Posted by Oregon Tractor Jack on March 11, 2015 at 08:42:32 from (50.137.138.152):
In Reply to: Financial Advisor???? posted by JD Farmer on March 11, 2015 at 06:07:45:
If you can find one, a good Financial advivisor is the way to go. I went through this whole thing two years ago just before I retired. The first think I did is to get educated. You need to learn what all the investment mumbo jumbo is all about. Initially I started looking at managing my own investments. I opened an account with one of the major public investment services. After I started there I figured out what "Up Front" fees were. If I managed my own mutual funds, the up front yearly fee was between 1-1.75% plus trade fees. That was with me doing all of my own work. My next step was to "shop" for a financial advisor. I made a list of questions to ask and off I went. I interviewed four different advisors and it was an eye opener. The first impressions are always the best right? The first guy I went to see had this big fancy office with a secretary. He was dressed in a fancy suit and tie. That kinda set me off from the begining. The first thing he wanted to do in take all of my 401k money and dump it in annuities. The only trouble with those is the, here we go, UP FRONT fees. They wanted like 10% off the top just to set them up and I would not have access to my money for several years. This explained where the fancy office came from. This guy also wanted 1.5% yearly. Two of the other potential advisors wanted to do the same thing, annuities and charge between 1.5 and 1.75%. Anyway, I finally tracked down a younger guy that realy knows his stuff and he charges 1%. All of my investments are diversified in the market, one annuity, several investment trusts and some cash. So far I have seen a 5 to 7% ROI since I started. We sit down every three months and go over my account to see if there is anything we should change. The bottom line is shop around and keep on them, don't just hand over your money and never go in for an account review. My two cents.
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