Author Topic: My biggest single expense is my financial planner.  (Read 7309 times)

Kairos

  • 5 O'Clock Shadow
  • *
  • Posts: 11
My biggest single expense is my financial planner.
« on: May 16, 2014, 06:09:39 PM »
Hey All,
I just found out about this amazing website - I wish I had known about it years ago.
Ok - here's my situation - I inherited my mom's retirement account(403b) 10 years ago and kept it invested. The current value is just over $500K. I was in my early twenties when I inherited it and had no clue about the stock market or investing. I have been using a financial adviser to manage the money and they take about 1%. The IRS makes me take an annual withdrawal from the account based on my life expectancy - usually about $7K a year. So the financial adviser getting close to what I am annually from the account. This seems absurd to me and the obvious answer seems to be ditch the financial planner and manage the money myself. But I feel really nervous about doing that - it feels like such a large amount of money.
I would love some advice, words of wisdom, steps to take to feel comfortable getting rid of the financial adviser - and if anyone has a compelling argument on why to keep using them - I'd love to hear that too.
Thanks!

Argyle

  • Pencil Stache
  • ****
  • Posts: 909
Re: My biggest single expense is my financial planner.
« Reply #1 on: May 16, 2014, 06:19:03 PM »
Just ditch the planner and invest the money in an index fund.  And unless you have some huge financial emergency going on, invest the distributions back in index funds.  Your planner is bleeding you dry.  No way is that worth it.  I have operated my whole life without a financial planner.  There's no way an intelligent person with simple finances like yours and mine needs a financial planner.  In fact your planner is probably losing you money even apart from paying him.  What kind of funds is he having you invest in?  What kind of fees and loads do they have?  Probably high.  Are they with Vanguard?  Probably not.  Ditch the planner and stick those funds in Vanguard index funds.  Yesterday.

fmzip

  • Stubble
  • **
  • Posts: 190
  • Location: CT
Re: My biggest single expense is my financial planner.
« Reply #2 on: May 16, 2014, 06:54:21 PM »
What was the value 10 years ago when you inherited it?

Don't fire the planner just yet! what do they have you invested in? If you tell me you started with $20K 10 years ago during a very dismal period of stock market returns, I'd like the name of your planner please! ;)

MDM

  • Walrus Stache
  • *******
  • Posts: 9609
Re: My biggest single expense is my financial planner.
« Reply #3 on: May 16, 2014, 06:57:31 PM »
Argyle's suggestion is likely correct.  But as fmzip implies...:

If you want to do a little more homework before you make that decision, you should consider some specifics of how you would invest the money "after planner".  One very defensible approach is this: http://www.bogleheads.org/wiki/Three-fund_portfolio.  From that link:
From Vanguard's list of "core funds," the funds that are best for a three-fund portfolio are:
  - Vanguard Total Stock Market Index Fund (VTSMX)
  - Vanguard Total International Stock Index Fund (VGTSX)
  - Vanguard Total Bond Market Fund (VBMFX)
So, a "three-fund portfolio" might consist of 42% Total Stock Market Index, 18% Total International Stock Index, and 40% Total Bond Market fund.
Bill Schultheis' "Lazy Portfolio" in fact, consists of these three funds in equal proportions.


So for homework, go back to the time you inherited the account, pretend you had invested it in something like the above, and compare what the value today would have been.  Compare to what the planner has done (remember to account for minimum distributions so it is "apples to apples").

This still won't tell you what will happen in the future, but it is one valid way to estimate if the planner has been earning the fees.

CDP45

  • Pencil Stache
  • ****
  • Posts: 509
Re: My biggest single expense is my financial planner.
« Reply #4 on: May 16, 2014, 07:01:15 PM »
Hopefully you can roll that to an IRA, (or did you already pay taxes on it when it transferred to you?? Just do regular invesment acct if so) with a low cost broker such as scottrade or vanguard. Sounds like you already have enough to retire, congrats!

\Since it is your money and your life, might want to brush up with Bogleheads material or the Save invest give blog.

warfreak2

  • Handlebar Stache
  • *****
  • Posts: 1140
  • Location: UK
    • Music by me
Re: My biggest single expense is my financial planner.
« Reply #5 on: May 16, 2014, 07:04:54 PM »
Have you considered retiring?

