Met with Financial Planner - Page 2

kitcat51 · ‎09-15-2016

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.

BirkiLady · ‎02-22-2015

@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!

Money screams; wealth whispers.

phoenixbrd · ‎03-27-2010

@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.

phoenixbrd · ‎03-27-2010

@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.

ID2 · ‎06-25-2012

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.

"Pure Michigan"

nyc1 · ‎03-19-2010

@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.

Nataliesgramma · ‎03-28-2015

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.

Dominosmom · ‎07-17-2010

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.

Mom2Dogs · ‎03-09-2010

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%.