Rick_Head
Recycles dryer sheets
I beg to disagree. It is amazingly easy if you have some knowledge and tools.Anyone can manage their own money. Its amazingly easy with virtually no knowledge or tools.
I beg to disagree. It is amazingly easy if you have some knowledge and tools.Anyone can manage their own money. Its amazingly easy with virtually no knowledge or tools.
+1.. just make sure the FA cannot do anything without your permission....
Hi all,
... we put all our money with a financial advisor with whom we have been very happy with...
At this point we may go out on our own although we've used others for many years to help us and we've done well. ...
we had been very happy with how our finances have been handled. He was very helpful when my husband decided to retire early. ...
I beg to disagree. It is amazingly easy if you have some knowledge and tools.
I beg to disagree. It is amazingly easy if you have some knowledge and tools.
Depends on your definition of "some knowledge". It doesn't take much time, effort or skill to look around and see that a portfolio of 1/2 Vanguard Sp500 fund and 1/2 Vanguard Total Bond fund will beat just about any adviser's 50/50 portfolio.
I think you're splitting hairs. The point is that you don't have to read a book, study for months or anything like that. ...
Combine that standard business practice with all the industry's forms of legal larceny -- revenue sharing, 12b-1 fees, hidden trading costs -- and their game plan appears straightforward: Heads they win, tails they win.
This is why many of the world's richest people are money managers, and the investment business has produced a greater number of billionaires than any other industry in the U.S and worldwide.
Its hard for me to believe
I'm new posting although I've been reading for almost a year.
When he retired he realized he had made more more in the 401K than the retirement account with the advisor
.....This is going to amaze most of you but we have have an appointment to see another financial advisor tomorrow at the local bank which we use. I knew when I posted that this group as a whole doesn't like financial advisors. They have done very well for us. I can't give you detailed year by year returns but I can tell you we have received some great advise and we have made some great returns.....
OP
On a lark this year, I took and easily passed the series 65 FINRA examination (the test for registered investment advisors and their representatives). I can therefore tell you from personal experience that the bar to become a FA is incredibly low. I have no problem with people seeking advice when needed or desired. If you need a little hand holding, work with Vanguard. If you need more hand holding, see a fee only financial planner once a year.
just my not so humble opinion..
This thread reminds me of something that frustrates me to no end in life. People asking for advice and then doing whatever they want anyway. They really don't want advice, they want you to validate the decision they have already made.
...
Glad you are free of the first FA's clutches.
Do talk to Vanguard for comparison.
Some questions for potential FA's.
- How often do you make trades?
- Do you take tax considerations into account when making trades. (Trades in IRAs don't hurt you tax wise... churning in taxable accounts can have big negative tax consequences.)
- What is the fee structure? Is it based on Assets under Management (AUM)?
- Do the funds have loads? Is there a surrender fee?
- How do the funds compare against index benchmarks. (Look at 1yr, 5yr, 10yr.)
Vanguard will come up with a plan for you for free with an account value of your size. Schwab will also do this. As will Fidelity.