topic Re: Met with Financial Planner in Among Friends

Met with Financial Planner

phoenixbrd — Fri, 16 Mar 2018 02:58:25 GMT

Today we met with a financial planner. I've always believed that no one looks after your own money like yourself but then I have a series #7 and 63 and worked as an intraday trader. We originally saw him regarding our trusts and now he is talking about being our financial planner. His charge is an annual 2% of the value of the account, whether it makes money or not. Does this seem reasonable to you? Would appreciate any sharing regarding financial adviser fees. Thanks.

Re: Met with Financial Planner

on the bay — Fri, 16 Mar 2018 03:11:03 GMT

That would be too much for me I think.

I read some interesting articles in investopedia-

They show some better financial planning that charges .15%-.25%.(robo advisors-Wealthfront, Betterment)

I think if someone charged 2% whether you earned or lost, I would want to do it myself if I had money to invest!

It always pays to do lots of research before entrusting someone with your money. You can also read reviews from others.

You could use Morningstar as a source if doing it on your own.

If nothing else, it can be fascinating to read whether you are investing or not.

Re: Met with Financial Planner

phoenixbrd — Fri, 16 Mar 2018 03:14:48 GMT

@on the bay Your post mirrors my thinking. Thanks for your comments!

Re: Met with Financial Planner

Twixy — Fri, 16 Mar 2018 03:23:40 GMT

Be careful of financial planners period!!

Re: Met with Financial Planner

Sweet Caroline 1 — Fri, 16 Mar 2018 03:25:59 GMT

Don't you watch TV? Don't trust people with your money if you want it to stay yours.

Re: Met with Financial Planner

Elri — Fri, 16 Mar 2018 03:29:38 GMT

We use SPP. Serta PosturePedic.

Re: Met with Financial Planner

on the bay — Fri, 16 Mar 2018 03:37:27 GMT

@Elri wrote:
We use SPP. Serta PosturePedic.

Oh!!

@Elri -

lol! At first I thought, wait, that's a mattress! Did she get her threads confused and think we are talking about mattresses?

Then, oh! Lightbulb! $ Under the mattress!

I'm a little slow, ok a lot slow but I get it!

very clever response!

Re: Met with Financial Planner

Kalli — Fri, 16 Mar 2018 03:45:40 GMT

We’ve always done our own investing. DH is good at the segment we invest in. Over the years of course there were a few times things didn’t work as we’d planned but the vast majority has been in our favor.

When I quit working I had to choose a financial firm to manage my retirement funds that came from my account through work. Told the planner I didn’t want it put in a certain type of account but come to find out, in a round about way, he did exactly what I’d not wanted. As retirement goes, it’s not a ton of money. And it’s gaining which is why he did that. But this experience sure made me glad DH has taken care of the bulk of our $ all these years.

Re: Met with Financial Planner

phoenixbrd — Fri, 16 Mar 2018 03:58:33 GMT

Thanks for your responses....reflects my concerns also. I don't think we will be making another appointment. @Elri at least with SPP you know you are not losing your money!

Re: Met with Financial Planner

NicksmomESQ — Fri, 16 Mar 2018 04:07:46 GMT

The best financial planner for your money 💵 is you,period!! I would never pay anyone 2% of the value of my account annually.Sounds like a scam to me!! So he gets paid wether you make money or not.The only person who seems to be in line to benefit💰 from this deal is him!!

You got this one @phoenixbrd .You can do it!!

Re: Met with Financial Planner

kitcat51 — Fri, 16 Mar 2018 04:15:54 GMT

Our 401k was invested with Merrill Lynch & when the collaspe happened we lost $600,00. because we had no idea they invested our funds in sub prime mortgages, it was a terrible hit so we picked ourselves up & went to a highly recommended local financial planner...he took a look at the money we had left & reduced his fee from 3% to 1%. Shorty after we transferred our 401k to him the company we worked for went bankrupt & we lost our pensions, & then my husband drowned. Long story short I'm so grateful for the job the financial planner has done & while I'll never recover financially there is no way I could handle the mess I was left with by myself. If you are good at investing then do that but if you need help & find someone you trust fees can be negotiated. Thought I'd share my experience hoping it might help someone who's leery.. I know you'll ask...I'm fine, bad things happen to everyone, you just have to accept & make the best of it.

