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What type of Financial Advisor do you use?

Zac495

Zac495

TUG Member
Joined
Jun 6, 2005
Messages
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Location
Philadelphia, PA
We are using a fee only (1500 a year). He doesn't hold much of our money - most in in Vanguard. My mother used him and I feel loyal to him. I'm also reluctant to switch to a firm such as Fisher (who call me regularly after I filled something out on line). Fisher (for example) manages your money and takes something like 1.3 to 1.5% of what you make. Their pitch is they regularly monitor the investments to realize higher gains than the fee only fiduciary (they're both fiduciaries) who does call us regularly and goes into our Vanguard accounts at our request to make changes. He does sell for his own firm, but never pressures us to buy anything.
Our fee renewal comes up in August and we're struggling with whether it would be wiser to go with Fisher (or such).

Interested in your thoughts!
Ellen
 
I would avoid any unit that responds to those online forms. Were you aware of this company before? I wouldn’t think any honorable firm would pester people for business. They would stand on their reputation. Maybe ask friends for recommendations. My financial advisor, accountant and lawyer work together as needed. I trust them all and they are active members of our communities.
 
FA usually get paid via fees, like yours for $1500, loads, or percentage of assets under management.
We manage our own $--a mix of mutual funds, some muni bond funds and single stocks. DH looks for good quality stocks that are undervalued--it' somewhat of a hobby for him. For mutual funds, it's fairly easy to read commentary like Morningstar, etc. and prune on a quarterly/semi-annual or annual basis as needed--for some, we just let it accumulate. I actually pulled out some $ from my Mom's managed accounts and had her dump it into some Vanguard funds-where it'll just sit for the next 10 years. No need to pay 1-1.5% for that.
We sell/trim when high, reinvest in underperforming areas (which have the ability to come back vs. underperforming because they're now dinosaurs) and buy low (we saw April 2020 as a buying opportunity for airlines and entertainment/theme parks) and ride out other lows. Otherwise, hire a professional like you have. I'd at least sit down/zoom with Fisher and see what they proposed. Vanguard would likely also give you a free "check up" each year if you have a certain amount invested with them. In the next few years, we might consider a financial advisor for more esoteric products like bond ladders, etc. and for tax avoidance strategies.
I think Fisher is based upon a percentage of assets--not on the gains they make:
That’s why at Fisher Investments we believe a straightforward investment strategy with transparent fees based on the size of your assets is the best way to help clients.
 
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We use an independent firm. The get paid based on a percentage of what we have, or something like that. In other words, the better we do, the better they do.
 
We have never used an FA.

Not perfect but we are also saving at least 1% - 2% a year so can allow for less than perfect results. That's $10 - 20k per million/year.. Over 10 years that's $100k - $200k saved! That allows for a lot of error. We have done well.

I have an MBA so we mainly invest in broad-market high-quality ETFs from Vanguard and Schwab. Apply all of the rules of diversification and risk management. Dollar cost averaging monthly investments and also dollar cost average withdrawals. I also loosely follow the Bob Brinker newsletter portfolios. Not hard and worth keeping the FA money to work toward our retirement.
 
NONE

The last time I had a free dinner to meet one, he told me he couldn’t suggest anything better. Some 50 years ago and nothing has changed for me. Saved a lot of money and living comfortably in retirement for 25 years now.

Cheers
 
CalGalTraveler said:
We have never used an FA.

Not perfect but we are also saving at least 1% - 2% a year so can allow for less than perfect results. That's $10 - 20k per million/year.. Over 10 years that's $100k - $200k saved! That allows for a lot of error. We have done well.

I have an MBA so we mainly invest in broad-market high-quality ETFs from Vanguard and Schwab. Apply all of the rules of diversification and risk management. Dollar cost averaging monthly investments and also dollar cost average withdrawals. I also loosely follow the Bob Brinker newsletter portfolios. Not hard and worth keeping the FA money to work toward our retirement.
Click to expand...


I learned a lot from listening to Bob Brinker on the radio for many years. I was a subscriber too. He helped me establish critical mass by age 52. Never felt I needed a FA after listening to Bob.

I use a passive portfolio of one no load total stock market index fund with a very small percentage in a REIT fund. I use a money fund, GIC fund and ibonds instead of bond funds. No need to pay the advisor fees. I keep it simple and have a moderately aggressive 60/40 asset allocation.
 
