I'd like to hear more about this [Roth Conversions]. I keep poking at it with various spreadsheets, ROTH versus 0% LTCG harvest is a question for me. I might even consider a by-the-hour FA for this, but my feeling is (like SS at 62 versus 70), the 'answer' is so dependent on unknowns, and the likely difference isn't great enough to worry too much about. I just want to avoid a big mistake.
-ERD50
FINRA will actually tell you if an FA lives paycheck to paycheck, has large CC debt, or lives beyond their means?
Why not just go with a small/value ETF, save the fees and boost your return?
If you can follow what your FA is doing, track it, understand the costs, etc.
Then you do not need the FA.
Circular reference.
I knew it wouldn't be long before those opposed to FA's would start telling those of us who choose to use FA's that we are wrong.
This is perhaps the worst of many poor reasons to get married. There are likely some good reasons too, but I struggle to remember them.Yes, Roth conversions are on the list for me as well. Gotta get married first as the single bracket is very limiting.
I knew it wouldn't be long before those opposed to FA's would start telling those of us who choose to use FA's that we are wrong. [emoji23]
The simple answer is those of us who use FA's do it because we want to and we can afford it. As Crewer said, it's a personal choice just like many other life decisions.
OP states they don't need an FA, they want one. People who wander in and read threads about the perfect way to select an FA should also know that not having one is an alternative option.
My parents continue to use Edward Jones. They pay north of $10k in fees every year. Probably more now as their portfolio grows.
They are making money and don't like the thought of "breaking up" with their FA. I get it.
I went through examples of how the fees knock down what they want to do. I used this tool to show them exactly the impact.
Compare Investment Fees
They state they are at the "end" of their investing. Maybe only 10-20 years of time left at early 70s.
They could give that $10k to church, create a scholarship at their college, cut a hole in their pocket and let it dribble out on the sidewalk to help people.
No right answer. My assumption is that if you post a long detailed post about how to select the perfect FA that it is a template for others to perhaps use. Great.
The value of these places is not only saying "great job, here is your slap on the back", but throwing out difference and alternate views.
It is very possible you will come out ahead after fees over the next X years. We won't know until X years passes. Nobody knows nothing and It's OK to be _____________.
I went through examples of how the fees knock down what they want to do. I used this tool to show them exactly the impact.
Compare Investment Fees
They state they are at the "end" of their investing. Maybe only 10-20 years of time left at early 70s.