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Find a financial adviser you can trust

08.06.09

Question: I was laid off recently and have been approached by several financial advisers who all want me to roll over my 401(k) into an IRA. Sometimes I feel like everyone is out to make a commission off my misfortune. Who do I trust? --Marcy, Hutchinson, Minnesota

Summertime, and the living is supposed to be easy. The fish are jumping -- or maybe it's the kids at the pool -- and yard work is the last thing on your mind. But the lawn has brown spots, monochrome greenery has replaced those May flowers, and weeds have overrun the mulch beds. Just a few years ago you could count on getting the bulk of your money back for almost any home-improvement project you took on. Today merely replacing a toilet seat can feel like throwing caution, and cash, to the wind. According to a study from Remodeling magazine, the average return on value for an upgrade declined from 87% in 2005 to 64% in 2009. But these six new rules will help you maximize your return on your remodeling investment. Question: I'm 62 and have accumulated about $2.6 million in retirement savings, which is invested in stocks and bonds. My adviser suggests that I take a third of this money and invest it in a guaranteed 6% income variable annuity. The cost of the 6% rider is 0.95% of the account balance per year. Do you think this is a good idea? --J.H., Lansing, Michigan



Horror stories of $2,000 phone bills are rare, but thousands -- even millions -- of people could be wasting money on outdated telephone services. Question: Last year I put my money with an adviser for an annual fee of 1% of assets and told him my only criteria for evaluating him will be whether he beats the market. I have refrained from telling him where to invest, when to invest, etc. as I view that as his job. He "got into the rally late" last year and underperformed the broad indexes by 10% to 12%, although we did have a decent fourth quarter. This year he's off to a horrid start, however, and we are already 3% worse than the broad indices. I try not to be a knee-jerk investor and know that every adviser has his ups and downs, but I'm wondering....Is it time to pull the plug? --Mike, Elkins Park, Pennsylvania Question: I'm 47 years old and would like to begin participating in my company's 401(k) plan. But I don't know if this is the right time to do so. Do you think I should start now or wait until the economy gets better? --Frank, Brighton, Mass.

There comes a point in every good book where you're convinced you know how the plot goes. And then you turn the page and something unexpected happens that changes all your assumptions. Well, that's where we are now.

Arena Resources has pleased investors with rocket-fueled growth, but the oil and gas producer seems to have hit a wall. Nearly half of U.S. workers who left their job last year cashed out their 401(k) accounts, according to a study released Wednesday, despite ongoing efforts to dissuade Americans from doing so.

For Jennifer and Carlton Monroe, 34 and 38, their home is both their castle and their prison. They bought the 1920s Craftsman in 2005 for $280,000. But it needed work -- leaving them today with $170,000 on a home-equity line of credit (HELOC), along with $222,000 on their mortgage. The FDIC protects against losses on bank accounts, but what happens to your investments if a mutual fund company collapses? Question: I'm 25 and want to start investing in the stock market, but I'm unsure of how to do it. Any advice? --Kyle, Bentonville, Arkansas



Bankruptcy filings by American consumers increased nearly a third in 2008, according to a new report. If your child skips college, is he entitled to the money you've saved for him? Money's ethicists weigh in. Question: My husband and I have been happily married for 28 years. Careful spending and sound planning over time has provided us with a very comfortable financial future. Although we're compatible in many ways, our outlook differs when it comes to enjoying our money. I'm more of a saver and I hate to shop. I'm already retired, and when my husband retires in a year we'll begin drawing on our retirement savings. Can you suggest some tips on how we can communicate effectively about spending our money? How do we assure that we'll both have the independence to decide how we want to spend "our share" without judgment? --Margaret M.

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