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Investing/Strategies / Retirement Investing
|Subject: Re: Portfolio Management Fee?||Date: 3/16/2006 12:25 PM|
|Author: vickifool||Number: 50536 of 77208|
Anyone have any thoughts on the use of Fidelity Portfolio Management services for a 250K retirement portfolio? Cost is around 1% of annual balance. Good idea? Bad? I would love to think that I can manage it on my own w/o paying the fee but these guys do it daqy in day out. Awful big headed to think I could do a better job. Are there any stats on the "average" investors results vs. this type management?
I've had several different management services that wanted to manage my money for a cut. The funniest was Merril Lynch, but the others weren't much better.
I let Merril Lynch give me their pitch for why I should let them manage my money for 1-1/2%. They produced a very impressive looking padded binder that covered all aspects of our financial life.
It had my name on every page--wrong. And it claimed we were in the 15% tax bracket and should open a Roth IRA when, in reality, we are subject to AMT. The salesman oops, financial advisor, wrote down my husband's retirement date so that it looked wrong and I noticed it from across the table, upside down. I told him he'd look stupid if it showed up like that in the report, which it did.
His partner was smart enough to ignore the bogus date, but he forgot to take the last client's name off his report and had to magic-marker it out while we waited to see him.
Somehow, I doubted we were going to be getting the sort of attention I think our money deserves. Say, two hours a month.
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