I fired my financial advisor via a phone call in early 2020 just before I lost my job due to COVID. All I said was that I was ready to manage my own money via a brokerage account. If I were to fail, it's on me. He absolutely had no choice because it was my money, not his. I have yet to regret my decision. Have I done better than having it managed by a company? I believe so! I just calculated it and if I stayed in the original investments, the mutual fund prices now are almost the same as they were in early 2020. The only gains would have been dividends. However, I would have had to pay maintenance fees to the tune of 1% per year! I really believe I made the correct choice.
Great video! Making the decision to change your financial advisor can be tough, but it's essential to ensure you're getting the best support for your financial future. Thanks for sharing!
I had a friend who used his parents financial advisor. They wanted to eventually break up there, but his situation was different because of the close relationship with his parents. Sometimes, you just have to rip the bandage off.
Retirement software has gotten so good and it's so cheap. It's hard to beat. I do not pay for more than a consultant to look at my online plan my software came up with.
let’s say that my advisor has taken money from my checking account every month, and then they take their fees, then increased fees, and upon further inspection, i see that they haven’t actually invested in the stock market for my IRA since q2 2021! rather, i have been building a sizable position into a 0.01% temporary bank sweep account at the custodian. pretty reasonable that’s NOK, right? i’m not crazy? 😬 any thoughts on fighting to be made whole? file fiduciary complaint? walk away immediately . just found your channel today. thanks 🙏
I fired my financial advisor via a phone call in early 2020 just before I lost my job due to COVID. All I said was that I was ready to manage my own money via a brokerage account. If I were to fail, it's on me. He absolutely had no choice because it was my money, not his. I have yet to regret my decision. Have I done better than having it managed by a company? I believe so! I just calculated it and if I stayed in the original investments, the mutual fund prices now are almost the same as they were in early 2020. The only gains would have been dividends. However, I would have had to pay maintenance fees to the tune of 1% per year! I really believe I made the correct choice.
Great video! Making the decision to change your financial advisor can be tough, but it's essential to ensure you're getting the best support for your financial future. Thanks for sharing!
This was very helpful and informative.
Thank you
Laura
It's not the breaking up, it's the finding another one that is so difficult! At least for me...
James, uh…I didn’t know how to say this but we have to have a difficult talk… JUST KIDDING! Thanks for the video!
😂😂
I had a friend who used his parents financial advisor. They wanted to eventually break up there, but his situation was different because of the close relationship with his parents. Sometimes, you just have to rip the bandage off.
Your "current self vs future self" theory applies well to procrastinators.;-) And yes I'm in that category.
Thanks again for your helpful insights.
Retirement software has gotten so good and it's so cheap. It's hard to beat. I do not pay for more than a consultant to look at my online plan my software came up with.
Thank you. Great info.
let’s say that my advisor has taken money from my checking account every month, and then they take their fees, then increased fees, and upon further inspection, i see that they haven’t actually invested in the stock market for my IRA since q2 2021! rather, i have been building a sizable position into a 0.01% temporary bank sweep account at the custodian. pretty reasonable that’s NOK, right? i’m not crazy? 😬
any thoughts on fighting to be made whole? file fiduciary complaint? walk away immediately . just found your channel today. thanks 🙏
I tried but RBC has propriety stocks that don't transfer to another agency. So I'm stuck !!
Great scripts! I wish I had an advisor I want to break up with! 🤣🤣
Thank you 👍
You are welcome
They don’t reach out and when you call, they want to talk about anything else but money.
I would fire him and join you, but I only have 1.4m and you require 2m…
You do not need a financial advisor!!