Yesterday after months of thinking and research, we terminated our FA. I finally “got religion” and now believe not even the best FA can consistently beat the market. We were paying fees of 0.7%, which isn’t too bad, but still resulted in our advisory fees being the second largest line item in our budget (after travel). We are moving our portfolio to Fidelity and will be converting to a “lazy” portfolio over the next few years.
Many on this forum are quite critical of FA’s. Ours helped us for a particular purpose at a particular time in our lives, and I don’t regret having her for almost 5 years. However I do appreciate the challenges posted on this forum, as these comments got me thinking it was time to self-manage again.
This decision is going to save us hundreds of thousands of dollars if we live to average life expectancy. Thank you for challenging my thinking and helping me see a better way for us!
Many on this forum are quite critical of FA’s. Ours helped us for a particular purpose at a particular time in our lives, and I don’t regret having her for almost 5 years. However I do appreciate the challenges posted on this forum, as these comments got me thinking it was time to self-manage again.
This decision is going to save us hundreds of thousands of dollars if we live to average life expectancy. Thank you for challenging my thinking and helping me see a better way for us!