Hi all! I've been reading the forums regularly for the last year or so, but I've never posted. I'm 56, and thinking seriously about ER in the near future. I left a megacorp position a little over 2 years ago which resulted in halving my salary, so I've sort of been practicing for ER. I recently decided to go part time (75%) which reduced my salary even more. I'm not in a high stress job any more, but my bullshit bucket seems to get full faster, and I'm tired of dealing with the red tape and archaic practices in academia.
I have most of my assets (around 1.2 million) with Ed Jones because that's what my parents did, and I didn't have the time or the interest to learn anything about investing. I've never been exactly comfortable with Ed Jones, but, after reading some of the threads on this site, I've come to realize just how much my ignorance is costing me. I recently met with an independent financial consultant, and she went through my EJ statement and pointed out all the ways the company is making money off of me. Because of my investment ignorance, I asked her to help me with my retirement planning. She agreed - to the tune of $6000 for a one year retainer. She wouldn't do any investing for me, but would direct me to a broker who would charge 1% to "fix" my investments. I realize I'm playing catch-up now, but I'm trying to educate myself to the point that I can self direct my accounts. My alarm bells started going off when I received her contract for the one year retainer. I think I can go with a company like Vangard and not shell out the 6K plus 1% of my assets and come out ahead - or at least not do any major financial damage.
I think I know what your answers will be, but I'd like to know if you think I should pay for this one year "education" or call Vangard and teach myself. Thanks for any and all opinions and advice!
I have most of my assets (around 1.2 million) with Ed Jones because that's what my parents did, and I didn't have the time or the interest to learn anything about investing. I've never been exactly comfortable with Ed Jones, but, after reading some of the threads on this site, I've come to realize just how much my ignorance is costing me. I recently met with an independent financial consultant, and she went through my EJ statement and pointed out all the ways the company is making money off of me. Because of my investment ignorance, I asked her to help me with my retirement planning. She agreed - to the tune of $6000 for a one year retainer. She wouldn't do any investing for me, but would direct me to a broker who would charge 1% to "fix" my investments. I realize I'm playing catch-up now, but I'm trying to educate myself to the point that I can self direct my accounts. My alarm bells started going off when I received her contract for the one year retainer. I think I can go with a company like Vangard and not shell out the 6K plus 1% of my assets and come out ahead - or at least not do any major financial damage.
I think I know what your answers will be, but I'd like to know if you think I should pay for this one year "education" or call Vangard and teach myself. Thanks for any and all opinions and advice!