I am not familiar with the author or the title. But, a quick internet search indicates he also wrote a book about "Prospecting for Financial Advisers". And the first chapter of the book you mention has the title, "Finding Your Coach". So, yes, I suspect it would be distributed widely by FAs. I suspect it advocates a FA model of investing. I would recommend you read books from the Bogleheads reading list.
20 years old and out of print. Not something most would consider valuable. I guess your planner had a crate of 'em in the back room?
The whole book advocates using a Financial Advisor .
Over the course of the last three decades, I've been an advisor to individual investors, and now - for want of a better description - an advisor to other financial advisors.
Actually the one he sent me was updated in 2013 it says. The whole book advocates using a Financial Advisor and investing all your money in stocks. ALL OF IT for the most part. ...
Actually the one he sent me was updated in 2013 it says. The whole book advocates using a Financial Advisor and investing all your money in stocks. ALL OF IT for the most part.
We are 62 and 64, with hubby retiring next year at 66. And- we need to sell our home and move out of state.
The guy I met with says we should have 95% in equities and 5% cash. He was on the Dave Ramsey list. He also would want to take "custody" of our assets and put everything in Wisdom Tree ETF's through Pershing.
Said I could keep our money with T Rowe Price - "for now".
Said he is a Fiduciary and considered fee only- no commissions. All semantics I say.
The whole thing scared me.
I am going to go with a Garret Planning Group, fee only FA instead. I want to leave my money with T Rowe Price and just get advice.
That sounds like a reasonable plan to me, good choice!! I assume you
are paying an hourly fee only?
Ok, so isn't just investing all your money in a US total stock fund (or world total stock fund) even simpler and equally inevitable?
It is $1500 for the plan and he works with us over several months until it is implemented and working. Then going forward he has different way of working with you. He can go on retainer for $1200 per year or more depending on what is involved as determined in the planning process. Or he also can charge $200 per hour.
He was the ONLY guy I met with who had this type of business structure and I like it.
It is $1500 for the plan and he works with us over several months until it is implemented and working. Then going forward he has different way of working with you. He can go on retainer for $1200 per year or more depending on what is involved as determined in the planning process. Or he also can charge $200 per hour.
He was the ONLY guy I met with who had this type of business structure and I like it.
This sounds like a good plan. As you have realized, I think it is impossible to completely outsource investing decisions. You need to know enough to make sure your adviser is competent and looking out for your best interest.
...And once you are that level of education, you can do it for yourself if you choose and pay nothing to outside parties of this type.
The whole book advocates using a Financial Advisor and investing all your money in stocks. ALL OF IT for the most part.
I don't know this for a fact.
Didn't read the book, but I know someone with 100% Income Replacement in retirement via Cash, Pension, SS, Hard Money Loans and Real Estate Income.
In that situation the risk of having 100% stocks is irrelevant. If you have achieved 100% income replacement with 4 essentially passive income streams the risk of running out is essentially close to 0% and the risk of dieing is much greater lol.
Meleana-I have always done everything myself. Just now at this transition to retirement I feel we need more expert guidance on how to live off our investments, taxes, when to take SS, relocating, health insurance, especially because we have no pensions. I need the objective perspective of how we can live going forward from a holistic standpoint. Someone to bring it all together. The whole thing is very scary to me
If we had pensions that covered our basic living expenses I wouldn't think too much about it but we don't.
I am really hoping this will help us now at this point in our lives.
Meleana-
You may want to consider a ‘Floor & Upside’ approach. Dirk Cotton’s blog is an excellent source of advice. Here’s a relevant post.
The Retirement Café: Unraveling Retirement Strategies: Floor-and-Upside (An Update)