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Started By
Message
How much should a financial advisor charge?
Posted on 1/13/09 at 2:55 pm
Posted on 1/13/09 at 2:55 pm
A little background... my wife and I do fairly well financially and we've used a financial advisor for a some years now. We have annual meetings where we go over everything and he has an open door policy (supposedly), but I really only see him that one time a year. He used to charge us $1000/year, but now it is $1500. To make matters worse, all that he does it stick our money in a few of his company's mutual funds (which of course have high fees). He advises against 529s or anything else his company doesn't sell.
Am I crazy for feeling like I am getting ripped off here or is this par for the course?
Am I crazy for feeling like I am getting ripped off here or is this par for the course?
7
Posted on 1/13/09 at 3:02 pm to TigerOfNWLA
Sounds to me like you don't think he's doing anything you can't do yourself.
Posted on 1/13/09 at 3:07 pm to Cold Cous Cous
I always rathered financial advisors that take a percentage of your earnings. This way they are only earning money if you are earning money. Grant it, if you are making big money, so are they. The good thing is that they are always looking out for the best interest b/c that is the only way they will make money.
Posted on 1/13/09 at 3:24 pm to LSU1018
Can anyone give me an amount of what their advisor charges?
Posted on 1/13/09 at 3:27 pm to TigerOfNWLA
quote:
all that he does it stick our money in a few of his company's mutual funds (which of course have high fees). He advises against 529s or anything else his company doesn't sell.
run away!
Posted on 1/13/09 at 3:28 pm to TigerOfNWLA
I'd find a new advisor. Noway in hell should you be charged more $$ unless, of course, you have a ton invested, in which case your getting a good deal.
Posted on 1/13/09 at 4:15 pm to guttata
Unless he is doing something extra special for your or beating the market by a wide margin, you should'nt be paying the yearly fee.
Posted on 1/13/09 at 8:47 pm to TigerOfNWLA
What financial group is he with?
Posted on 1/14/09 at 10:25 pm to Gdoy
Ameriprise
Posted on 1/14/09 at 10:28 pm to TigerOfNWLA
quote:
Am I crazy for feeling like I am getting ripped off here or is this par for the course
the guy doesn't give two shits about you and your family fwiw. I would transfer my investments to someone else or start taking more control of it.
Posted on 1/14/09 at 10:29 pm to TigerOfNWLA
quote:
Ameriprise
thats your problem. they are horrible.
Posted on 1/14/09 at 10:34 pm to TigerOfNWLA
quote:
Can anyone give me an amount of what their advisor charges
I would go with the one who charges you a fee based on your portfolio's size. If it grows, the more money he makes. I believe Wachovia has similar arrangements along with some of the smaller groups in Town. There is a group of ex Edward Jones guys on bluebonnet that are not bad.
Posted on 1/14/09 at 10:50 pm to sheek
Many of these guys are selling you really expensive loaded funds. I would not use any financial advisor because I think you are smart enough to do it by yourself. You are the one with alot of the money (to be charging $1500 you must have a good amount) and probably know 100 times more than him about making money. Most people try to beat the market and can't. Just put everything in Vanguard Funds by dollar cost averaging over time. Pick the ones you like whether it's total stock market index, bond funds, etc. In 25 years most of these guys can't beat the stock market and you will save thousands without having to pay huge fees like 5% just to take money out or put it in. If you decide to keep an advisor lose this guy because you are obviously uncomfortable with him.
Posted on 1/14/09 at 10:54 pm to peopleschamp
quote:
and probably know 100 times more than him about making money
considering that ameriprise will hire you if you have a clean background and a pulse, yes I agree.
quote:
If you decide to keep an advisor lose this guy because you are obviously uncomfortable with him.
I second that motion.
Posted on 1/14/09 at 10:56 pm to TigerOfNWLA
TigerOfNWLA
What you need to do is Sit down with a Licensed agent from Primerica. We do FREE FNA's which are "Financial Needs Analysis" and they are for each individual family or person. We charge nothing to do it for you and you can access us by phone anytime you want to ask us questions or make an appointment or make changes to your FNA to help you reach your financial goals. You are getting raped if you are paying money for something you can get free with our company. Most company's charge which is a complete rip off to the American people. You can do yours for free with us and we will help you get to your goals.
What you need to do is Sit down with a Licensed agent from Primerica. We do FREE FNA's which are "Financial Needs Analysis" and they are for each individual family or person. We charge nothing to do it for you and you can access us by phone anytime you want to ask us questions or make an appointment or make changes to your FNA to help you reach your financial goals. You are getting raped if you are paying money for something you can get free with our company. Most company's charge which is a complete rip off to the American people. You can do yours for free with us and we will help you get to your goals.
Posted on 1/14/09 at 10:58 pm to sheek
quote:
the guy doesn't give two shits about you and your family fwiw. I would transfer my investments to someone else or start taking more control of it.
I 2nd that notion. Great advice
Posted on 1/15/09 at 8:22 am to TigerOfNWLA
Did he give a reason for advising against 529s?
Posted on 1/15/09 at 8:36 am to eloise
Edward Jones Rocks.
Posted on 1/15/09 at 9:54 am to peopleschamp
quote:
Most people try to beat the market and can't. Just put everything in Vanguard Funds by dollar cost averaging over time. Pick the ones you like whether it's total stock market index, bond funds, etc. In 25 years most of these guys can't beat the stock market and you will save thousands without having to pay huge fees like 5% just to take money out or put it in.
Posted on 1/15/09 at 11:38 am to Paul Allen
quote:
Edward Jones Rocks.
I agree! I worked for them for some time...the company is the straightest shooter in the marketplace.
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