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Old 02-23-2019, 07:34 AM   #1
bcoastal
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Financial Advisors

We are looking at moving our accounts over to a financial advisor. I am trying to figure out if that is a good idea compared to picking my own investment accounts and managing it myself. Any guidance or recommendations is appreciated.
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Old 02-23-2019, 08:18 AM   #2
GT11
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I just went through this. I have handled my investments for years and have done well but it is a lot of work. I felt it was time to move to someone that can handle things for me. I invest through TD Ameritrade and want all of my stuff to be in one place so I can see my balances without logging into a bunch of different sites. There are money management companies that utilize the TD platform so you can easily track what is happening. I chose a company that was somewhat tactical but have only been with them since December so it is too early to tell how good they are. I interviewed several before picking these guys.

The good thing about one of these groups is they do it all. They help/do estate planning, tax and a few other things so you don't have to chase a bunch of different companies to get everything done.
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Old 02-23-2019, 09:33 AM   #3
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I've always handled mine myself but I'm usually pretty conservative. I wanted to get a little more aggressive and really try to grow it. Just recently moved most of my 401's over to ameriprise. I chose them because the guy who opened the only franchise around me has been in business in our small area for over 25 years. I also liked their philosophy and our meeting went better than the others I tried. Basically boils down to if you trust them with your hard earned money or not....which was always hard for me
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Old 02-23-2019, 11:40 AM   #4
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Quote:
We are looking at moving our accounts over to a financial advisor. I am trying to figure out if that is a good idea compared to picking my own investment accounts and managing it myself.
Just don't set it and forget it. Monitor their progress. If they don't beat the S&P 500 returns after their fees, then some would say you'd be better off managing yourself, investing in a low cost index fund.
Read this article.
https://seekingalpha.com/article/418...ds-winning-now
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Old 02-23-2019, 11:14 PM   #5
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I've used a financial adviser with Merrill Lynch out of Beaumont Texas for 25 years. He has done a good job for me. John Mathews is his name.
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Old 02-24-2019, 07:03 AM   #6
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After you narrow down your list..... go see if they have anything on their Advisor record that a former client has filed against them.
Google FINRA broker check .... and plug in their name ..... most have one or none.... but there are a few that make you wonder why they can still work in the industry

....and most of the single ones are BS... the FA would probably even discuss it with you if you asked them.
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Old 02-24-2019, 08:16 PM   #7
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We found a few this weekend we are going to meet with. Any recommendations south of Houston? We are in the Clear Lake area.
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Old 02-24-2019, 09:50 PM   #8
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What are you guys paying in fees? 1% of assets being managed? More?
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Old 02-25-2019, 12:30 AM   #9
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0%
Have told the story here before. Always managed my own account and have never been beaten by the market.

Also had a trust managed by some VP at Smith Barney/Morgan Stanley that I did not view for 18 years. When I finally did view it, it had earned less in those 18 years than tbills. Fees were virtual robbery. I'll never let anyone manage my accounts again.
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Old 02-25-2019, 08:30 AM   #10
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My fees are .5%. I am in the process of moving all of my investments to one platform so I can easily monitor them.

Doing a good job investing is work just like any job. I am to the point where I have enough to retire and I would like to move to monitoring instead of actively investing on a day to day basis. I plan to keep a small account to play with but I'm ready to let the pros transition me to retirement.
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