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Honored Contributor
Posts: 12,702
Registered: ‎08-22-2013

My husband takes care of all our money and taxes and I hope I die first because I don't like money, only what it buys. If I'm not lucky enough to die first our son is very good with money and investments so he will be more than happy to help me out. Good luck with finding someone to help you.

Honored Contributor
Posts: 40,317
Registered: ‎08-23-2010

Reading the comments here also indicates that ALL women should at least be familiar with the investments ... if not actively  participating in the investment decisions.   You aren't doing yourself a favor if you choose to ignore the management of your own money.

Respected Contributor
Posts: 4,781
Registered: ‎03-10-2010

@FrostyBabe1 wrote:

@Just Bling wrote:

So sorry for your loss.  My mom had the same thing going on and went to Edward Jones.  She took all the stock certs (she had them) to him and he inturn consolidated them into an annuity for her. 

 

Don't forget these "investment" people are there to make money so sometimes what one investment firm recommends may not be beneficial to you but to them.  Interviewing a few would be a good idea and really go with your "gut", you'll make the right decision.

 

Also, it depends how much money we are looking at too.  If for example you only have $10,000, would you spend over $400 to buy an annuity which the payout is minimal?

 

The $10,000 and $400 amounts mean nothing, it was used as an example.

 

You are probably overwhelmed right now but don't make any hasty decisions.  What are your goals?  You are getting your DH's social security, possibly pension and see how much you need additional to live on.   Determining that number is important, it will give you a start as to what to do and how much you need.


That's exactly why you consult an independent, registered investment advisor rather than a retail broker. Under the law, the RIA has a fiduciary responsiblity to place the best interest of the client above all else. The retail broker only has to say that the investment is "suitable" for the client. 

 

In the case you've outlined above, I would strongly argue that the way you've presented it indicates that the broker at Edward Jones did not act in the best interests of the client. Those stock certificates? If he sold them, he made a commission on them and your mom paid capital gains taxes on the appreciated value. That annuity? It's an insurance product that he made a commission on just for selling it to her. Likely 7%. It's stories like this that make me cringe. 


 

I agree with you. 

 

 

Esteemed Contributor
Posts: 5,660
Registered: ‎03-09-2010

MY husband died in Feb 2015.  MY financial,situation changed drastically.  My DH rand his own business and paid himself a nice salary.  IN addition we were both collecting SS.  MY husband's salary ceased and of course you cannot collect both SS pmts.  I dropped mine and continued to collect his.  ALl of our money was invested with Fidelity and had been for years.   THey treated me so badly when my husband was sick and then screwed up the accounts when he died.  I could not wait to pull the money from them.  I sat down and worked out a monthly budget of what money I needed to support my lifestyle and then I interviewed three different investment counselors.  I interviewed one that was recommended by good friends, one from my bank's investment dept and one who managed the local Edward R Jones office.  I asked them to tell me what they would recommend I do with my money to get the income I needed and what investments should be made.  WHen they got back to me with their proposals I met with each of them and listened to what they had to say. I ended up going with Edward R Jones.  I liked and understood what they were suggesting I do.  I was also very comfortable with the woman who manages my local property office.  I liked that I can go in and sit across from her and talk with her face to face.  IF I have questions she responds very quickly with answers I understand.  YOu need to determine what your situation currently is, what your goals are both short and long term and then talk to some financial,advisors.  I also took her advice and set up a living trust moving my two properties and all my non IRA investments into the trust to make it easier for my daughter when I die.  I also had a POA and a health POA prepared so my daughter could manage my financial and health issues if needed. I also,added her to my checking account so she could write checks if needed. All of these documents are kept here in my house and she knows where they are.  I also created a list of web sites that I use for banking, Edward R JOnes, and credit cards, mortgage etc and provided my user ID and passwords so she could access the accounts if needed.  EVerything is kept in a large binder in my home office

Esteemed Contributor
Posts: 5,202
Registered: ‎03-10-2010
  • II appreciate that yo u took the time to answer me. I made a mistake not telling you I cannot read small lettering because of cataracts. DH never discussed stock issues with me but left me okay. I
Esteemed Contributor
Posts: 5,660
Registered: ‎03-09-2010

@halfpint1 wrote:
  • II appreciate that yo u took the time to answer me. I made a mistake not telling you I cannot read small lettering because of cataracts. DH never discussed stock issues with me but left me okay. I

You do realize that the font you used to,post this comment is so small no one can possibly read it.