ScoopLV said:
financesonline.com

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Many people look up to their favorite celebrities for inspiration, hope, and direction. However, celebrities are human and like us ordinary people, are vulnerable one way or another. Celebrities are not at stupid, at least not all of them. But sometimes, they can be too trusting and that often...
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Click to expand...
Good thing I'm not a celebrity.
 
Luanne said:
Good thing I'm not a celebrity.
Click to expand...

Happens to lots of millionaires, not just celebrities.

I'm not handing anyone the keys to my financial kingdom. And I'm quite happy with the results of managing my own account. I don't think anyone could have gotten me here quicker than I did.
 
I also handle my own investments but I have a financial background. Do some research on other financial advisers (Vanguard, Charles Schwab, Fidelity, etc.)
I think a flat fee is better than a percentage of assets but it depends on the amount invested, expertise, time spent and other factors.

https://www.napfa.org/
 
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ScoopLV said:
Happens to lots of millionaires, not just celebrities.

I'm not handing anyone the keys to my financial kingdom. And I'm quite happy with the results of managing my own account. I don't think anyone could have gotten me here quicker than I did.
Click to expand...
We're doing just fine too. Thanks for asking.
 
I use a Fee Only advisor. He helps me with things beyond managing my retirement accounts.
Because I'm a single mom w/no spouse to provide back up income, I'm heavily insured to make sure my daughter has what she needs in case I die or became disabled. He has helped me purchase some pretty complex insurance products that I wouldn't have felt confident purchasing on my own.
 
Luanne said:
We use an independent firm. The get paid based on a percentage of what we have, or something like that. In other words, the better we do, the better they do.
Click to expand...
Same here. No problem with them. If I decided to change, I would consider Fisher
 
A friend of mine -- who has a substantial portfolio -- invited me to attend a Holiday Party hosted by her FA firm -- a family group in SoCal. They were definitely soliciting for new accounts. I felt uneasy. She has moved most of her funds to them.. Wouldn't put all my eggs in the care of such
 
Did my own investing till getting married at 38. Always did fine in investing long term in the stock market. Once married I manage our stock portfolio and handed over our IRA'S and Roth and another investment account to a company I pay a fee to. Had a separate investment advisor years ago that had told me I was all setup great years ago. Switched from him when I felt his fees were too high since I did most on my own and like I said mostly long term. He put some of the retirement money in basic funds so why pay extra? When I switched I was again told we are great and no worries.
Also, our house has been mortgage free for about 30 years and we have pensions from work. I meet with the company 2-3 times a year or whenever I have a question. Pretty much on auto pilot except for the advisor moving some things from fund to fund under my requirements of the type of investor I am which is not afraid of some risks as feel safe already with the stock portfolio,savings, and pension.
My biggest questions have been about our 14 yr old Granddaughter and her education. I will cover what is needed for this after she applies for scholarships,etc. Timing should work out well as starting either next year or depending on the law the year after I will have to start drawing from my retirement account. The way we are set up this money will sort of be extra funds .
Bart
 
Thanks for the replies. I don't like the idea of giving up 1.5% to anyone. The FA we use is the one Mom used. There's a certain amount of loyalty I feel - he even came to her memorial. Most of my money is in Vanguard. Once my husband retires (February) we will need to know what funds to pull from as he doesn't have a pension like I do. I kept a bit of cash to cover a year until we're 65 and can use Medicare - a whole other question!
 
Zac495 said:
Thanks for the replies. I don't like the idea of giving up 1.5% to anyone. The FA we use is the one Mom used. There's a certain amount of loyalty I feel - he even came to her memorial. Most of my money is in Vanguard. Once my husband retires (February) we will need to know what funds to pull from as he doesn't have a pension like I do. I kept a bit of cash to cover a year until we're 65 and can use Medicare - a whole other question!
Click to expand...
My FA gets a percentage. I looked into fee only but, couldn't find one that I was comfortable with. Either one is fine, IMO. There are too many variables involved to do it on your own. When to take it out, from what account. What are the tax implications, etc. Small price to pay for the convenience, as long as you have the right person.
 
Our financial guy is our former pastor, and he is about 69 years old, I think. He is kind of a nut because he is excited that the Dow is dropping, so when he contributes to his Roth, he is buying more shares for his money. That's crazy to me.

How do you all feel about the drop in the market lately? I feel pretty upset about it. Our funds are medium growth, apparently.
 
In order to know if a FA is a "good one" that is investing in your best interest you absolutely need to educate yourself. By the time you educate yourself you will know that you can do it yourself. I would not pay someone 1% every year or more. I would go to Bogleheads.org and post the question with details on your situation.
 
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