Ayco Money Smart Coach - Your Opinion?

[retire2020]

My megacorp provides free financial planning through Ayco. Has anyone used them? Is it worth the time or a trap to suck you into investing for their benefits. I've ignored all their attempts to contact me for past six years. I've never had any financial planning done but lately thinking about getting one done. It's GS company...
The Ayco Company, L.P., a Goldman Sachs Company.

 

[MBAustin]

Megacorp offered this back in the early 90's (I think they were owned by Amex at the time). I recall there were no strings attached, it was just advice, in particular about 401Ks. But it never hurts to double check the fine print.

 

[retire2020]

Thanks MB. I'll call them and have my plan reviewed. I also have free access to Financial Engines at work. My current portfolio is at 2.888M, SS of 39K after 19 years but FE predicts that I can retire now with about 129K/Yr(4.7% WR) even if my portfolio drops by 150K. It's hard to believe as FireCalc predicts about 112K with same input. My goal is to secure 120K/yr.

 

[pb4uski]

From what you said you may have to change your screen name.

 

[prudent_one]

Thanks MB. I'll call them and have my plan reviewed. I also have free access to Financial Engines at work. My current portfolio is at 2.888M, SS of 39K after 19 years but FE predicts that I can retire now with about 129K/Yr(4.7% WR) even if my portfolio drops by 150K. It's hard to believe as FireCalc predicts about 112K with same input. My goal is to secure 120K/yr.

I think I read somewhere that FE assumes annuitizing your portfolio when predicting income.

 

[retire2020]

From what you said you may have to change your screen name.

I can not wait! Already feeling butterflies in stomach.

 

[ERD50]

Careful with that word 'free'. I would check to see if it counts as a benefit that will be subject to taxes.

I had a financial plan done that was subsidized by Megacorp. In retrospect, I realize it wasn't worth the taxes I paid on that plan. Cheap tuition I guess, I now understand personally just how shoddy some of the impressive sounding 'advisors' are. They get an "A" for presentation (fancy book of impressive tables and multi-colored charts, lots of impressive looking [-]filler[/-] 'analysis'), but an "F" on content.

-ERD50

 

[redduck]

... They get an "A" for presentation (fancy book of impressive tables and multi-colored charts, lots of impressive looking [-]filler[/-] 'analysis')...
-ERD50

Hmmn, "impressive tables and multi-colored charts"--do you recall, was the presenter a guy who went by the name of "Midpack"?

 

[ERD50]

Hmmn, "impressive tables and multi-colored charts"--do you recall, was the presenter a guy who went by the name of "Midpack"?

No, I like the charts Midpack offers up. Information is good, and if it can be presented visually, that's even better for most people.

I have a problem with presentations that have little in the way of substance/content. I don't recall Midpack's falling into that category, but if they do, we are free to challenge them.

-ERD50