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Old 11-15-2019, 09:12 PM   #41
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I did consult with two different FAs when I was considering this crazy FIRE stuff just to make sure I was not off my rocker. They both said it looked doable so its been 17 years and so far so good. No, I didn't hire their services since I got to FIRE without their help so I figured I might as well continue the same way.
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Old 11-15-2019, 11:12 PM   #42
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I manage all of our investments, including our rentals, which are about 2.5x the value of our marketable securities/cash. We've started selling some of the rental properties and once we're totally out, I may mention to DW to look into Vanguard's PAS once I'm gone as she really has no interest in managing our investments at this time.
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Old 11-15-2019, 11:23 PM   #43
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we do and have been since we started investing in 1982. we did consult a FP last year to seek advice on preserving capital but that's the only professional advice we've had. my bro-in-law's advice got us started and we took it from there.
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Old 11-15-2019, 11:26 PM   #44
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I am a hybrid. DWs ira is with an FA. She likes him. To avoid marital strife, I put some ira $ with the same FA. But I tell him how I want the $ invested. So in essence I mostly manage all of my $.
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Old 11-15-2019, 11:56 PM   #45
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I manage ours, and help/advise/manage 2 relatives so they no longer get ripped off (charged a 2% fee + fund fees) by FA's.
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Old 11-16-2019, 06:15 AM   #46
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Buy and hold:
Total market mutual fund
TIPS
CD's/cash
About 75% equities as pensions & SS cover the basics. All easy peasy.

Can't see any value in letting an FA turn some of my money into his/her money.
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Old 11-16-2019, 06:35 AM   #47
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Nope No FA …… Ever
Yes I do, always have.
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Old 11-16-2019, 07:09 AM   #48
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I am a hybrid. DWs ira is with an FA. She likes him. To avoid marital strife, I put some ira $ with the same FA. But I tell him how I want the $ invested. So in essence I mostly manage all of my $.
Can't convince the DW in letting you manage her IRA? I would think you have all the requisite knowledge and those FA fees can be spent on more exciting stuff.
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Old 11-16-2019, 07:09 AM   #49
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To answer the question, I do.
+1

Investing is not rocket science. With a little effort, almost everybody should be able to manage their own portfolio.
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Old 11-16-2019, 07:34 AM   #50
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I do. The pile has grown substantially under my management .
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Old 11-16-2019, 07:34 AM   #51
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Always have, since 1977. It ain't rocket science.
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Old 11-16-2019, 07:37 AM   #52
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I do and have for the last 10 years. When I got to the point with my FA that I could predict what they were going to say, I decided they added no value. I have been much, much happier ever since.
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Old 11-16-2019, 07:48 AM   #53
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Originally Posted by OldShooter View Post
We have never paid anyone to run our money and certainly would never pay 1.3%.

Here is a chart that I use with my investment class:





Buy and read "The Coffeehouse Investor" by Bill Schultheis and "The Bogleheads' Guide to Investing" by Larimore et al and you will know more than your FA.

Re moving everything to Vanguard Index Funds "next year," you should be there now. Why wait a year, which will almost certainly cost you at least 2% in underperformance? That's more than his fee.
Love this chart. That's exactly how I look at it.

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Originally Posted by Fermion View Post
I pay a fund manager 4% a year to manage our portfolio. He just happens to be me.
Likewise, except 2.5%.

