No. of Recommendations: 11
As for getting a fee-based advisor, they don't feel more comfortable about it than any other advisor--not going there.

As for couch potato rebalancing--they prefer something like a Wellington/Wellesley fund where the company takes care of it.

So they aren't willing to trust a financial advisor that they can talk to and ask questions of, but they are willing to trust a company that manages a mutual fund bought on the suggestion of a friend whom they don't trust enough to give detailed financial information, rather than have to look at their accounts once a year?

All they want is $$ arriving in their checking account every year (or month or quarter).

They may want to look at Vanguard's Managed Payout Funds

Or, have they considered single premium immediate fixed annuities? Vanguard offers these, too

The truth is these people aren't unusual. A lot of people would be happier with a pension where $$ arrives like paychecks, if smaller.

That also suggests an annuity could be appropriate.

My concern would be, if they are looking to get an annuity, or anything else where they don't have to do anything to actively manage the money, they are effectively trusting someone else to manage the money for them. But they also have indicated that don't want to have someone manage the money for them. Sorry - they have conflicting goals, and they can't accomplish both.

If I were you, I would probably just give them the list of suggestions that you got here from your interweb friends, tell them what the source is and that the advice is worth what they paid for it, and then STEP AWAY. If you do anything more, you are putting yourself at risk, both from a friendship perspective and potentially, from a legal perspective.

Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.