Prefacing this by saying i really know nothing about stocks.

I hired a CFP a couple years ago through a trustworthy referral (actually 2). We pay $125 a month but tbh I have no idea what for… he “handles” our equity accounts (aside from current company 401k). I really don’t see the value but maybe I’m missing something?

Anyways. If we were to “fire” him… what do I do with the money in my accounts now? Tbh, I don’t even know what the “accounts” are. Everything is done through Ameriprise.

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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.

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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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You should schedule a review with them and have them explain to you the fees and their value proposition, then decide if you can do it yourself or hire someone else that is better.

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