| What type of financial advisor to seek for in this situation?

What type of financial advisor to seek for in this situation?

Ihearya asked:


My senior in-law parents have been VERY foolish with their money all their lives and still are.
They wanted a budget plan, so my hubby helped them, and they won’t stick to it. They continually live in denial and rack up their huge debt.
So as they won’t listen to family, we figured maybe if we get a real financial advisor for them they would do something about it. Perhaps this person can look at all the numbers and give it to them straight . . . shape up or xyz will happen. Maybe this person can set a budget plan for them that they must stick to.
Who exactly do we do a search for to do this type of thing? Is it costly? We’re afraid very soon they are not going to have enough money to live out the rest of their lives.
THANKS.
Sharon B - exactly - in our situation also though, you cannot beat a dead horse. They live a lifestyle too far beyond their means . . . they will be in deep you-know-what soon. They want/need help - but live in seriousl denial to do anything about it. They think things will just “work out”. Sigh.

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Comments

3 Responses to “What type of financial advisor to seek for in this situation?”

  1. Brad B on April 18th, 2009 7:42 pm

    Let XYZ start happening sooner, rather than later. They’re adults, they know there’s consequences for their actions.

  2. Kim K on April 21st, 2009 10:06 pm

    Tell them of your plans…Ask if they want to be dependant on you for everything. There are any number of financial planners in the phonebook…Some will do an analysis for free, depending on the situation…Best of luck

  3. Sharon B on April 24th, 2009 9:15 pm

    First of all do they want help? Have you ever heard you can lead a horse to water, but you can not make them drink. I am a retirement specialist and I review their home mortgage, they real estate portfolio, investments, insurance and what they are doing to continue the live-style they have now. I do this for free and refer them to the professionals I use for more difficult plans. Seems a group of people working together can help secure a plan better than one person…plus then they have to answer to someone who is not family, kind of like a Jenny Craig of finance!