Ask Terry Questions How do I know that my (Fee Based) CFP is really doing the best for me?

How do I know that my (Fee Based) CFP is really doing the best for me?

By Terry Savage on March 04, 2019 | Investments

We have a diverse portfolio, Mutual Funds and Annuities mostly. By recommendation we have moved a company program 401k into self managed @ a brokerage and diversified those investments per recommendations. Due to health issues we are unable to attain affordable replacement Life insurance (we are paying for out of locked rate Term Insurance now)So the suggestion now is to add a fixed annuity with life/care benefit riders. Now the annuities that we have (one is doing well the other has been flat for years) are being suggested that we close those, fund these new fixed annuities and invest the balance into existing IRA accounts. Our overall total performance for the last year is about even with the indexes. I keep hearing that since we are somewhat protected on the down side we cannot expect much more than that. We have roughly 7-10 years until we retire. Where do I get a good (trustworthy) second opinion?

Terry Says

Ugh!  I guess your “fee-based” advisor figures he needs to earn some more big fees off of your account!  Don’t do anything.  Since you have existing annuities, my first suggestion is that you contact my annuity expert– Jeffrey Oster.  I have known him forever — he is honest and will do a real analysis of those current annuities.  You can reach him at 888-655-1035.  Feel free to use my name, or not — as I get nothing out of this.

The real problem though is that you need an overall financial plan — from someone who is a FIDUCIARY.  A FIDUCIARY promises to fully disclose all fees (betting that y0ur “fee-only” advisor didn’t do this!) AND promises to put your interests first — ahead of his or her own desire for fees or commissions.   ASK your current “advisor” if he/she will sign the FIDUCIARY PLEDGE in writing!  Thought not!

So after you get a feeling for your current situation, try going to to search for a CFP who is a fee-only FIDUCIARY.  No one will call you — but with this matching service you are certain to get a responsible advisor.    Try it — the first meeting is always free.

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