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JUST started a great job as a sr. EA supporting a C-Suite at one of the smaller but extremely well-known tech companies. However, Facebook (Meta) just reached out to me for a position supporting a SVP and a Director. Is it worth it to pursue the position at meta? Would it open more doors or set me back?
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Anyone here go to pure barre and seen results?
I’m just gonna leave this here.
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Is this the time to buy bitcoin??
I would ask, what other planning services are you receiving besides investment management? For example, is the CFP discussing/reviewing your insurance needs, benefits package, tax planning, retirement goals, cash flow/budget, estate documents, etc.
A CFP is well trained on all these topics and more. If you only getting investment management, then yes, I would “fire” him, however if you are receiving advice/help in all those other areas and investment is “one slice of the pie” then I would reconsider.
Rising Star
I would suggest taking time to learn about various accounts and investing. Then “firing” him and throwing that $125 a month into your investments.
There are a lot of resources out there to expand your knowledge, try looking into some educational videos on Youtube.
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Fire him and invest your money in VOO or VTI equivalent.
You’re paying like 3% a year just in the immediate fees and probably even more in the funds they have you in.
Are you able to post the actual tickets rather than summary screens?
As others have said you’d be much better off moving your money into standard index funds and dropping the CFP. Also tell whoever referred you to do the same.
Its expense ratio is 0.59% - look at Morningstar. That is way too high and makes no sense
Just go to bogleheads.org and read the wiki.
Amazing, thanks!!
I have often thought to myself, “A good financial planner would probably tell me to stop spending $125/month on a financial planner.” Sounds like I should’ve listened to my gut a while back. I come from a super blue collar family that has made all their money in real estate and gas stations. I haven’t had any real guidance on this stuff - so really appreciate everyone’s comments.
Love money guy!
Youve been getting fleeced. Fire him ASAP. You can self manage your retirement accounts by watching a few YouTube videos or coming on this bowl for advice.
I would fire them. What have they done with the other 15% of your funds? Put 80 percent in ITOT or VTI and 20 percent in IXUS or VXUS. No way I would pay for someone to do this. What funds do they have you in? You are paying a ridiculously high percentage of your assets for nothing. What accounts don’t you know what they are?
Maybe this would have been a better screen shot
Thanks everyone. I’m going to find some “retirement accounts 101” type videos on YouTube and then look into firing and transferring my money elsewhere. I work in big law - I’m sure there are employee resources there as well.
PFC is my favorite resource! You can take their course or just follow their blog/Instagram for little nuggets of information https://www.personalfinanceclub.com
If you not super high networth it would make more sense to pay a planner/FA a flat fee to make a financial plan for you and then run it yourself.
It's a pretty common subscription model to use and makes planning less transactional. Most one time planning fees are going to run 3-6k depending on complexity. Also to speculate on the performance of some hypothetical portfolio vs a target date asset allocation is insane, you have no idea what the investments are nor should be.
I had an Ameriprise advisor for about 6 months. They were charging 1% given my portfolio was about 200k. Plus three was 750/year planning fee. But he was investing in funds and individual stocks. Didn't feel worth it. I moved everything back over to vanguard and have 65% VTSAX and 35% VTIAX.
Treasury would be a great place to start! They teach you how to invest and what different types of investments will work for you.
Not knowing what to do with the money in your accounts and not knowing what the accounts are are part of what you’re paying for. Could you figure this out yourself and pay less? Absolutely. You could also cut your own hair and save money that way but most people don’t.
If you’re not wealthy with complex needs and don’t value the face to face contact and ability to pick up the phone to someone with questions, you likely don’t need an advisor. It comes down to what you value, and for many, having someone else do the work even though they could do it themselves is worth the fees
I agree. I like how the entire thread is already prejudiced on firing the guy already, without getting to know their needs or their services. Lol
Pro
Get rid of them. Just invest in normal index funds yourself and it will probably outperform what they’re doing anyway. That’s a lot in fees in terms of percentage of your account value.
It’s frustrating to see people confusing financial advisers with investment managers, ie ‘compare your losses with the S&P500’. First and foremost, we’re not stock pickers or fund managers, we’re not offering you alpha.
Second of all, if you ever need help mitigating IHT, structuring offshore bonds across maximum clusters so that they’re set up to pay for your children’s schooling (and reassigning the bond at the end of the term to a non-tax payer), keeping track of the ever changing tax allowances, setting up trusts in a way which allows you to give money to your kids without spouses taking your generational wealth in the event of divorce or moving pensions overseas via QNUPS (to list the basics of what we do)… please call up the ‘S&P500’ for advice on how to do all of this safely, efficiently, and with a face to face meeting explaining exactly which strategies and investments have been chosen, why, what the alternatives were and why they’ve been ruled out.
Also ask the S&P500 to review and rebalance you every year and be constantly available for direct, face to face conversations during scary markets when you’re panicking and want to hit sell in the trough.
And let me know how you get on with that.
It’s yours, roll over to fidelity/ Schwab and switch to low cost index etf’s or mutual funds. With your portfolio total u should be focusing on just getting savings rate up. No need what so ever for a cfp with your balance. Not a dig at all at your balance, u just simply don’t need one u til your in high 6 figures
I still have no idea what they have you invested in. Likely some expensive investments on top of the monthly fee. What kind of account is this? Taxable brokerage or IRA or something else?
Definitely not… nothing other than “you should be paying down consumer debt” - of which I am fully aware and trying.
Thanks for your feedback. Based on this and other comments, sounds like I need to do a little bit of studying and then do a transfer.
I want to get into stocks as well. Is this company legit.
No
Hire a fiduciary/RIA advisory firm. Otherwise, you're flying blind without a financial plan.
(Haven't read comments to see if any of this has been said already)
How much of percentage did your total 30k lost this year ? We will compare it with SPY ( S&P 500 index). Let us see if they beat it.