Where to start investing at 45?

August 8, 2011 10:14 AM

My boss is a 45 year old director who has never bothered to invest or start a portfolio. Where should I have him get started?

My boss is a very successful producer/director who I just found out yesterday hasn't started any kind of investment plans for himself. I am pretty young and know my kind of plan won't work for him (who is closer to retirement). Where is the best place to have him start?

Also, it would be great to take into account the insane sock market. I know he's not that excited about stocks and more excited about things like gold.

posted by JJkiss to work & money (11 answers total)

Why the heck are you, and not a financial advisor, doing this for him?

Also, a financial advisor would need to know a lot more about his situation than what you've given us here.
posted by small_ruminant at 10:20 AM on August 8, 2011 [6 favorites]

Are you willing to take the blame should things go south? Send him to a financial planner.
posted by ODiV at 10:21 AM on August 8, 2011 [2 favorites]

Oh my goodness, please do not do this. The liability and bad outcomes in this are horrendous. Get referrals for a financial person--GOOD referrals, like not bus stop ads, but from real people--and have him (him!) meet with them.
posted by RJ Reynolds at 10:23 AM on August 8, 2011

I am not doing it for him. I need to know good places to send him to, or even if there are firms that cater to folks in showbusiness. Jeez, calm down.
posted by JJkiss at 10:23 AM on August 8, 2011 [6 favorites]

Send him to a financial planner. Yes, there are planners (not sure about firms) that have mostly show business clients. You or he should ask his collegues for referrals.
posted by small_ruminant at 10:26 AM on August 8, 2011

Also, if you talk to an advisor, leave the details out (like gold vs stocks). That's going into investment advice and he should be talking to the advisor about the pros and cons of different types of investments.
posted by small_ruminant at 10:28 AM on August 8, 2011

Direct him to these websites:

Get Rich Slowly
Liz Weston at MSN
Passion Savings
Scott Burns
Clark Howard
posted by BuffaloChickenWing at 11:27 AM on August 8, 2011 [2 favorites]

[folks, please chill out. Answer the question or flag and move on, thank you.]
posted by jessamyn at 11:43 AM on August 8, 2011 [3 favorites]

Unless there are very specific reasons why a general financial planner wouldn't work (i.e. he has retirement goals/requirements which are unique to the business) then any financial planner will do the trick, although I can't offer specific recommendations.

The good news for him is that now is actually probably a good time to be buying stocks (worst time, summer of 2008). Stocks have taken a nice plunge, so that's squeezed out a lot of excess value. If I had money to buy stocks with, I'd be buying right now.
posted by Deathalicious at 12:00 PM on August 8, 2011

Unless there are very specific reasons why a general financial planner wouldn't work

For very general advice this is likely true, however in general I think it makes sense to find one familiar with the industry. Many times there are systems already set up for it and even retirement plans set up (is he union?). It's nice to find a planner who doesn't need to reinvent the wheel.

I would say this is true for most industries and even niche markets, like socially responsible investing or values based investing.
posted by small_ruminant at 12:10 PM on August 8, 2011 [1 favorite]

A financial planner, yes, but a fee-only planner, not one who gets a commission on anything he/she puts the investor in.
posted by fivesavagepalms at 12:59 PM on August 8, 2011 [1 favorite]