I'm helping my father with his retirement planning now. We are speaking with a CFP financial planner at a firm that is charging us a one-time fee to create a plan. It's not cheap, but much less than AUM. However it works out, I'll make a post about it. My father has been with Fidelity wealth management for the last 7 years. His advisor was nice, but the amount they have charged him is quite simply staggering. It is also going to be costly to unwind the roughly 60+ holdings in the taxable account that all have relatively high expense ratios. I would avoid. The new CFP has asked us to categorize all of our expenses as well as submit statements from all bank, brokerage accounts, life insurance, real estate, annuities, etc. Going through all of these things in a systematic way has been hours of work...I'm glad somebody is helping us out. Or rather I'm hopeful that they will. I've read several books listed on the wiki here. I am finding that the investment strategy is only one part of it. Estate planning is another. So are taxes. So is gifting. I understand it's not rocket science, but it's not as easy as many people make it out to be either. This forum seems to have many helpful people. Good luck.
Statistics: Posted by PassivePanda — Thu Oct 03, 2024 9:34 pm — Replies 24 — Views 991