$500k invested in 75% stocks, 25% bonds will pretty safely pay you an inflation-adjusted $20k/year indefinitely. For many people, that's enough to live on - and even if you aren't one of those people already, becoming one is part of this site's philosophy.

This would entail getting rid of your planner, though - they would be eating a whopping quarter of your retirement income.
« Last Edit: May 16, 2014, 07:08:25 PM by warfreak2 »

Eric

  • Magnum Stache
  • ******
  • Posts: 4061
  • Location: On my bike
Re: My biggest single expense is my financial planner.
« Reply #6 on: May 16, 2014, 07:36:14 PM »
The beauty about starting with a large amount of money is that even if you screw it up, you'll still have a large amount of money.  :)

The best thing to do is to educate yourself until you're comfortable and have a plan.  Lots of us like Jim Collins for his simple no nonsense approach.  Check out his stock series:

http://jlcollinsnh.com/stock-series/

surfhb

  • Guest
Re: My biggest single expense is my financial planner.
« Reply #7 on: May 16, 2014, 08:11:22 PM »
Ive been a lurker on the forum for months and was compelled to join as soon as I read your post.   

The first thing to know about investing is that no one knows what the market will do in the future.    Now do you feel OK with giving $5000 a year to a person who makes a living on "educated guesses"?       Thats exactly how financial planners and brokers work.....making money on giving you help with something they know intimidates you.    Its always been this way and always will.

Smart investing/obtaining wealth is very easy once you understand 4 points:

1.  Invest Index Funds
2.  Diversify your investments as much as possible
3.  NEVER try to time the market
4.  Live below your means

Lost of people here agree with the Boglehead philosophy of investing.....I can tell you it completely changed the way I looked at money and investing.    I urge you to visit the wiki and read up as much as possible

Wiki:

http://www.bogleheads.org/wiki/Bogleheads%C2%AE_investment_philosophy

Reads: 

http://www.bogleheads.org/wiki/Category:Books_and_authors


BTW.....congrats on figuring it out!    Your adviser is ripping you off
« Last Edit: May 16, 2014, 08:13:12 PM by surfhb »

Argyle

  • Pencil Stache
  • ****
  • Posts: 909
Re: My biggest single expense is my financial planner.
« Reply #8 on: May 16, 2014, 08:44:33 PM »
If this is an inherited account similar to an IRA, my guess is that you are compelled to take a certain percentage of it each year as distributions, which makes the idea of retiring on the income more complicated.  For instance, you can't decide to hold off on distributions even if the market has plummeted.  The amount that has to be distributed is fixed and you often can't change it except to take the whole as a lump sum, which is very unlikely to be to your advantage.  There may also be trouble dividing up the account into separate investments.  One trouble with these inherited things is that not many banks/investment houses have dealt with them, and they can advise you to make bad decisions because they're unfamiliar with the rules, and once you've made a bad decision, sometimes you can't take it back.  I have been dealing with this very situation for several years.  The bad and illegal well-meaning advice I've gotten from various "experts" is huge.  So make sure that diversifying the money is a) allowed and b) reversible, before you do anything except putting it all into a single fund.

Jack

  • Magnum Stache
  • ******
  • Posts: 4734
  • Location: Atlanta, GA
Re: My biggest single expense is my financial planner.
« Reply #9 on: May 16, 2014, 08:51:33 PM »
Don't let fear of making a mistake stop you from firing your planner. If nothing else, just park the money in one of these (pick whichever one you want; the one you think is best is the best one for you, tautologically). Then later, after you've learned more, you can move to more complicated or optimized funds if you want.

fmzip

  • Stubble
  • **
  • Posts: 190
  • Location: CT
Re: My biggest single expense is my financial planner.
« Reply #10 on: May 16, 2014, 09:01:47 PM »
Please only fire him/her once you have knowledge and at least some confidence. And don't park the money elsewhere until you understand what they have or haven't done for you, maybe this person has been making spectacular returns for you, maybe not.

Yes, the fees may be high but not all planners are thieves. Some do have worthwhile knowledge that may likely know more that you or I ever will.

$500K is a lot of money to just follow random advice and buy a few index funds without truly understanding the risks of a equity heavy portfolio.

