market Index is up 1.64%. With TIPs, which are up 13% for the year, that's a nice return with relatively low risk. |
Advisor at our bank did not charge us a penny.....
Also an advisor is a good idea for people who are not confortable with investing (not everyone is!).
As for diversity, I meant varying levels of risk and sources of investment. Some people however are risk averse and will not want to take chances...for them less diversification in terms of risk would apply.
Keep in mind that while you and I may be reasonably well informed on investing, lots of people have no clue and never bothered to learn. For them an advisor would be a smart play, especially one from their home bank (who typically will cost nothing). |
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