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03-15-2018 10:58 PM
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.
03-15-2018 11:09 PM - edited 03-15-2018 11:11 PM
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.
03-15-2018 11:14 PM - edited 03-15-2018 11:14 PM
@on the bay Your post mirrors my thinking. Thanks for your comments!
03-15-2018 11:23 PM
Be careful of financial planners period!!
03-15-2018 11:25 PM
Don't you watch TV? Don't trust people with your money if you want it to stay yours.
03-15-2018 11:29 PM
We use SPP. Serta PosturePedic.
03-15-2018 11:37 PM
@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!
03-15-2018 11:45 PM
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.
03-15-2018 11:54 PM - edited 03-15-2018 11:58 PM
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!
03-16-2018 12:07 AM
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!!
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