+1I agree that your friend was likely ill-used by his advisor, what with all the annuities and unneeded insurance and such. And, it seems like the analysis you are talking about would be useful. But, you are taking on a lot with your ideas about an ambitious portfolio remodel job. A lot of things could go wrong that would not necessarily be your fault but still lead to bad feelings. You might suggest to your friend that he use something like Vanguard PAS, and you could go over their recommendations with him.
E. Help friend examine and understand the value of their retirement accounts, calculate net worth, look at opensocialsecurity.com, etc., and begin to map out a retirement strategy.
I realize there is a lot to unpack here, but given the above, what questions, concerns, and advice do you have? Is what I have in mind reasonable and possible?
There are a lot of moving parts here and you are probably not an expert on all of it. This could lead to unwanted consequences. Friend could at least talk to Vanguard PAS and learn what they suggest. Then he could decide if it sounds like what he would like to happen. A financial advisor who sells insurance products is making extra money for himself and it may not be a good choice for the customer. Agree that learning from Boglehead's Wiki is one of the great ways to learn. Becoming a regular here would help him learn as well.
Statistics: Posted by BL — Tue Apr 09, 2024 12:46 am — Replies 7 — Views 586