I have read through the thread and it sounds to me like you are on the right path. As others have said, "someday" could be a long time so this isn't an immediate concern. Make sure your own finances are in order, keep learning here at Bogleheads, keep researching related topics and at some point you will be able to handle this task for your parents.Hi,
One of my parents has her money managed by a financial advisor (when they started a relationship with a financial advisor, I was a child. now I am in my 30's). They acknowledge that the fees are kind of high and would like someday for me to manage it. I also want to do this; this isn't immediate, but whenever I feel ready to do so. I come from an ethnic family, and we are close, so it's not unheard of adult children in our culture to do this.
Earlier this year, I volunteered with the AARP and was a tax volunteer and learned a lot about taxes this way. I'm going back to school for accounting and plan on taking the CPA if that helps.
I have also read many of the personal finance books recommended in the Wiki here throughout my childhood. I read the posts here from time to time, but I don't feel a lot of confidence from reading random posts that interest me.
I'm looking for a more comprehensive course/some testament to the fact that I can in fact handle this responsibility.
Any advice would be appreciated, thanks.
In the case of where the parents have a Financial Advisor, this gets to be a sticky issue, particularly when a strong relationship between the parents and the Advisor has developed. Gently present information to them but be careful not to put their Advisor in a bad light as this might reflect what might be perceived as an error in judgement on their part. Not sure what your culture is, I know that in Asian cultures, saving face is very important. Be sure that you don't make this look like your parents made a big mistake.
If you invited to participate in meetings with the Advisor, listen carefully and take notes. When your parents are open, you can share with them what you have learned from your personal experience and from your studies. At some point, they might realize they have been paying a lot in fees and would be open to a change. This is a situation that should take a lot of tact. There is an old saying that when the student is ready, the teacher appears.
I have a parent that works with a couple of Advisors, I don't get involved as my parent is still competent and does a good job of managing financial affairs. Are there things that I would do differently? Of course but there is no reason in my case to try to influence the handling of the finances. I also am fortunate that I have an older sibling who is working with my parent.
So those are my thoughts. Best wishes, Ned.
Statistics: Posted by nedsaid — Sat Aug 31, 2024 8:02 pm — Replies 54 — Views 2208