Hi new to forum I'm just getting opinions I have 4 company's I work with. Business simple is with mass mutual. Both Roth Ira plans northwestern mutual. 2 variable life and another ira with Axa advisors. Then a custom whole life with ny life it's not now trying to figure it all out. Do most people use this many advisors or do just trust 1 .
Too many advisors ??
- Thread starter Snowx800
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FinanceDude
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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Most folks on here don't have anyone but themselves. Seems you have insurance agents and no advisors, all your money is in insurance policies.............
Sarah in SC
Moderator Emeritus
Ditto, even those of us that ARE advisers don't trust anyone but ourselves.
Snow, I don't know your particulars, but those are all extremely high fee / commission companies your stuff is with. Why not combine it all at a discount brokerage?
And the insurance products? Eeek!
Snow, I don't know your particulars, but those are all extremely high fee / commission companies your stuff is with. Why not combine it all at a discount brokerage?
And the insurance products? Eeek!
Snow, you need to stop and do some reading. You are doing all the wrong things as I and many of us have in the past. Just relax and read a few investment books. Also check out the Bogleheads forum as there is also some very good information there.
The way your are invested now is more to the benefit of the so called advisors. You have been sold a bunch of insurance policies and you need to learn how to and if you can get out of them without getting hurt.
The way your are invested now is more to the benefit of the so called advisors. You have been sold a bunch of insurance policies and you need to learn how to and if you can get out of them without getting hurt.
Sarah in SC
Moderator Emeritus
I wouldn't use any of the companies you have mentioned. Look at Schwab, Fidelity, and Vanguard for starters. You are probably in high commission mutual funds that will not only underperform the market, but cost you more to own.
Some reading of basic investment information on each of the company websites I mentioned will be a start, followed by a few books on finance. And I'd start investigating surrender charges on those life insurance products. Everyone learns this stuff at their own pace, so just be patient with yourself for past mistakes in managing your investments. Experience is a good teacher.
Some reading of basic investment information on each of the company websites I mentioned will be a start, followed by a few books on finance. And I'd start investigating surrender charges on those life insurance products. Everyone learns this stuff at their own pace, so just be patient with yourself for past mistakes in managing your investments. Experience is a good teacher.
obgyn65
Thinks s/he gets paid by the post
I do not have financial advisors.
They must smile every time they see you. You're paying for their vacation home and putting their kids through college. I'm glad other people piled on before I saw your post. I have been known to be rather blunt at times. Fortunately, others have beaten me to it.
Please read William Bernstein's Investor's Manifesto as soon as you can. It's a good overview of what most of us here do some version of. I have a simpler portfolio allocation than he recommends and many here have more complex ones. The key is we have the bulk of our assets out of the clutches of his fee insurance products. I personally avoid insurance products that are disguised as investments. Some dable in them in moderation. You need to understand what your objectives are and what your path forward needs to be. If you walk into an insurance "advisor" with money they will sell you an annuity that gives them the greatest commission.
jerome len
Full time employment: Posting here.
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find out when you can exit all your insurance high expense products without paying a penalty. Exit when you can. Then go to Vanguard (my choice) and invest in index funds and bonds.......percentage of each depends on your age.......then invest monthly, whatever you can, in your new index funds.
You need an education......I got mine by reading Money, Smart Money and Kiplinger Magazine each month. Reading all three for a year will cost you 50 bucks and you'll get an education. ........Keep saving......keep learning.......good luck!!!!!!
You need an education......I got mine by reading Money, Smart Money and Kiplinger Magazine each month. Reading all three for a year will cost you 50 bucks and you'll get an education. ........Keep saving......keep learning.......good luck!!!!!!
FreeAtLast
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First of all don't panic. You can't change the past, but learn from it. Get some of the publications that others have recommended. Take the time to understand what you are investing in. I use Schwab but I also have some investments with Northern Trust.
I really only trust myself, however, I have come to respect the knowledge of the members of this forum where I have learned so much.
