Retirement Planning

Terry Says

Out of the frying pan and into the fire! Without casting aspersions on either of these two firms, what matters most is that you understand the TRUE costs of their “help.”
First of all, you want to take advice from a Certified Financial Planner (CFP), not a “financial advisor.” Just guessing that the Merrill person is not a CFP — kudos if he/she is a CRP who is qualified to do more than recommend investments, but instead will take an overall review of your income, tax, estate, and retirement budget.

Second, you need to know how and how much you are being charged:
Is it a fixed fee based on hours spent?
Is it a fixed fee based on “assets under management”? (and in that case, why would you pay fees if you decide that30% of your assets should be in safe money alternatives such as Treasury bills?)
Are there hidden ongoing management fees they earn in the mutual funds they suggest?
Do they receive a commission from moving your money into their recommended mutual funds or stocks or ETFs??

These are all questions you should ask. Now if you want to avoid trying to figure this out, you could just start out with a carefully vetted, fee-only FIDUCIARY advisor by using the Wealthramp service. Watch this video: https://www.terrysavage.com/pam-krueger-wealthramp/

The word “fiduciary” is thrown around a lot. A true Fiduciary is obligated to put your interests ahead of his own. Ask any advisor to put that in writing –that he/she is a true fiduciary. But even a fiduciary can earn money on sales of products — ranging from life insurance to annuities to investments. That doesn’t mean this isn’t good advice –but it does create some perverse incentives. That’s why I recommend a fee-only Fiduciary.
The Wealthramp process ONLY includes these advisors, who are all carefully vetted.