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Author: Rayvt Big gold star, 5000 posts Top Favorite Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75805  
Subject: Re: Talk me out of a Financial Advisor Date: 6/4/2013 9:41 AM
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I have been doing our investing for about 30 years now, and have been generally happy with the results. That said, DH has absolutely zero interest in anything financial other than the spending side, so my worries have been around having someone who could replace me to do our financial management in case I die before DH.

2gifts, This is the same thinking I went through. Although in our case it's the DW who has zero interest. In fact, here words were, "You handle everything, just tell me when/if I need to stop spending money." LOL
Although she did participate in the interviews & sessions with the FAs.

I reached the opposite conclusion than you.
If the backup plan is for somebody to take over if I die -- well what if *they* die? For that reason alone we discarded the idea of using a single person or even a small company.
We chose Fisher Investments--they will still be around even after Ken Fisher dies.

The other reason was, as you said, protection against making an error and losing it all. Two different managers (me and them) are unlikely to make the same bone-head error at the same time.

Eventually I decided that these could both be accomplished much cheaper than 1.25% annual fee. I closed the Fisher account and moved the 'fraidy-cat money into a combination of OAKBX, FCNTX, PRWBX, and BRK.

As for the other money that I actively manage, I wrote a set of instructions called "taking over the money" for DW that says to sell all the stocks & everything and put all that money into a specific list of 2 index funds.
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