Hey, personal finance! I recently started seeing a financial advisor at First Command I met through a mutual family friend. The advisor is obviously very knowledgeable about retirement and investing, but I can't help but think the funds they are suggesting I invest in are more for their profit than my well-being.
They suggested a couple of accounts through Fidelity Advisor that have large percentages to invest in (some of the percentage goes to the advisor). The funds have a good history, but I can't tell if it's a smart move for me or if they are just trying to profit. Additionally, the advisor suggested a whole-life insurance plan. They explained how they profit from it (basically, the cash value goes to them the first 2 years), but it still seems like a good plan to me.
I really just have no idea whether or not to trust these people, and I'm looking for some guidance. Should I just invest in my own IRA accounts? Is a whole-life insurance plan a good idea or am I being scammed?
Any help would be greatly appreciated, thanks! PM me if you'd like any more specifics, I didn't want to bog down the post.
Edit: I should mention I'm not paying any fees, they are all commission-based.
Submitted January 17, 2017 at 03:12PM by dirigible37 http://ift.tt/2jVWVPK
