Hi all.
I wanted to get some feedback about a recent meeting I had with a money manager who works for one of the large brokerage firms where I have an account. For context, I am in my mid-30s and I am essentially an investing/finance novice though I've read a bit (but fair warning I may use some terms incorrectly). I have a retirement portfolio worth $400K and another portfolio of miscellaneous investments worth $200K.
The money manager pitched a management plan for my retirement fund where I would pay his firm an annual fee of 1.7% the value of the account in exchange for management services. He showed me both historical data and future projections and told me if I went with the managed account plan, I would likely have several million in the account by retirement. I am somewhat aware that financial advisors have a bad reputation on Reddit and beyond, but I guess I'm wondering if it ever makes sense for someone like myself to pay a money manager. I admit I am feeling slightly seduced by the numbers he showed me, which is why I'm looking for second opinions.
Submitted May 05, 2024 at 12:17AM by untitled2dotjpeg https://ift.tt/jlz0vJY
