FundRobot » Mutual Funds » Is having a financial advisor a good idea for retirement?

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Old   #1 (permalink)
 
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Default is having a financial advisor a good idea for retirement

They take 1% of your account value a year and over time that is going to be a lot. Is that a better idea than just putting your retirement money somewhere else?

Money07 is offline   Reply With Quote
Old   #2 (permalink)
 
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Default is having a financial advisor a good idea for retirement

schwab,, fidelity, tdameritrade, etc,, all free
1% of total account value? god god,,,, that much?? really??
Trader4Ever is offline   Reply With Quote
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Old   #3 (permalink)
 
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Default is having a financial advisor a good idea for retirement

Lets see, how many times have you retired in the past? Since you haven't before, it might be useful to speak with someone who has knowledge and experience. You wouldn't try surgery on your own, would you?

This doesn't mean you need an advisor to oversee your investments on an annual basis; but I find it useful for people to sit down with someone and figure out their goals and what they need to do to achieve them.
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Default is having a financial advisor a good idea for retirement

Yes, but you need to do your own research, watch financial shows on TV/internet, etc.
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Default is having a financial advisor a good idea for retirement

What you describe is a fund manager, not a financial advisor. If you're not a sophisticated investor, you don't need fund managing: you should put your money in a passively-managed mutual fund or target-date retirement fund. The fees are very small--look for less than .5%, some will be as low as .2%..

You should, however, periodically consult with a fee-for-service financial manager (a Certified Financial Planner). They charge you a fee for each consultation. Don't use a "free" financial advisor who makes money from the commission of sales. That person has an interest in selling you investments that return money to him, not to you.
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