No. of Recommendations: 0
I think a FA is a good idea. I have some, and I also happen to be one. That said, a few caveats:

1. Any kind of illiquid investments: DO NOT BUY. period. A family financial adviser is getting fired soon because of this. I got convinced by him, put some money in and guess what.....the seller is a crook, grabbed the cash and took off. Mutual funds, stocks, bonds, cash, all are fine.....but don't get sucked into some off the wall limited partnership.

2. Give him time to work. If you think he is good, don't worry about month to month performance. Let a full market cycle run its course, then see how he has done.

3. Yeah, Ameriprise fees are high. Ergo, don't trade every time he suggests. It does take a bite out of returns.

4. If he doesn't beat his benchmark after a full market cycle, fire him and buy some mutual funds according to your risk tolerance, expected needs versus rates or expected returns, and properly diversified (value, growth, international, some bonds some cash).

5. In either scenario, just relax and enjoy your time off!

Just my two cents worth =/< what ya paid for it.
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