Financial advisors
I am on my third financial advisor. I had managed my own money all my life and got to a point where I felt a professional was needed. I had primarily stocks with a few ETFs. 2021 was hard on my portfolio. My first advisor decimated my portfolio and wanted to sell all of my stocks. He wanted complete control with no questions or concerns. The next one basically acted as a broker for what I wanted to buy and sell. The third which I have now seems to believe in the theory of minimal stocks and all ETFs. I am 73 years old and ETFs seem great for a younger person with a long timeline, but just measly returns for me. Do I just go back to doing it myself? My big concern is doing the RMDs correctly. I just want to safe and not do it properly. My account is small at around 550k but I want it to grow…I am at a loss right now as my contributions are erased by the advisors fees which are 1.2 percent. Can you advise me please?
Terry Says
OMG — Let’s be clear. You have NOT had “financial advisors”! YOu have had BROKERS — who put their interests ahead of yours. They made a fortune off you on commissions and fees. And it seems you still do not understand that.
For starters, please read this link: https://www.terrysavage.com/pam-krueger-wealthramp/
And you need more than just an “investment” advisor; you need complete financial plan at this stage of life — for withdrawals that are now required, for investing the balance, for creating a stream of income, for your estate plan.
Please read this recent column:https://www.terrysavage.com/real-financial-planning/
And then connect with Wealthramp to be matched with someone you can trust!
You need a FEE-ONLY FIDUCIARY who promises in writing to put your interests first!
