Among Friends

[phoenixbrd]

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.

[on the bay]

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.

[phoenixbrd]

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

[Twixy]

Be careful of financial planners period!!

[Sweet Caroline 1]

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

[Elri]

We use SPP.  Serta PosturePedic.  

[on the bay]

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@Elri wrote:

We use SPP.  Serta PosturePedic.  

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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!

[Kalli]

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.  

[phoenixbrd]

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!

[NicksmomESQ]

      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!!