Ask Terry Questions Should I fire my financial advisor ?

Should I fire my financial advisor ?

By Terry Savage on January 17, 2024 | Financial Planning / Retirement

I’ve had my financial guy since Jan 2013….11 years. He handles my IRA/Roth IRA/investment accounts. At end of 2023 the annualized rate of return for all of those accounts combined is 6.89%. The S&P 500 has done 13.46% annualized rate of return in those 11 years ! I will be 70 in April (and I have waited to claim Social Security). Asset allocation now stands at 58% US Stocks, 23% Balanced, 14% Bonds, 3% Alternatives, 1% other……. Should I fire him ???

Terry Says

And replace him with what? It appears you wanted a conservative portfolio. It was hard to recover from the steep decline in both stocks and bonds in 2022.
First, consider an appointment with a fee-only FIDUCIARY financial planner to make sure you understand what your own goals are for income in retirement and your own risk tolerance.
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