Financial advisor or help with investing

amother

OP ↓

Mon, Jan 06 2025, 12:54 pm

Looking to invest small amounts of money that kids got as presents over the years what is best way to go about this? Is the fee for a financial advisor worth it or should I invest I on my own- if so, how?

amother

Azure

Mon, Jan 06 2025, 1:23 pm

I don't know much, but I know when my husband was young his parents opened a Janus Henderson account for him and it grew pretty nicely, they handed it over once we married and we kept it and keep adding to it, it has a nice return.

doctorima

Mon, Jan 06 2025, 2:22 pm

For relatively small amounts it's probably not worth paying a professional. Open up a UTMA brokerage account at Fidelity or Schwab for each kid and invest the money in a broad index fund. If you ever want a top financial advisor for larger sums, feel free to PM me for his name and contact info.

amother

↑ OP

Mon, Jan 06 2025, 9:02 pm

amother Burlywood wrote:

I maintain accounts like that for my kids at Fidelity and keep the funds invested in an S&P 500 fund or ETF.

I literally have no idea what this means and how to do this. I am a total newbie. Can you help me

chimom1

Tue, Jan 07 2025, 12:08 am

A financial advisor may not be worthwhile unless you're investing larger amounts (e.g. $50,000 or more). But you need someone to help you figure out what's most worthwhile based on your goals, tax benefits, etc. You may be able to have a free consultation with an advisor where you can just get some advice about where to start. Some common options mentioned above but clarified a bit more):
To invest your kids' money, decide what your goals are for the money. Pay their tuition in a few (or more) years? Maybe look at opening up a 529 account for them, where the money is specially allocated for education. Want to just hold it for them and allow them to decide what to do with it when they're adults? An UTMA is an option, where you open and manage their accounts but it transfers to the child when they become an adult. An ETF or index fund is a relatively safe way to invest in the stock market, a good way to grow the money if you won't need it for a good long while.
Hatzlacha!

amother

Petunia

Tue, Jan 07 2025, 12:22 am

Try Silverbridge wealth management. 7325342567 He does small accounts. Not expensive and can walk you through it and he also doesn’t take a percentage.

amother

Navy

Tue, Jan 07 2025, 1:29 am

amother Burlywood wrote:

I maintain accounts like that for my kids at Fidelity and keep the funds invested in an S&P 500 fund or ETF.

Which funds so you use at Fidelity?