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Reply to "Am I overpaying my financial advisor?"

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[quote=Anonymous][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&gt;

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]

OP here again. If we opened an account with Charles Schwab, and signed up for the basic financial advisor plan (assuming they have one). Would this person be able to help me get all of our stuff transferred over? And then provide advice on how to streamline the account into an S&P index fund while also keeping the individual stocks? I’d like to get someone to help me to start and then as another poster suggested, manage it myself as I become more comfortable. [/quote]

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