Financial Advisor

[spotty_dog]

Fidelity and Vanguard are pretty well-buffered against the effects of a Bernie Madoff, especially Vanguard which is investor-owned. If you invest passively, there's no mastermind to trust in, just straight-up math. You might not win the coin toss of outperforming the market, but at least you won't lose the coin toss and significantly underperform.

That said, we have accounts in a few different places too. That doesn't stop me from managing them as a single portfolio, nor seeking the lowest expenses for each position in each account. I think I'm managing two 529s, two traditional IRAs, two Roth IRAs, a 403b, a Keogh 401k, and a standard taxable brokerage account. They're located with a nonprofit investment service, an employee-owned brokerage, and a bank.

[SuzySunshine]

Can I ask what kind of returns people got in 2016? I'm looking at our year end numbers and thinking we pay to much and got way to little in returns. We don't have a meeting with our crew until April. I felt like when we signed on with them they did a ton for us - got all of our insurances up to speed, helped with our wills/trusts, etc. but they have spun all that off and now JUST do the financial advising/investing and I feel like we're paying an awful lot for what we're getting.

[poky]

[MENTION=915]SuzySunshine[/MENTION], [MENTION=985]spotty_dog[/MENTION] started a thread about returns a while back, about running xirr in Excel. Iirc, she and I both got about 7.5% in 2016.

[MrsK]

Can I ask what kind of returns people got in 2016? I'm looking at our year end numbers and thinking we pay to much and got way to little in returns. We don't have a meeting with our crew until April. I felt like when we signed on with them they did a ton for us - got all of our insurances up to speed, helped with our wills/trusts, etc. but they have spun all that off and now JUST do the financial advising/investing and I feel like we're paying an awful lot for what we're getting.

We feel the same and I believe we are with the same group. They were pissed when we wanted to step down our plan. I felt like we got a lot of attention initially but they didn't really get to know us. They were still spelling our names wrong almost a year in. I often feel like they talk over my head when I'm meeting with them and I have substantial experience in finance and business. Ultimately, I don't think our assets and income are enough to satisfy the type of practice they have.

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[SuzySunshine]

I will add that using the spreadsheet [MENTION=1049]poky[/MENTION] pointed me to our returns, even with their fees are better then I thought. I'm still playing with the numbers.


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[spotty_dog]

Remember that returns aren't an absolute. Higher isn't necessarily better. You need to compare with a reasonable benchmark that's correlated with YOUR personal need, ability, and willingness to take on risk.

[SoonerTexan]

I decided to go with the local group today. We will do 8 meetings and then can decide if we want to keep paying. I'm thinking we will probably pause for a year and then come back around job search time. I'll let you guys know how it goes!

[TulipsAndSunscreen]

And I think we will go for the Charlotte group. We can compare notes. Over booze. In 4.5 months


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[Ladybug]

We got an amazing mortgage through our advisor privately. I will definitely refinance our rental home (first home, zero down, physician, crazy interest loan). It's all local and good ole boy connections, but that's where is it really benefited us the most. They put me on a budget, but I can privately move more money over. LOL.

[SoonerTexan]

And I think we will go for the Charlotte group. We can compare notes. Over booze. In 4.5 months

Sounds lovely