Re: Met with Financial Planner

BirkiLady — Fri, 16 Mar 2018 04:50:50 GMT

@kitcat51I'm so sorry. That M-L deal was horrible! Everyone lost money in that crash, but M-L clients didn't have a chance to recover.

I'm also a widow and understand your loss. Blessings.

We were also with M-L, but my broker was unhappy with the way they were doing business. He and a group of brokers decided to leave. They pooled their money and formed their own company just months before the market crashed. But more importantly, they left M-L with their values and integrity!

I was one of their first clients and have been with them ever since. My broker will be retiring within the next couple of years, but his partners remain trusted advisors and know me. I'm confident they will continue with the same efficient and dedicated expertise that I've know throughout the years.

I still have a small M-L IRA that M-L has refused to left me roll-over into a ROTH for unknown reasons. We've tried everything; they won't budge. This year I turned 70 and will have to begin taking the Minimum Distribution on IRA's, ROTH's, Annunities, 401-K, Retirements, etc. I know the taxes on that small ML IRA will be so high because ML would not let me roll it over years ago! Such is life.

We all have to go with the flow, don't we? We are strong women who shall survive!

Re: Met with Financial Planner

phoenixbrd — Fri, 16 Mar 2018 05:46:06 GMT

@kitcat51 You have had many challenges and I'm so sorry for the loss of your husband. Thankfully your financial planner was able to help out to some degree. My heart goes out to you and respect for your wonderful attitude.

Re: Met with Financial Planner

phoenixbrd — Fri, 16 Mar 2018 05:52:06 GMT

@BirkiLady Thankfully you found a firm that is responsible and has integrity, It is hard to know who in the financial world is credible. Sounds as if you will have continued good service and, hopefully the amounts at ML were the smallest percentage of your portfolio. Many wishes for continued success at your current financial firm.

Re: Met with Financial Planner

ID2 — Fri, 16 Mar 2018 10:19:32 GMT

Years ago our lawyer recommended a financial advisor. We went to him several times and were never charged. I'm glad because he was a fool.

Re: Met with Financial Planner

nyc1 — Fri, 16 Mar 2018 10:43:07 GMT

@phoenixbrd 2% is the going rate depending on the amount of money you have invested with your adviser. It's a sliding scale ... the more money in the account, the less you pay in commission. We have several financial advisors and when we started with the one that has most of our money, it was 2%. It is less than that today. We are very pleased with our investments, care and progress. We look after our money but an advisor can aid you in plotting out a plan, guidance, the investments themselves, etc. My husband and i doubt we could not have gotten to where we are today without his help, nor did we have the time and resources. My husband does some of the investing, but the bulk is with a large investment firm and we have been with our advisor for over 10 years. Good luck.

Re: Met with Financial Planner

Nataliesgramma — Fri, 16 Mar 2018 10:45:18 GMT

ou have to be careful....I know a few people that lost alot of money because of their advisor.

I am not a fan of the guy who we use.....he is a relative and calls you right back unless you want to take money OUT of your account.

Re: Met with Financial Planner

Dominosmom — Fri, 16 Mar 2018 10:51:44 GMT

walk away find someone else. 2% seems awful high for a service that you can handle yourself. Do the numbers 2% x ???k annually. I wouldn't do it.

Re: Met with Financial Planner

Mom2Dogs — Fri, 16 Mar 2018 11:20:19 GMT

Dh and I have had a finanial planner most of our married life...we would never handle our investments on our own. The financial planner we are with now has based his fees on the value of your account and the nummber of times you have planned meetings.

We are pleased with what we are charged.....and the company has made us a nice retirement nest egg, along with our committment to save for retirement. Every year we get a letter outlining our annual fee and the fees that were charged to invest in different accounts.

I would walk away at 2%.

Re: Met with Financial Planner

scatcat — Fri, 16 Mar 2018 13:05:25 GMT

Since you are in the business, you know to shop around. 2% seems high. If you love this firm, negotiate a better rate