I recently started working with a financial planner after years of managing my own investments. Why? Because, as I approach 20 years from retirement, I'm terrified of screwing things up. I'm not confident enough.
The planner, for both actively managing my investments and providing financial planning advice, charges 1% of the amount managed. No other fees.
This would gives me peace of mind. Also, the planner comes recommended from someone I absolutely trust, for whatever that's worth. They also sell no other services (like insurance, etc), so I don't feel like I'm getting sucked in to be a multilevel customer.
But I can't shake all of the advice I've read about how fees needlessly eat away at profits and that I'm better off doing low-cost index funds myself, that active management is vastly overrated. Will the planner's advice gain me more than I would have gotten on my own?
So, I'm looking for a sanity check from the financial advisors in the crowd. What is your reaction to the fee and what questions should I be asking?
Submitted February 27, 2018 at 06:13PM by roykeane_16 http://ift.tt/2CPMTZS