I for one would like to see annual statement balances for the past 10 years...
« Last Edit: May 16, 2014, 09:11:58 PM by fmzip »

Kairos

  • 5 O'Clock Shadow
  • *
  • Posts: 11
Re: My biggest single expense is my financial planner.
« Reply #11 on: May 16, 2014, 09:17:16 PM »
Wow! Thanks so much for all the feedback.

fmzip- The value when I inherited it was $450K in 2003, then as we all remember, the market tanked - the lowest value was $250K and now its back up .But that was with annual distributions averaging $7K a year to me and $5K a year to the adviser. I get quarterly reports and the performance is always a little worst than the market average.

MDM- I love that suggestion - and I will run those numbers. I think that will out my mind more at ease.

CDP45 - I don't know if I can roll it into an IRA - I didn't pay taxes on it, I have just been paying income taxes on the annual distributions.


fmzip

  • Stubble
  • **
  • Posts: 190
  • Location: CT
Re: My biggest single expense is my financial planner.
« Reply #12 on: May 16, 2014, 09:39:15 PM »
I would say with just that short explanation, you financial planner is one of the good guys. Some people still haven't recovered in full over the past 10 year period and haven't had the luxury of $70,000 worth of distributions too :)

Slightly lagging the market average over a 10 year period such as we've been through hasn't been the easiest feat to perform. Not everyone stayed the course, many bailed out, many couldn't stomach the 50% losses.

Now, if you handled it your own, could you have done better, that's the BIG question. I for one don't have a problem paying someone that will always be way more educated than I will ever be on the topic of money and finances. That's what they do for a living, that's what they went to school for. Finding the right one is difficult. DIY finances isn't always a slam dunk either.

Do what you are comfortable with. The boglehead forum is definitely a good read. I have taken some of that advice and have began managing a chunk on my own just to see if I am smarter than my advisor. I however will not risk all of it. I want to get to the finish line, I for one don't care if it costs me a few years because I paid my financial advisor handsomely to help get me there. I know this is not the common theme here. ;)

Compare what your financial adviser had you invested in and what those particular market averages did. Meaning that if he had you invested in 25% small caps, 50% large caps etc, compare that to those individual market benchmarks. Get your fund prospectus's which will show how each fund compared to it's individual market benchmark.
« Last Edit: May 16, 2014, 09:56:23 PM by fmzip »

bugbaby

  • Bristles
  • ***
  • Posts: 387
Re: My biggest single expense is my financial planner.
« Reply #13 on: May 16, 2014, 10:05:11 PM »
I agree, your planner isn't the worst out there, since it's given you peace of mind when you could have made all sorts of rookie errors especially during the downturn. However, you did pay them a hefty fee to perform no better than the total market for 10 years.

In your place I might do it in bits, for instance move 100k to index funds and reevaluate after a year (compare index fund returns w/no manager fee to planner's returns minus fees); and depending on personal comfort levels then move some or all of the rest.

fmzip

  • Stubble
  • **
  • Posts: 190
  • Location: CT
Re: My biggest single expense is my financial planner.
« Reply #14 on: May 16, 2014, 10:09:53 PM »
^^^^ I agree

Who knows what the next decade holds for us, could be just a repeat of the last ten, could be the best decade for index funds, could be the worst.

Don't do anything rash, pace yourself. Even talk to your planner about reducing his fees before you bail out if you decide to do so. You'd be surprised, everything is negotiable
« Last Edit: May 16, 2014, 10:12:22 PM by fmzip »

kmm

  • 5 O'Clock Shadow
  • *
  • Posts: 49
Re: My biggest single expense is my financial planner.
« Reply #15 on: May 16, 2014, 10:25:57 PM »
Hi Kairos,

I have a somewhat similar situation in that I received a $500K life insurance payment a few years ago. It was a very difficult time and I couldn't deal with managing it myself, so after setting a lump sum contribution aside for my child's 529, I put the rest into Fidelity's Portfolio Advisory Services. Because my parents also have their money there we were able to link accounts for discounted rates (although we don't see one another's financial information), and I pay them about .06% to manage the funds. Thanks to inadvertent market timing (I invested in 2009) the amount has grown quite a bit. For me, it was worth having it professionally managed initially because, as a novice and emotional investor, I'm quite sure I would have foolishly pulled money out during what turned out to be very minor market dips.

For the past two years I've managed a much smaller portfolio on my own at Vanguard, and I've learned a lot here and at Bogleheads about asset allocation, tax efficiency, and most importantly, patience. I have a lot more confidence in my investing abilities now, and am planning my exit strategy from professional management. But like fmzip I'm not planning to do it all at once. Do you have any other assets that you've invested well, or can you manage a portion of this for a while to see how you do? I agree with most here that you will likely do well with a simple 3-fund portfolio, as long as you can stay the course.

