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I have had a financial advisor for a while now. (Did and does handle my dad as well.) Costs a bit of money but he probably does some things with his brokerage'
by ghaff 2mo ago
I have had a financial advisor for a while now. (Did and does handle my dad as well.)
Costs a bit of money but he probably does some things with his brokerage's computers that I don't have easy access to and, with one exception, I've consolidated a number of accounts to him--a couple of which I barely looked at. He's also good as a sounding board. I'll sometimes push back if I have a slightly different view of risk/return for some things but I mostly take his advice both for managed accounts and one I directly control at a different brokerage.
- thunky 2mo agoWith respect, you're likely being taken advantage of. Your advisor doesn't have any fancy computer with more info than you have. You're paying for an illusion and it's not cheap: A 1% annual fee reduces your wealth by 20-25% over a 30 year period. At least do yourself a favor and check to see what your total return is with him vs simple index funds. If you need a professional sounding board you can pay by the hour.
- ghaff 2mo agoIt's complicated. It's tied in with various family stuff and the reality is that I had accounts I just wasn't managing. Could I make a change someday? Maybe. But this works for my position today and I have a significant brokerage account that I manage personally today which includes index funds but also has a lot of bonds and money market at this point as I'm mostly retired.