financial advisor's advice is....

[skipro3]

I got nothin'

I went to see an adviser today and see if there was anything he might do to improve my situation. What he told me was that there wasn't anything he could do for me that would improve my position financially. The company is called Hansen McClain. We spent an hour going over my finances and other than a recommendation of the pension options available to me, he said my 401K, 457, IRA's, etc. were as well invested as he could do in an IRA rollover and in fact, I'm better off with the 401K since where it is now, I have full access without penalty before 59.5 since I'm retiring. He said to see him after I'm 59.5 years old and he would review with me again.

 

[Lazarus]

Sounds like you found a good advisor! Found you were doing it right and didn't try to change it.

 

[donheff]

Wow. Of course it also sounds like a confirmation that you don't need an advisor.

 

[target2019]

Can't say whether this is the case, but I had a one-on-one with a Raymond James advisor. I was there for a $50 gift card. His advice was similar to what your advisor said. Index funds were a good choice at this time.

However, the 59.5 age milestone is significant. The FAs are interested in the age since you can begin drawing, and can invest that money with them.

That isn't to say your strategy is wrong. Just pointing out that the advisor may have other motives.

 

[panacea]

He may have more motivation to help after 59.5 but it sounds like he is offering the best advice for you now. There are many others who would have jumped on this as an opportunity now even though it's not in your best interest. If you decide you need a resource in the future, he might be a good alternative for you... but I agree with the others... maybe you're just a natural do-it-yourselfer!

 

[pb4uski]

He may have more motivation to help after 59.5 but it sounds like he is offering the best advice for you now. There are many others who would have jumped on this as an opportunity now even though it's not in your best interest. If you decide you need a resource in the future, he might be a good alternative for you... but I agree with the others... maybe you're just a natural do-it-yourselfer!

+1

 

[ShokWaveRider]

What you doing right? What is your allocation and instruments?

 

[gerntz]

Wow. Of course it also sounds like a confirmation that you don't need an advisor.

Only if you believe that because you've made good decisions it means you will always do so in the future.

 

[Donzo]

What you doing right? What is your allocation and instruments?

+1...I would like to hear what you are holding - I often 2nd guess myself.

 

[Mulligan]

I certainly see no problem with people using financial advisors and portfolio managers as long as they are aware of the costs and shop for the best one that fits their needs. For me, they would provide me no use as my income is generated mostly through a pension and my ongoing monthly investments and assets are only going to be in total stock index, STAR fund, CDs, and IBonds. I know I will not change know matter what, so why pay for something you aren't going to listen too?

 

[skipro3]

I certainly see no problem with people using financial advisors and portfolio managers as long as they are aware of the costs and shop for the best one that fits their needs. For me, they would provide me no use as my income is generated mostly through a pension and my ongoing monthly investments and assets are only going to be in total stock index, STAR fund, CDs, and IBonds. I know I will not change know matter what, so why pay for something you aren't going to listen too?

That is much like my situation.
American Century Strategic Alloc
Perkins Small Cap Value
American Funds Growth
PIMCO Total Return

However, I would change if the adviser had made recommendations that make sense. He didn't think he could really improve on my investments without affecting the risk and we both agreed I had no need to take risk at this time.

 

[ejman]

I found it useful to check with two different FA back a dozen years ago when I was contemplating my ER move. One of them was made available thru my work and the second one was an independent fee only advisor. They both confirmed that I was in fact ready for my FI/ER. One of them (The one available thru my work) said "I wouldn't change a thing" and the second one suggested minor changes in my AA. I ER'd 10 years ago and my NW is about 65% higher now compared to what it was then after drawing my living expenses - so far so good. Maybe I need to live it up a little. SS starts shortly, looking forward to that. The FA provided a very valuable service in reconfirming (and convincing DW) that we were in fact ready for ER.