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Reply to "Am I overpaying my financial advisor?"
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[quote=Anonymous][quote=Anonymous]OP, I'm the one that asked for the funds. Here is the quick analysis. 1) You do not have a financial advisor, you have a salesperson. 2) Salespeople, big banks, brokerage firms and bad advisors use a large number of funds to trick you into thinking they have some magic formula. They are full of sh.t. 3)You probable got bad financial planning advise based on your portfolio. I hope this firm does not also sell annuities and life insurance. 4) You are paying way more than 1.25% when you add in the cost of the fees. What you should do> A) Do not tell him to do anything. He can really screw things up more. Are these funds in an IRA or taxable account? B) Find an independent, fee-only firm that does financial planning along with investment management. They will be able to clean your mess up in a cost effective manner.[/quote] Op here. In taxable account and the IRAs from the rollovers. [/quote]
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