Paid advisors for a recent widow in the US

September 18, 2020 12:23 PM

A US close friend has recently been widowed. Her spouse took care of all financial matters, and she is looking for a paid financial advisor who doesn't have a financial stake to discuss her overall finances. Looking for someone similar to provide advice on what she should fix if she plans to stay in/sell her house.

Good bedside manner is very important - someone who doesn't mind explaining basic concepts in a compassionate manner. Specific recommendations would be great, anyone in the US is fine.

Looking for someone similar to help with "If I choose to sell/stay in my house, should I fix this?" She hasn't decided if she wants to sell yet. Looking to pay someone for input who will NOT be potentially selling the house/representing her.

If you have other "consultants for recent widows" advice I'm all ears. She's getting lots of family/friends help/advice, but it is helpful to have people who are working just for you.

posted by arnicae to Grab Bag (6 answers total)

I suggest splitting up those responsibilities. Try getting a good home inspector to do a report on the house, and maybe some extra time with that person to help triage/prioritize any work. For even more info, bring a real estate agent in to see the house, show them the inspection, and get their take on what to fix and on a listing price based on that. Separately, get a fee-only financial advisor. If your friend is open to phone/video meetings, I may have a reference for someone who's compassionate, feminist, and experienced.
posted by cocoagirl at 1:08 PM on September 18, 2020

I love my fee-based financial advisor and it sounds like she may be a good fit for your friend; empathetic, knowledgeable, and able to share information and advice in an empowering, non-condescending way. I learned a lot from her and she was excellent at sorting out my financial affairs and helping me make a plan and meet my goals. Sending you a PM with details!
posted by stellaluna at 2:29 PM on September 18, 2020

If she’s a senior and is also wondering about end of life issues, she may want to talk with an Aging Life Care Specialist. You can talk with them about managing your assets and having your needs cared for. They can help a senior stand up to family members who may have ways of influencing seniors to do things they really don’t want to do.

Here’s a site about them. Aging Life Care Specialist.
posted by rw at 7:12 PM on September 18, 2020 [1 favorite]

Sent you a MeMail.
posted by JimN2TAW at 7:59 PM on September 18, 2020

Encourage your friend to consider signing up for a free account on the https://www.bogleheads.org/ forum. Many people on that forum are highly knowlegable about personal finance, low-risk and low-cost investment, buying houses vs renting tradeoffs, and will freely offer low-risk financial advice. The forum can also help sanity-check any financial or investment proposals recommended by friends, family or financial advisors.
posted by are-coral-made at 10:01 PM on September 18, 2020

I've seen Garrett Planning Network recommended here on AskMe and also at the Bogleheads.org site many times - they are fee-only financial advisors, so they're a lot less biased than the ones who take a cut of your money to manage it. I know someone in a somewhat similar situation (retired woman whose husband had done all the finances, slowly moving into doing more of it herself), and she is super happy with her Garret Network person, who she's been using for - 5 years, maybe?
posted by kristi at 12:19 PM on September 21, 2020