Three comments/questions today:
(1) You have a financial planner already, right?
(2) Ah, but do you know the hidden costs associated with your planner? Ask for details.
(3) If he/she has you invested in a separately managed account of stocks and bonds, then that may be OK but if he/she is putting you in mutual funds or ETF's then you are paying annually for asset allocation rather than stock selection. Mutual fund and ETF selection is OK to pay for - once - but not quarterly, annually or however the firm is charging you.
Mutual funds (especially indexed funds) and ETF's have low expense ratios if you screen for them and mutual funds are available with no-loads (up-front costs). ETF's have commissions to buy and sell so buy in large amounts ($5,000 or more at a time, for example). If you are paying 1-2% fee for this, you may want to consider alternatives discussed on this site/blog.
An Introduction
Hi. Welcome to BourGroup and my blog. Phil
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.