How often do you hear from your money managers?

[Anonymous]

We have quite a bit of money with an investment advisor at a large bank. Our main contact is a CIMA, CPFA, if that means anything.
We don't use this group for day to day banking, just investments. When I call or email the team with any immediate needs, they always take care of everything right away. However, we haven't had a meeting or phone call "checking in" to with our main person in about 3 years. No questions about whether our goals have changed, report on how the investments are doing and what they are thinking about/paying attention to, etc.

Just wondering how often you get a check-in meeting with your advisors. In the past, I don't find them particularly enlightening, but I also feel like someone should be asking me if I have questions, reminding me to update wills or insurance portfolios, etc. Thanks for any input. Would also love to know how many basis points you are paying your advisors. Account is over $1m.

[Anonymous]

We call our financial advisor if we have questions or want a check in. He reaches out every couple of months. I believe we pay 1 % or maybe under that now bc account over 2m. Tell them your expectations about contact and I am sure they will meet them.

[Anonymous]

I manage my own assets. 1% is a huge drag on earnings.

[Anonymous]

Never did it don't have one

[Anonymous]

Quarterly

[Anonymous]

Talk to myself daily

[Anonymous]

Minimum quarterly, but more recently he's been reaching out to his client base about once a week via email due to all the volatility.

[Anonymous]

Anonymous wrote:Talk to myself daily

Is she responsive?

[Anonymous]

Anonymous wrote:We call our financial advisor if we have questions or want a check in. He reaches out every couple of months. I believe we pay 1 % or maybe under that now bc account over 2m. Tell them your expectations about contact and I am sure they will meet them.

My setup is similar to this. They keep me apprised of market trends, they check in informally quarterly and they like to sit down annually to review everything.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We call our financial advisor if we have questions or want a check in. He reaches out every couple of months. I believe we pay 1 % or maybe under that now bc account over 2m. Tell them your expectations about contact and I am sure they will meet them.

My setup is similar to this. They keep me apprised of market trends, they check in informally quarterly and they like to sit down annually to review everything.

Similar. Talk quarterly on the phone, unless something major has come up. More often when the market is volatile, like now. We also get market update emails from the bank economists every few weeks. They generally rerun the retirement projections yearly.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Talk to myself daily

Is she responsive?

I’m a DP, but I am responsive. I read a lot of finance blogs and Bogleheads forum. I keep it simple and invest in low cost index funds, I Bonds, and various other things. I am very conscious of tax strategies.

[Anonymous]

Anonymous wrote:We have quite a bit of money with an investment advisor at a large bank. Our main contact is a CIMA, CPFA, if that means anything.
We don't use this group for day to day banking, just investments. When I call or email the team with any immediate needs, they always take care of everything right away. However, we haven't had a meeting or phone call "checking in" to with our main person in about 3 years. No questions about whether our goals have changed, report on how the investments are doing and what they are thinking about/paying attention to, etc.

Just wondering how often you get a check-in meeting with your advisors. In the past, I don't find them particularly enlightening, but I also feel like someone should be asking me if I have questions, reminding me to update wills or insurance portfolios, etc. Thanks for any input. Would also love to know how many basis points you are paying your advisors. Account is over $1m.

I had one for over 10 years and fired them recently (about a year ago). Currently managing things myself.

I used to get e-mails about once a year asking if I want to meet/checkup; offers on new products/solutions; weekly newsletter; monthly newsletters, etc. But in the end, it didn't seem like their diversification or them moving things around really helped with return. The portfolio they were managing was the worst performing component of my net worth and I was paying a 1% fee. I had about 600K with them when I pulled the plug.

[Anonymous]

Quarterly, and then they are always available if we have questions. We have $2-3m under management, and fees are 0.85%.

We use an RIA firm (independent, not a big bank) so they don't push a particular set of funds since they don't get a kick-back from doing so.

[Anonymous]

Never unless I call. Just got a statement and I’ve lost 15% this year. Not thrilled since it’s supposed to be “safe” and I didn’t see the huge gains from The past few years. It’s a friend, of course so I don’t want to change. Never will I mix friend and business again.

[Anonymous]

Anonymous wrote:Never unless I call. Just got a statement and I’ve lost 15% this year. Not thrilled since it’s supposed to be “safe” and I didn’t see the huge gains from The past few years. It’s a friend, of course so I don’t want to change. Never will I mix friend and business again.

If you don't plan to change, then why complain?

BTW, you should make a change those are awful returns.