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By Terry Savage on November 25, 2023 | Financial Planning / Retirement

Hello Terry,
I am a social worker (55 y old) a single mother who has some investments managed by a financial advisor. Those are modest investments-around $60,000.The advisor changed his model last year and he is a part of Charles Schwab. He described himself as a fiduciary advisor whose fee was 1%. Recently, I got the letter that the fee will be raised to 2%, which somebody suggested was a passive -aggressive way of getting rid of me because my investments are low in comparison to other clients. I heard on your show a segment on finding a fiduciary adviser using your website. Do any of those advisors accept clients with low investments? What would you recommend I should do?
Happy Thanksgiving,

Terry Says

Thats just plan AGGRESSIVE (and disgusting). So yes, you should move — but where?

This might be a good time to have a meeting with a fee-only FIDUCIARY financial advisor — not just about the investment of this money — but about your future. For instance, what’s your plan for retiring? Do you have a will? What would happen to your child if you died tomorrow? How much are you saving? What aspects of your lifestyle could you change to reach your retirement goals? etc, etc.
For that, you need a planner you can trust. Use this link:
That’s the smart way to handle this turning point in your life.

OR you could just move (or roll over if its an IRA) your account to Fidelity or Vanguard and purchase their Equity-Income fund, and let it grow for the next 15 years, paying less than 0.57% a year in fees — and have a pretty good likelihood of coming out ahead in the long run — if you have the self discipline to stick to the investment, and even keep contributing.

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