Getting good financial advice feels a bit overwhelming with all the acronyms. It’s hard to know if these certifications are helpful or not. Seems better than just a random guy from 1st Command? Thoughts? Better that just getting counseling at the finance office on post?
Anyone have experience working with a CMFA, MQFP, or other military financial advisors?
byu/HelmetofAthena inMilitaryFinance
Posted by HelmetofAthena
2 Comments
What are your goals in getting an advisor? Most people do not need one.
https://mqfp.org/
Military Qualified Financial Planner (MQFP) is a new designation that I’m excited about. I’ve interviewed many of the people behind the exam, creation of the designation, and who sit on the board.
It’s the real deal and basically designed to save military folks from predators like FC.
I’ve also spoken to many of the advisors at Military Financial Advisors Association. They are also legit.
MFAA https://militaryfinancialadvisors.org/
However, most of these advisors use an asset under management model. That costs usually under 1% per year, which can get very expensive over an investment lifetime.
For most military people, Military One Source or financial counselors / advisors on base are sufficient. Your military money situation is not actually that complex. Spend less then you earn, pay off debt, Invest in TSP, use a Roth IRA, etc.
Another great option is Nectarine: https://hellonectarine.com I’ve spoken to the founder several times, Jeremy Schneider from @personalfinanceclub on Instagram. It’s a good model, fee for service where you pay $150 for a one hour session and that’s it. No upsells, no commissions, just pay for advice.
I booked a session to try it out and it was really good. I’m recommending it to friends and family that have money questions and don’t want to listen to me anymore. You can filter by military specific advisors too.
Like other posters have said, you probably don’t need an advisor if you’re in the military. Your situation is usually pretty simple and we’re not dealing with millions of dollars. For simple questions, I recommend using free on base resources or paying $150 for an hour of an advisors time.