No. of Recommendations: 9
aida2003 writes,

With regards to investing, he said that Vanguard is a great company (who doesn't know that yet??!!). I said to him that I want to have a Roth IRA for myself and I asked him if he would do it for me (in case we want him to be our advisor), or I just go and open an account with Vanguard or Fidelity. His answer was “Vanguard and Fidelity are no-load funds, so you can do that by yourself. If you wanted me to do, then I would offer load mutual funds such as Oppernheimer <wrong spelling?, Templeton, Fidelity Advisors, etc. that are good load mutual funds, but I cannot really say anything right now because for my advice I would expect to be paid.” Then I thought to myself that performance of load mutual funds does not differ much from the no-load mutual funds, so at least I would save on expenses if I go with Vanguard. Am I right? The advisor said that load mutual funds have 4-5% expense ratio.

I don't think Warren Buffett himself could give you investment advice good enough to overcome a 5% load.

I'd run away from this guy as fast as you can. If you need life insuracne, buy term and invest the difference in cost between term and VUL in a low-fee mutual fund.

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