Mom is 75 and my Stepdad is 80. Dad has congestive heart failure and his health has really declined in the last 12 month. Mom does pretty good, but has typical aches and pains...
They called last night to tell me they are going to see a finance guy. This is someone who a friend recommended. My parents live in a very nice condo, but I can see them moving to a retirement community within the next five year.
Their friend has recommended a FA at Smith Barney. I don't know much about their my parents finances except all of there income is comes from SS, two fixed annunities and one variable annunity. I think the fixed around 5%, the variable I'm not sure.
They were at a get together at the condo and my mom must have mentioned their rate of return -- and this friend piped up stating they needed to see this FA. They now have this idea that they can make more money by doing this.
They have a appointment scheduled next Thursday and I've told my Mom I would go with them. I don't know a whole lot about Smith Barney -- but checking on line, it seems most of their funds have high front loaded cost.
If mom and dad can make more money, that's great -- but, I'm not sure they appreciate the risk of going after a few more $$$.
So I'm asking for recommendations for them. What type/mix of funds would you put you parent's pot of gold in. I have no experience with Vangard, but they seem to be held in high regard in this forum.
I'm grateful they asked me, but I anxious on giving them bad advice.
Thanks in advance for your help.
dwk
They called last night to tell me they are going to see a finance guy. This is someone who a friend recommended. My parents live in a very nice condo, but I can see them moving to a retirement community within the next five year.
Their friend has recommended a FA at Smith Barney. I don't know much about their my parents finances except all of there income is comes from SS, two fixed annunities and one variable annunity. I think the fixed around 5%, the variable I'm not sure.
They were at a get together at the condo and my mom must have mentioned their rate of return -- and this friend piped up stating they needed to see this FA. They now have this idea that they can make more money by doing this.
They have a appointment scheduled next Thursday and I've told my Mom I would go with them. I don't know a whole lot about Smith Barney -- but checking on line, it seems most of their funds have high front loaded cost.
If mom and dad can make more money, that's great -- but, I'm not sure they appreciate the risk of going after a few more $$$.
So I'm asking for recommendations for them. What type/mix of funds would you put you parent's pot of gold in. I have no experience with Vangard, but they seem to be held in high regard in this forum.
I'm grateful they asked me, but I anxious on giving them bad advice.
Thanks in advance for your help.
dwk