Houston: Fee-based financial advisor
Houston: Fee-based financial advisor Hey guys,
I've got some money in some accounts that's not earning its full potential. I've read a few books and have a pretty good grasp on some of the generalities of a diverse portfolio, but I was hoping to find a trustworthy individual to help me set up the exact percentages and options within each market segment. So that I'm not worried about the advisor's financial compensation for their help, I'd like a Fee-ONLY advisor, meaning that I pay them per hour for their advice. I will be setting up online accounts to manage the buying/selling, etc. So, anyone have any FIRST-HAND recommendations?
Thanks,
Steven
I've got some money in some accounts that's not earning its full potential. I've read a few books and have a pretty good grasp on some of the generalities of a diverse portfolio, but I was hoping to find a trustworthy individual to help me set up the exact percentages and options within each market segment. So that I'm not worried about the advisor's financial compensation for their help, I'd like a Fee-ONLY advisor, meaning that I pay them per hour for their advice. I will be setting up online accounts to manage the buying/selling, etc. So, anyone have any FIRST-HAND recommendations?
Thanks,
Steven
if i were you, and depending on the dollar amount, i would look at a managed (wrap account). Most financial institutions have one in some form or another. This account will give you professional management of your investments with an annual fee based on the account balance. Anywhere from .75% - 1.5% depending on the dollar amount of the account. You also get periodic rebalancing of your investments which enables you to stay balanced among asset classes according to your risk tolerance and market outlook. There are no front-end loads or deferred sales charges in these types of accounts. Finally your advisor/broker has an interest in placing you in investments that will produce the best returns for you as his compensation is tied to the success of your portfolio. No offense, but unless you work in the securities industry it is very difficult for you to keep up with everything going on and do the amount of research that professionals do everyday. Sometimes independent investors get lucky, a lot of times they don't. I know this isnt what you asked for but I thought I would offer my opinion.
Thanks, and I'll definitely keep that in mind. I just hate paying someone 1% per year, when I can do it through Ameritrade for $100/yr. I definitely want to hear more opinions, because if they can make 1% more than I can, then they just paid for themself I guess.
What types of investors are you talking about? MorganStanley, EdwardJones types or independents?
I have accounts with both of the above two, and am sick of all the darn fees they get all the time. I just want a passive portfolio with good diversity and have it rebalanced every year or two.
What types of investors are you talking about? MorganStanley, EdwardJones types or independents?
I have accounts with both of the above two, and am sick of all the darn fees they get all the time. I just want a passive portfolio with good diversity and have it rebalanced every year or two.
