WSJ on firing your financial advisor

[Walt34]

I'm my own FA but who should do it when I'm old and senile? That's what I worry about.

My plan is a managed payout fund. In Vanguard's, they take a "snapshot" of your fund's balance the last day of December. Then they send you 12 equal monthly payments of 4% of the balance the following year. Sort of an "automatic payout" that is hands off.

 

[Lsbcal]

Thanks for the link to the WSJ article.

Recently I got a free subscription to the WSJ through airline points that had to be used. For some decades a I was a WSJ subscriber but then reflected on the lack of personal finance acumen there. This article confirms my feeling that reporters are not good with personal portfolio ideas in general.

 

[LOL!]

This WSJ guy just joins the club.

Back in 2009, Ron Lieber, Your Money columnist of the NYTimes, found out he was using a planner that was stealing millions of dollars from clients: http://www.nytimes.com/2009/04/18/your-money/financial-planners/18money.html

Carl Richards, who does the back of a napkin sketches at NYTimes and is a financial planner, wrote an article about losing his house due to non-smart financial decisions (http://www.nytimes.com/2011/11/09/business/how-a-financial-pro-lost-his-house.html?pagewanted=all).

Joe Nocera, a business/finance journalist at the NYTimes, reveals his lack of retirement planning: http://www.nytimes.com/2012/04/28/opinion/nocera-my-faith-based-retirement.html and how he cashed out some of his 401(k) for home renovations.

Edmund Andrews economics reporter of the NY Times defaulted on his subprime mortgage. Ahem: NYT Reporter Who Defaulted On Subprime Mortgage Left Out Key Details - Business Insider

A finance show producer (company owner) found out about his retirement plan in the Frontline episode The Retirement Gamble | FRONTLINE | PBS .

I'm sure the list will grow as "My Bad" articles become more popular.