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Old 04-16-2015, 01:41 PM
 
29,784 posts, read 34,880,403 times
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Quote:
Originally Posted by PramFinancial View Post
Retirement planning can be done by oneself but only to a limit, till you understand the basics of finance. I would suggest you to hire a financial planner for the funds. Investment advisory services given by them are really profitable for future. The only thing to take care is the high fees of their services. They act as a guardian to your money and savings.
And a pathway to their own personal financial success.
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Old 04-16-2015, 02:02 PM
 
Location: Idaho
1,455 posts, read 1,156,701 times
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Quote:
Originally Posted by PramFinancial View Post
Investment advisory services given by them are really profitable for future. The only thing to take care is the high fees of their services. They act as a guardian to your money and savings.
Not all of investment advisors act as guardians to their client's money and savings. This is why I support the current administration's effort on fiduciary duty requirement. I have seen more than few friends and acquaintances who got fleeced by their investment advisors with high fees, mis-directed, tax inefficient investment churns mainly to generate commissions etc.

Of course this is not to say all investment advisors are crooks or people don't benefit from professional financial advices. I would recommend people to go to fee-only financial planners who are registered investment advisors with a fiduciary responsibility to act in their clients’ best interest
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Old 04-16-2015, 02:14 PM
 
29,784 posts, read 34,880,403 times
Reputation: 11710
Quote:
Originally Posted by PramFinancial View Post
Retirement planning can be done by oneself but only to a limit, till you understand the basics of finance. I would suggest you to hire a financial planner for the funds. Investment advisory services given by them are really profitable for future. The only thing to take care is the high fees of their services. They act as a guardian to your money and savings.
The real problem is with their thirst for safety the low returns could easily be exceeded by the fees. The reality is that had they grown this portfolio themselves they would have their own track record both good and van to apply now. With the inheritance they don't.
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Old 04-19-2015, 05:36 AM
 
Location: Central Massachusetts
4,800 posts, read 4,851,516 times
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My take on this is that if they used financial advisors to get where they are now then don't change unless they think it is not good enough. If they did the savings and growing of retirement income on their own then again don't change. You are your own best advisor. Only you as the owner of the funds have a vested interest. Yes some will do a great job and you have to look hard for them.

Best financial advice I have heard is from Susan Orman. She actually breaks down a lot of the bunk and gets to the heart of it. The advice I heard most from her was to have insurance to cover income loss while working. Invest in good sound index funds with proven track records and low fees. Keep a good variety of stocks in those funds. Don't buy into sector funds. Have about 10% of the portfolio in international funds. Cover as much of the market as you can with the funds you choose. If you are working and they offer a 401k with matching put your first moneys in there. If you can afford more go Roth. When you are in the retired stage pull back about your age into treasuries with the remainder of your moneys in income/growth index funds. Pretty simple. You don't need a FP for that.
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