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Author: PolymerMom Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 74759  
Subject: Re: Talk me out of a Financial Advisor Date: 6/4/2013 5:42 PM
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MurrayS,

We use a fee-only planner for several reasons:

1) We started to use one when our parents became unable to manage their money. Both my father and his died before my Mother and his. In addition, MIL had Alzheimer's. I took one look at all the bonds they owned and quickly decided I was out of my depth.

2) MDH and I don't always see eye-to-eye on investing. A financial planner can be a good mediator. A couple of examples:

a) We're both retired. I want to preserve capital/earn
dividends & interest. MDH is still wants to invest for growth
and beat the market.

b) As soon as the market drops even 5 percent, MDH wants to sell
everything. We've spent years getting the allocation we have.
The thought of having to duplicate that - IF we manage to buy
back in at a lower price - is the typical "Buy High, Sell Low"
setup.


3) The financial planner can buy load-waived funds and has a bond broker that gives her access to bonds before they become available on major sites, like Fidelity.

4) She made us aware of the special rules for the trusts our two sons inherited from MDH's parents. We could have gotten into a real mess with the IRS if we'd been audited before we straightened that out.

Just offering some points to consider...

PM
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