Oh an I agree with fmzip about asking for a fee reduction too! I would find 1% a lot harder to stomach.
« Last Edit: May 16, 2014, 10:34:38 PM by kmm »

Argyle

  • Pencil Stache
  • ****
  • Posts: 909
Re: My biggest single expense is my financial planner.
« Reply #16 on: May 16, 2014, 10:59:52 PM »
Your money has slightly lagged behind the market including the hit from the planner's fees, or on its own, before you include the hit from the planner's fees?

If it's just on its own, then you could equal the market by investing in an index fund, and then add $5000 to your returns.  If you're getting $7000 and he's getting $5000, he's taking 41% of your returns.  You can increase your returns 41% just by dropping the planner.  The chance that your returns would drop by $5000 a year just because you've invested in an index fund instead of going with a planner -- those chances are minuscule.  Let the planner go, put the money in a no-load index fund.  It can wait there, making $12,000 a year or so, while you study up and decide whether you want to do something more risky/aggressive.  But I bet you will find that this is the most advantageous course.

surfhb

  • Guest
Re: My biggest single expense is my financial planner.
« Reply #17 on: May 17, 2014, 12:47:27 AM »
Quote
. Now, if you handled it your own, could you have done better, that's the BIG question. I for one don't have a problem paying someone that will always be way more educated than I will ever be on the topic of money and finances. That's what they do for a living, that's what they went to school for. Finding the right one is difficult. DIY finances isn't always a slam dunk either.

Having an education in finance will not allow anyone to get an upper hand in beating the market (the indexes) over the long haul.    That's the beauty of passive index fund investing.....I don't know, your financial advisor doesn't know, neither does Mr Buffet.      What we do know is that there has never been a 30 year period in history where the index didn't return anything less than 6%. That particular period contained the Great Depression.    The best 30 year period was 12% from the 50s into the 80s.

$5k is a lot to pay for someone who may or may not beat the index.   Over 20-30 years, that's an incredible amount of lost investment capital.   You willing to take that bet on a managed portfolio?  :)

What's $5k a year at %8 avg for 30 years?   :)
« Last Edit: May 17, 2014, 12:52:58 AM by surfhb »

paddedhat

  • Handlebar Stache
  • *****
  • Posts: 2229
Re: My biggest single expense is my financial planner.
« Reply #18 on: May 17, 2014, 05:30:49 AM »
Kairos, I was in darn near exactly your situation about four years ago, with similar figures. Here is what I learned so far.

1. It was extraordinarily difficult to find competent professional help when dealing with an inherited IRA. Most banks, and other typical investment options were clueless, even if they were busy claiming otherwise. In time, my estate attorney and accountant helped me to do the right thing, while carefully following the IRS rules to the letter.

2. Like you, I put my money in a high fee "managed account".  After taking the time to get an education, on forums like this, it became abundantly clear that, like the vast majority investing with individual brokers with the standard 1.25% fee, I was getting screwed. I began following the http://jlcollinsnh.com/stock-series/  protocol for my other investments, and the difference was startling. While the market was rocketing off the bottom, my broker was stumbling around doing things like buying metals and leaving cash on the sidelines. The results were devastating. I lost tens of thousands by not being indexed with my inherited IRA. Your case is no different, you are down about a quarter million, as compared to initially putting your IRA in the Vanguard VTSAX. Once you pay somebody one percent of a large sum of money, annually, to do something that you can do much better, and do so at less than 10% of that fee, you already are getting screwed. The reason is simple. Statistically, there is no broker out there that is capable of beating the market on a medium to long term duration. The fact that this one is a shade under, over the long term is far better than most, but not acceptable. Not only is he failing to reach a standard that you can accomplish with far less risk, he is charging a lot of money to underperform you.
3. The forced distributions can be a hit to your portfolio, but only if you handle them poorly. Since you are young, they are a fairly low amount, and will increase every year, adjusted to your life expectancy. They are taxed as ordinary income, have no withdraw penalty, and stiff penalties if not taken at all. The trick to continuing to build wealth, is to take the tax hit and be disciplined enough to roll the amount right back into investments. I have all my inherited IRA funds set up to Mr. Collin's formula, and run a matching set of ETFs for my other money. At the end of every year, the forced distributions come, I deposit the checks and then divide the total into the funds, while doing an annual rebalancing. In your situation, dumping this money into your own IRA or Roth might be the best choice.
4.  Some here claim that you did pretty well in the last eleven years, since your broker feeds you info. that he typically "just missed the index". To put this erroneous claim in perspective, if you remove the wild card of the forced distributions, $450K in the VSTAX since 2003 would of resulted in a current balance of roughly $796K.  Had you initially rolled your distributions into a VTSAX account, after paying taxes, you would be down by roughly 20-30K, but ahead of your broker's performance by at least 250K.
5. Finally, there is a lot of very cautious advice here about not doing anything irrational, taking small steps, talking to your planner, etc..... Sorry, but that doesn't pass the smell test for me. Low cost index funds from giant institutions like Vanguard and others have a rock solid, deep, long and well documented performance history. There is a 99.% chance that YOUR broker has been unable to outperform them consistently, over decades long comparisons, and every day you continue to do business with him, is another day that you continue to damage your financial future.

