Best Posts in Thread: Recommendation for Financial Advisor

  1. UFHealthGator

    UFHealthGator Well-Known Member
    Lifetime Member

    Nov 12, 2017
    +2,871 / -121
    I am not sure what LPL financial fee structure is, but most FAs charge a 1%-1.5% for assets under management, which in my opinion is highway robbery.

    If all you want to do is grow your money in the stock market, just put it in a simple 3 fund portfolio in Vanguard or Fidelity. Adjust your Stock to bond ratio depending on your age, or how soon you think you will need your money, and that is it. FA create over complicated portfolios that never beat the market, and often is very costly if you compound your AUM fee over the years.

    Just a simple calculation. If you put your 150k in the stock market, and earn on average 8% a year, the it would grow to $333k after 10 years. But if you have an FA that charges you 1%, then it would only grow to $302k. Is their advice worth $30k? Worse yet, if you leave it for 20 years, that 1% is worth a staggering $140k difference ($742k vs $608k).

    I suggest you just talk to Vanguard or Fidelity, and they usually even have complementary financial advisors that could give you basic advice on how to invest your monies.
    #5 UFHealthGator, Apr 6, 2021
    Last edited: Apr 8, 2021
    • Concrete Helmet

      Concrete Helmet Hook, Line, and Sinker
      Lifetime Member

      Jul 29, 2014
      +14,142 / -1,031
      Careful he works for the Treasury, make sure and put down sod to cover where you dug... :lol:
      • alcoholica

        alcoholica I'm what Willis was talking about
        Lifetime Member

        Jun 11, 2014
        +15,802 / -696
        Check with your bank or CU, they usually have a division that handles investments. A lot of them are associated with LPL financial, which is a reputable company.

        they should ask you a ton of questions and give you options based on the interview. If you feel like they are steering you in a direction too hard, don’t feel bad about walking. Also, don’t be afraid to ask about fees. Most FA’s I’ve met just want to do what’s beat for you, but there are bad ones out there.

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