My wife and I had our first meeting with a financial advisor and I just want to see how legitimate his plan is for us. We haven't implemented anything because this is our first time focusing on finances like this we are asking around for opinions.
We have no debt and are great about saving but know very little about investing, etc. So we thought we'd start with an advisor until we feel comfortable potentially branching off on our own down the road.
The plan is our investments are managed by the advisor into Franklin Templeton mutual funds and bonds for retirement, college fund for our child, and a major purchase account(home down payment etc)
He said it would be split up into 3 class A funds: FKDNX, FGRAX, and FKFSX. The first two have a front load sales charge of 5.5% and the last one is 3.75%. This seems to be kind of the average for these types of class A funds unless I'm missing something or misunderstanding something.
I get the feeling alot of y'all run your own accounts which I think I'd like to at some point but is this a good route to start off with? Or are these percentage fees a scam? I understand there would be fees involved to have more educated people work the accounts but again I'm not familiar with what a fair percentage would be.
Any advice/opinions would be greatly appreciated.
Edit: I didn't expect 13 comments in 30 minutes, and all with generally the same advice. Thank you all so much for your replies. I'm googling all of this examining the wiki now. We really appreciate this
Submitted February 02, 2021 at 02:36PM by Duncan13724 https://ift.tt/3pCziOB