Frankies Girl

  • Magnum Stache
  • ******
  • Posts: 3015
  • Age: 81
  • Location: The laboratory
  • Typical Ghoul Next Door
Re: My biggest single expense is my financial planner.
« Reply #19 on: May 17, 2014, 07:18:48 AM »
Hi Kairos,

I have a somewhat similar situation in that I received a $500K life insurance payment a few years ago. It was a very difficult time and I couldn't deal with managing it myself, so after setting a lump sum contribution aside for my child's 529, I put the rest into Fidelity's Portfolio Advisory Services. Because my parents also have their money there we were able to link accounts for discounted rates (although we don't see one another's financial information), and I pay them about .06% to manage the funds. Thanks to inadvertent market timing (I invested in 2009) the amount has grown quite a bit. For me, it was worth having it professionally managed initially because, as a novice and emotional investor, I'm quite sure I would have foolishly pulled money out during what turned out to be very minor market dips.

For the past two years I've managed a much smaller portfolio on my own at Vanguard, and I've learned a lot here and at Bogleheads about asset allocation, tax efficiency, and most importantly, patience. I have a lot more confidence in my investing abilities now, and am planning my exit strategy from professional management. But like fmzip I'm not planning to do it all at once. Do you have any other assets that you've invested well, or can you manage a portion of this for a while to see how you do? I agree with most here that you will likely do well with a simple 3-fund portfolio, as long as you can stay the course.

Oh an I agree with fmzip about asking for a fee reduction too! I would find 1% a lot harder to stomach.

I was in a similar situation last year. Dad had his money in various accounts at Fid with the professional management, inherited the accounts and left it with the service (linked to sister's so we could get the discount on management fees) until I had done more reading and research and felt comfortable enough to take the training wheels (professional management) off. Took me about 6 months before I did this, but it was easy and don't regret the time spent getting comfortable enough to take over, but I did it all at once - basically took about 2 days to get my accounts sold off and moved to allow me complete control.

Due to the amount of money I have there, I still have a dedicated adviser (who does not charge me anything - they do this as a courtesy to large accounts) and when I explained how I wanted to go for self manage in indexes, he was very encouraging and said what I had planned (basically a 3-4 fund portfolio) was most definitely a good strategy. Now we just touch base a couple of times a year, and if I have a question, I know I can call him. 

I haven't had any issues with having an inherited IRA; it's a "bucket" like any of my other accounts. It has a slight hitch in that I have to take a RMD (required minimum distribution). I have taxes taken out of the RMD before it's even sent to me - I actually have them take a bit more than my estimated tax rate, and if I don't have a specific use for that money, it's going into my/my husband's Roths. They calculate it all and send me a lump sum on a specific date. I do my taxes in TurboTax and I can link to my Fid accounts and don't have to deal with the paperwork - it automatically pulls everything in.

I started with ZERO investment knowledge when I inherited. I had a 401k that I sort of guessed at setting up and that was it. I was frugal, but I had crappy savings accounts instead of making the money really work, so this was long overdue for me. I didn't get this stuff until about this time last year... and now I'm fine with the basics of investing.

