To Liz, please:Our investments have always been managed by my spouse. Paying someone 1% to do something he can do himself doesn’t make sense to him.
As we age, I’m beginning to consider what I would do in the event that he passes away first.
We also have a buddy who was conned, and it has made me question if we could experience the same thing.
As you constantly suggest, I would like to speak with a fee-only advisor, but I’m not sure how to convince him to accept my proposal.
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Start by expressing your worries about having to assume financial responsibility in the event of his death or incapacitation. It might be quite beneficial to have a reliable person guide you through this procedure; this person doesn’t have to charge 1% to handle your money.
Garrett Planning Network offers referrals to fee-only, fiduciary planners who bill by the hour. Fiduciary, fee-only planners that charge retainer fees are represented by the Alliance for Comprehensive Planners and the XY Planning Network. When a planner is fiduciary, it means they are dedicated to prioritizing your needs. Since most advisors are subject to a lower appropriateness requirement, they are not required to prioritize your needs over their own.)
Our capacity to make sound financial decisions peaks at age 53, according to research. Regretfully, even when our cognitive abilities deteriorate, we continue to have a high level of trust in our financial knowledge. We may become more susceptible to poor choices, terrible investments, and awful people as the gap between our perception of ourselves and reality widens.
After reviewing your portfolio, an advisor could suggest strategies to help you manage it more easily as you become older. The counselor could also go over tactics and precautions to keep you secure from errors and predators. You should be able to seek additional assistance later on if you need it once you have built the relationship. (However, take into account the advisor’s age and position; a younger advisor or one who works for a large practice may be a better fit in this case than a single practitioner who is getting close to retirement.)
Liz Weston, a Certified Financial Planner, writes a column for NerdWallet about personal finance.She can be contacted by phone at 3940 Laurel Canyon, No. 238, Studio City, CA 91604, or via the atasklizweston.com contact form.
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