Talk of The Villages Florida - How did you choose your financial advisor?

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- - How did you choose your financial advisor? (https://www.talkofthevillages.com/forums/investment-talk-158/how-did-you-choose-your-financial-advisor-350615/)

Quote:

Originally Posted by Grill Meister (Post 2339443)

I am sure you will get any number of suggestions; however, I have had the same asset manager, advisor for the past 20 years and he has caused steady growth in my portfolio. Contacting me frequently to discuss various options based upon my attitude of "play it safe"...."let's go for it"....or "what do you advise." Here is his contact information:
KEN WINGERTER, VP INVESTMENTS, MORGAN STANLEY WEALTH MANAGEMENT
8889 PELICAN BAY BLVD., STE. 300 , NAPLES, FL, 34108
Phone: (239) 449-7830
Ken.Wingerter@morganstanley.com
(239) 449-7830 800.234-9928 MOBILE

If you would have done nothing other than invest in the S and P over the past 20 years, you would be up 345% and paid zero in fees.

Quote:

Originally Posted by Plinker (Post 2339521)

The 1% AUM fee is only charged if you let the “fee-only” advisor actively manage your portfolio. You can engage them for a one-time fee (perhaps $1500 to $2500) to provide you with a thorough portfolio review with specific suggestions. Then, contact Fidelity or Vanguard and implement the plan. Meet once or twice a year and pay an hourly fee to review and make any appropriate adjustments. In other words, pay them like you pay your attorney or accountant, by the hour.
Obviously, this requires effort on your part but you will be richly rewarded by avoiding the AUM fee. It really depends on how much hands-on help you need.
Consider this: A $1,000,000 portfolio with a 1% AUM fee will cost you $10,000 in annual fees. Over a 30 year retirement, that adds up to $300,000 in fees!

Totally agree, however I have never been able to find a "flat fee" advisor. Every "flat fee" advisor I have contacted ended up charging a 1% AUM. or a flat fee plus a monthly fee plus a 1% AUM fee. I am happy to spend 5, 10 even 20 thousand for a solid plan, problem is I can't find anyone.

I thought I'd get a lot of good info here... so thanks SO much to all that responded!!

Quote:

Originally Posted by manaboutown (Post 2339232)

I keep my accounts at three separate brokerages.

That's what Im thinking of doing. I'm tempted to bring it all together but unsure I like my advisor. Thanks!

Quote:

Originally Posted by Cuervo (Post 2339358)

... even if you need an advisor, I suggest you keep an eye over their shoulder. Just remember it's not their money they're playing with.

Yes exactly. Can you please explain your thoughts on this.

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Originally Posted by AMB444 (Post 2339021)

Did you just stick with the same person from before you retired (stayed with employer advisor)?

Was there something about the one you have now? Something that they said that you decided to trust them and go all in?

What was important to you about what they told you during consults/phone conversations?

Are they basically all the same?

Also, if you "jumped ship" to another advisor what prompted that decision for you?

Thanks!

Good results for the past 15 years with our guy from Oakbrook IL. Don’t fix what’s not broke.

Long before I retired, my company at the time (I think it was IBM, but it could have been a later job) basically paid to have Fidelity manage our 401(k)s and to provide financial services. I've stuck with them ever since and have never regretted it. One thing I have learned is that you MUST have an advisor who is bound by fiduciary duty. That means they can't try to sell you something that benefits them whether or not you would benefity by whatever it is they are selling. Too many advisors out there get bonuses for selling one financial product over another and will twist you arm to go that way.

I would also think about the overhead of the company. There are some advisors here in The Villages who spend a TON of money on full-page and half-page newspaper ads, billboards, radio ads, promotions, guest speakers, dinners, parties, etc., etc. That money isn't coming out of their pockets, it's coming out of yours. To me, they are a "parody" of financial services, but that's just my opinion.

I would strongly recommend reading Don't Worry, Retire Happy! by Tom Hegna (or his older but essentially identical book, Pay Checks and Play Checks). My wife and I have followed his investment advice and have never regretted it. We have enough fixed income to handle all the bills and enough in investment accounts to keep us having fun for the rest of our lives and we did NOT start with the million dollars that some folks say you absolutely have to have to keep from living in a cardboard box under an overpass somewhere.

For those that use Morningstar for research. It is back at the Sumter County Library. It was away for a short period, but that is another story.