There is nothing wrong with waiting until you feel confident in your decisions. Yes, you probably would have a bit more money if you weren't paying high management fees or had different investments over this time period. But you can't change what's already happened, and you did at least make some money in there. So do some thinking and read collins' stock series, the bogleheads stuff and this forum, and figure out your asset allocation and retirement/FI goals, and if you need to move your stuff to someplace like Vanguard or Fidelity, call them up and talk to them about it. When you have your plans figured out, and feel comfortable enough to take over - do it.


fmzip

  • Stubble
  • **
  • Posts: 190
  • Location: CT
Re: My biggest single expense is my financial planner.
« Reply #20 on: May 17, 2014, 07:55:03 AM »
Your money has slightly lagged behind the market including the hit from the planner's fees, or on its own, before you include the hit from the planner's fees?

If it's just on its own, then you could equal the market by investing in an index fund, and then add $5000 to your returns.  If you're getting $7000 and he's getting $5000, he's taking 41% of your returns.  You can increase your returns 41% just by dropping the planner.  The chance that your returns would drop by $5000 a year just because you've invested in an index fund instead of going with a planner -- those chances are minuscule.  Let the planner go, put the money in a no-load index fund.  It can wait there, making $12,000 a year or so, while you study up and decide whether you want to do something more risky/aggressive.  But I bet you will find that this is the most advantageous course.

I think he is getting $7000 in distributions, not making just $7000 per year in returns.

I agree with the idea that index fund investing is a proven concept. The only "what if" variable is terrible times and what the novice investor will do. It's not so easy to stay the course. It's easy to get swayed by media and 40% losses to your portfolio.

paddedhat

  • Handlebar Stache
  • *****
  • Posts: 2229
Re: My biggest single expense is my financial planner.
« Reply #21 on: May 17, 2014, 08:21:15 AM »
I think he is getting $7000 in distributions, not making just $7000 per year in returns.


Correct. Inherited IRAs are a complex issue, and dependent on all kinds of variables like your relationship with the original owner, your age, their age at passing, and probably a hundred other inputs. Forced distributions, are a function of future life expectancy. For example, if the IRS chart states that you're (statistically speaking) going to be taking a dirt nap 50 years from now, you would be forced to remove 1/50th of the balance at the end of the calendar year. This increases, percentage wise, as you get closer to your own theoretical "expiration date". In my case, this amount is taxable as normal income and I lose roughly 20% to the feds, state and local. It's a bit ungrateful to bitch about however, as it gets transferred from the estate, tax free, and a the vast majority is untaxed until retirement age.

kmm

  • 5 O'Clock Shadow
  • *
  • Posts: 49
Re: My biggest single expense is my financial planner.
« Reply #22 on: May 17, 2014, 09:42:52 AM »
No question, anyone who'd been invested 100% in VTSAX since 2003 would have done phenomenally well. They also would have needed nerves of steel to ride out 2008. Even JL Collins (who I think is great) sold in 1987, and locked in losses. Understanding your risk tolerance and investment psychology is critical, and if you're not sure what it is yet, I don't think it's a bad idea to take some time to figure it out.

TomTX

  • Magnum Stache
  • ******
  • Posts: 3589
  • Location: Texas
Re: My biggest single expense is my financial planner.
« Reply #23 on: May 17, 2014, 02:38:18 PM »
Pretty good visual of what your advisor is costing.

http://www.bogleheads.org/w/images/0/09/Annual_Return_-_Fee_Impact.png

Crabricorn

  • 5 O'Clock Shadow
  • *
  • Posts: 27
Re: My biggest single expense is my financial planner.
« Reply #24 on: May 17, 2014, 10:36:59 PM »
We inherited an IRA and it came with a planner. We fired his ass asap and rolled the money over to Vanguard. We are super happy with our decision. There's no way I could stomach paying the fees the planner charged when I know I can do just as well or better myself :-)

If you study up a bit, you'll find it's not rocket science. Even if you just put it in an index fund and do nothing else, you'll probably be fine.

*I'm an investing hobbyist - not a registered adviser so take this as just my two cents.

HowMuchCanAKoalaBear

  • 5 O'Clock Shadow
  • *
  • Posts: 24
Re: My biggest single expense is my financial planner.
« Reply #25 on: May 18, 2014, 03:42:52 AM »
What funds are you invested in?  and what are the fees per year??  I'll bet they are high.  Vanguard Wellesley or Wellington fund over last 10 yrs returned 6.7% .

I agree with padded hat you got ripped, at least you have found out now and not later....
« Last Edit: May 18, 2014, 03:48:31 AM by HowMuchCanAKoalaBear »