Comments on: Where to start investing at 45?

Question: Where to start investing at 45?

JJkiss — Mon, 08 Aug 2011 10:14:15 -0800

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.

By: small_ruminant

small_ruminant — Mon, 08 Aug 2011 10:20:03 -0800

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.

By: ODiV

ODiV — Mon, 08 Aug 2011 10:21:06 -0800

Are you willing to take the blame should things go south? Send him to a financial planner.

By: RJ Reynolds

RJ Reynolds — Mon, 08 Aug 2011 10:23:17 -0800

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.

By: JJkiss

JJkiss — Mon, 08 Aug 2011 10:23:40 -0800

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.

By: small_ruminant

small_ruminant — Mon, 08 Aug 2011 10:26:01 -0800

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.

By: small_ruminant

small_ruminant — Mon, 08 Aug 2011 10:28:54 -0800

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.

By: BuffaloChickenWing

BuffaloChickenWing — Mon, 08 Aug 2011 11:27:15 -0800

Direct him to these websites:

Get Rich Slowly
Liz Weston at MSN
Passion Savings
Scott Burns
Clark Howard

By: jessamyn

jessamyn — Mon, 08 Aug 2011 11:43:28 -0800

[folks, please chill out. Answer the question or flag and move on, thank you.]

By: Deathalicious

Deathalicious — Mon, 08 Aug 2011 12:00:51 -0800

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.

By: small_ruminant

small_ruminant — Mon, 08 Aug 2011 12:10:58 -0800

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.

By: fivesavagepalms

fivesavagepalms — Mon, 08 Aug 2011 12:59:16 -0800

A financial planner, yes, but a fee-only planner, not one who gets a commission on anything he/she puts the investor in.