Ask Terry Questions Retirement account investment advice

Retirement account investment advice

By Terry Savage on August 18, 2019 | Financial Planning / Retirement

Hello Terry,

My wife and I have about 1.3 million in our retirement accounts. We are currently with a private financial planner.

My question is, how much should we be paying for him to handle our account on a yearly bases?

I have two friends that handle their own money and they tell me I’m throwing money out the window. They both worked in finance and actuarial. So I’m sure they are more versed at this then I or my wife. My background is construction and my wife was insurance.

They aren’t asking to handle our money but suggest there we use a company like Fidelity. We have just starting our retirement and haven’t touched any of our moneys as of yet. I also receive a monthly construction pension.

Your thoughts would be greatly appreciated,



Terry Says

I see no reason to pay more than 1 percent a year — all in, including all fees on underlying investments like mutual funds — for investment advice.  And you can certainly find advice for less.

But here’s the most important question:  Is your current advisor a FIDUCIARY?  Will she/he sign a statement on company letter head promising to fully disclose all fees and commissions and incentives, and to put your interests ahead of her/his own, and ahead of his company interests?  If so, you’re on the right path.  If not, I would explore options at, a registry of FIDUCIARY financial advisers who are vetted carefully.

The other option is definitely Fidelity or Vanguard, but you’ll get mostly investment advice and not holistic financial planning. So determine what you really need.

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