I know this is slowlane so please don't flame me for it.
I have about $60K in a SEP retirement account. It will be about 25 years before I access the money. Its in 4 or 5 mutual funds that are doing pretty well. I started it several years ago as a long term retirement plan and tax saving vehicle. Its basically unmanaged. I can make changes to the accounts whenever I want to. I just don't. I'm not interested enough to study a thousand mutual funds to find the best ones.
I met last week with a fee based investment advisor. For 1 1/2% per year he will manage the funds. He's been doing this since 1996. He spent about 2 1/2 hours with my Dad and I explaining what he does, how he does it, and going over a risk/returm questionaire to help determine our objectives. I'm thinking that this looks like a good way for me to go. The portfolio will be actively managed by an experienced professional. Surely, this can make me enough to more than pay his fee. As it is, the account just sits unmanged. There is no rebalancing, reallocation or anything. I would think this guy could improve its performance and even minor improvements add up substantially over 20-25 years. $60k is not alot of money for someone to manage. On its own I doubt it will get much attention from anybody. But, my Dad has about $300k in an account he's thinking of placing with this guy. Surely, I benefit from that. I'm thinking I'll make more money over time with the account being managed than I am currently.
I just wanted to toss the idea out for discussion, advice, opinions, etc. What do you think? I like the fee for service model in this situation.
I have about $60K in a SEP retirement account. It will be about 25 years before I access the money. Its in 4 or 5 mutual funds that are doing pretty well. I started it several years ago as a long term retirement plan and tax saving vehicle. Its basically unmanaged. I can make changes to the accounts whenever I want to. I just don't. I'm not interested enough to study a thousand mutual funds to find the best ones.
I met last week with a fee based investment advisor. For 1 1/2% per year he will manage the funds. He's been doing this since 1996. He spent about 2 1/2 hours with my Dad and I explaining what he does, how he does it, and going over a risk/returm questionaire to help determine our objectives. I'm thinking that this looks like a good way for me to go. The portfolio will be actively managed by an experienced professional. Surely, this can make me enough to more than pay his fee. As it is, the account just sits unmanged. There is no rebalancing, reallocation or anything. I would think this guy could improve its performance and even minor improvements add up substantially over 20-25 years. $60k is not alot of money for someone to manage. On its own I doubt it will get much attention from anybody. But, my Dad has about $300k in an account he's thinking of placing with this guy. Surely, I benefit from that. I'm thinking I'll make more money over time with the account being managed than I am currently.
I just wanted to toss the idea out for discussion, advice, opinions, etc. What do you think? I like the fee for service model in this situation.
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