I had an FA for 8 years, but I fired him 4 years ago because his returns lagged mine (even before the fee).
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Old 11-16-2019, 07:56 AM   #54
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I'm currently trying one with about a third of my investments. With this bull market so long in the tooth I thought it would be interesting to see how he does in the next few years compared to my otherwise buy and hold index strategy. He charges 1% and uses mostly low cost index funds such as vanguard instead of loaded funds but is much more diversified than I am and rotates as he sees the markets change. In a few years I'll either give him more of the portfolio or stop his involvement altogether.
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Old 11-16-2019, 08:01 AM   #55
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I have always managed our investments. I also take care of the AA for my sons 401K and the grand kids 529's. I never saw a reason I would want to pay someone a percentage to do that with all the info available here, Bogleheads and other sources.
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Old 11-16-2019, 08:07 AM   #56
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On my own. Initially with Datek/TD Ameritrade, and a couple other mutual fund firms, but am now all in Vanguard except for an HSA and DAF with Fidelity (who also manages my pension). I talked to one advisor years ago who got me into some kind of universal life insurance thing, but I ended that a few years later. I also used VG's free planner service with my Flagship status a few years ago. I've learned a lot more here, both directly and with pointers to sites like Fairmark, Kitces, Bogleheads, etc.
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Old 11-16-2019, 08:29 AM   #57
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Originally Posted by Bruceski44 View Post
I manage all our finances myself, but, importantly, I've also identified a FA my wife could work with after my death, should I die before her. This is a person I trust and who is familiar with my approach.
Same here, We have a FA with Fidelity that we meet with about once a year, ask any questions, etc. She will assume my job if I were to become unable to manage either cognitive problems or if I go before DW. Important for me to have a relationship between DW and FA today so they can work together later if needed. Oh, and FA is no cost today.

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Originally Posted by Kwirk View Post
I've always managed my own. (And, I suspect that no manager would want to put up with my very intrusive oversight.)
Managed mom's funds for about 15 years. Fired one FA and the 2nd one wouldn't put up with my intrusive oversight so I moved most of her assets to Fidelity and managed them till her passing this year. Thought this was worth quoting because many FA don't want your input.
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Old 11-16-2019, 08:39 AM   #58
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Same here, We have a FA with Fidelity that we meet with about once a year, ask any questions, etc. She will assume my job if I were to become unable to manage either cognitive problems or if I go before DW. Important for me to have a relationship between DW and FA today so they can work together later if needed. Oh, and FA is no cost today.
I too have "my guy" at Fidelity. The downside is "my guy" has changed 3 times over the last 10 years or so. I have little faith that any relationship DW made at Fidelity will not be there when she, or I for that matter, may need one. What's a person to do? This succession planning concerns me more than my self-management of the family finances.
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Old 11-16-2019, 09:15 AM   #59
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Have always managed my (and now our) own investments since I bought my first mutual fund back in the 80s. I've also done a lot of studying on things like modern portfolio theory, asset allocation, etc and follow people like Bernstein, Ferri, Kitces and Swedroe as that's something I find interesting.

Many of my friends or family have "their guy" who buries the fees so creatively that they think they are getting all this advice and support for little cost. I've mentioned that they can do better, but I honestly think they just don't have the interest in DIY. My best friend literally thinks all he's paying his Ameriprise rep is the $500 "relationship fee". I've tried to tell him he's getting soaked, but he appears to not really care..

Funny story about brokers - I had an Edward Jones rep come to my door the other day. He was dressed "very" well and oozed money (presumably the big $$ he gets from doing AUM portfolio management for his clients, LOL). When I told him thanks for stopping by but that I managed my own portfolio and was a Boglehead, he actually said "what's a Boglehead?". Yeah, pretty frightening that a guy in the business didn't even know what Bogleheads were. That told me all I needed to know about the dude from Edward Jones..but even more frightening - my LinkedIn profile shows he viewed it. So, he's obviously trolling for people with the word "retired" in their profile and then chasing those people outright. Guess that's just marketing, but still a bit disconcerting.
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Old 11-16-2019, 09:16 AM   #60
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In my first job post college (USN) I was screwed by a former Navy officer selling front load funds ... really, really, really jacked me up!

Since the above was based on MY IGNORANCE, I decided that would NEVER happen, again. I figured if a former Navy guy would screw me over, what would a bloodless post MBA on Wallstreet do to me?

Since then, my wife and I self managed our accounts, savings, IRAs/401Ks, etc using passively managed funds, and the occasional direct stock purchase at special times when the market was severely depressed.

Perhaps an actively managed process could have done better ... but, I have seen no indication of this in anything I have ever read. I’m sure there are rare examples, though.

RJ has those really heartwarming ads, right? Right.

BTW - we use Fidelity and Vanguard. Vanguard from when they were about the only passive option, and now, Fidelity. Fidelity is slick, fast and flexible, and has same management rates or lower than Vanguard. I am still loyal to Vanguard with those funds we initially bought, but I like dealing with Fidelity.
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