Hi! Looking for a bit of advice to see if using an adviser is worth it...
I had a financial adviser from Northwest Mutual reach out to me a few months ago. After working for a few years as an engineer out of college I have the basic savings and checking accounts but I've never invested or looked to grow my money (I'm 26 right now). Most of my expendable income goes into my loans (only about 50k left!) and it also doesn't help that my company doesn't provide great options for investment or retirement either. But I decided to try a financial adviser out because I need to be more responsible with saving my money.
The only issue I see is that I'm not paying him by the hour. He's taking a percentage of my money that I contribute and also a percentage of my investments. As of right now he has me signing up for a Roth IRA and Cash Value Life insurance(my parents warned me about these programs being shady but I haven't gotten the terms of them yet - still in review), plus a disability insurance (because my work doesn't provide a enough good compensation to protect my pay if something happened to me).
He's really easy to work with and really flexible but I can't help but feel he's working more for Northwest Mutual than my own interests. So he told me that he would take 0.75% out of my savings annually (from the roth IRA and CVLI) and 5.75% gets taken out of every contribution made. I'm not sure if this rate is ridiculous or not. Can someone advise me if I'm getting a good deal?
Any advise would be appreciated! Thanks!
Submitted August 06, 2018 at 11:01AM by Tehsibbie https://ift.tt/2vKYlnM