Keep asking questions.
I really only trust myself, however, I have come to respect the knowledge of the members of this forum where I have learned so much.
Keep asking questions.
Thanks I'm getting out of new York life right away and starting up with vanguard and will be checking on all others I'm 43 I put away 28000 a year and starting another 5000 which I'm looking into vanguard you think you are doing things right then I find forums like this. Thanks everyone.
rescueme
Thinks s/he gets paid by the post
Invest in some knowledge before you invest your money.
It's not quick/easy, but once you start investing on your own after you learn some of the basics, your confidence will grow (along with your returns).
I'll assume you have read about the 4% withdrawl rate (to ensure your retirment portfolio lasts). If you pay just 1% to an "advisor" (on top of the fees for the funds you hold, which you will have to pay regardless if you or somebody else manages them), you are "losing" 25% of that 4% withdrawl rate target.
As for me? I would rather "hit the books" (and visit the forums mentioned) in order to come up with a plan that I feel comfortable with, and can manage on my own - for the long term.
I would rather that 1% (or whatever fee you are/will be charged) go into my pocket, rather than into sombody else's who in some cases know less than me.
Just my opinion...
BTW, if you don't know about the 4% rate, start here:
Trinity study - Wikipedia, the free encyclopedia
It's not quick/easy, but once you start investing on your own after you learn some of the basics, your confidence will grow (along with your returns).
I'll assume you have read about the 4% withdrawl rate (to ensure your retirment portfolio lasts). If you pay just 1% to an "advisor" (on top of the fees for the funds you hold, which you will have to pay regardless if you or somebody else manages them), you are "losing" 25% of that 4% withdrawl rate target.
As for me? I would rather "hit the books" (and visit the forums mentioned) in order to come up with a plan that I feel comfortable with, and can manage on my own - for the long term.
I would rather that 1% (or whatever fee you are/will be charged) go into my pocket, rather than into sombody else's who in some cases know less than me.
Just my opinion...
BTW, if you don't know about the 4% rate, start here:
Trinity study - Wikipedia, the free encyclopedia
Bestwifeever
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You'll be fine (as you know, I'm sure!)--even if you paid more in fees/commissions/gratuitous charges, you've still been smart to be socking away a good chunk.
Welcome to the boards!
Sarah in SC
Moderator Emeritus
And don't forget to check the library for some of those books and magazines!
growing_older
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Your current crop of advisors has done very poorly by you. I would get rid of all of them, though there is no rush to do so. Making a hasty move is probably even worse than the mess you have now.
Try reading some good do it yourself books, so even if you use an advisor you will have some knowledge if they are helping or hurting you. The difficulty is in determining which books are good if you don't already have some investing knowledge. A good safe place to start is bogleheads.org or the books they write "Bogleheads Guide to ...."
Just as there are many terrible advisors, there are also many terrible investment books, so just reading everything isn't a very efficient way to go.
I went and bought the bogleheads guide to retirement planning can't put it down then I got out all of my investments and looked at. Expense ratio to high 1.26 avg then load 5.75 avg. And then 12b1fee .25 I will be looking into moving them it's just like everything else in life you need to learn it all. Thanks again.
teejayevans
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I think your chances of finding an FA who is worth 1% is zero, however, if you can find one that pays an hourly rate, it's probably worth it to sit down with one and do a complete review of your finances. Or you can start reading, I recommend "The truth about money" by Edelman.
TJ
TJ
Did my research and can move both Roth Ira from American century no cost and I can move my business simple Ira no charge to vanguard. I'm 43 for both Roths vanguard showed me
56%-total stock market index
24%-total international stock index
20%-total bond market index fund.
Let me know what you think
56%-total stock market index
24%-total international stock index
20%-total bond market index fund.
Let me know what you think
Sarah in SC
Moderator Emeritus
If both Roths are yours, then no reason not to combine them into one single Roth account when you move to Vanguard. Are you still contributing to the Simple IRA?
