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Author: MurrayS Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75538  
Subject: Talk me out of a Financial Advisor Date: 6/1/2013 2:59 PM
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My wife will be getting a pretty sizable check as part of a merger at work and, semi related, will have to cut back to half time (and half pay). As a result, we thought it would be a good time to seek some financial advice.

After getting some recommendations locally and talking to a couple advisors, we paid a guy a fee to evaluate where we are, what changes we should make, etc. Link to his site: http://www.ameripriseadvisors.com/jon.d.goldstein/

We haven't had the followup meetings yet, but what I'm on the fence about is putting some money into this guys control. He charges 1% on assets under management which could obviously add up to a significant amount of money. OTOH, the guy is sharp as a tack and not just in an "all hat and no cattle" kind of way. He's very statistical and I do believe he can earn market returns or better with less risk even after fees. Apparently, he's banned from a local casino for successfully counting cards.

For obvious reasons, I do not want an advisor that earns commissions from a mutual fund company which was one of the first questions I asked so I'm comfortable there.

I also talked to a couple executives at work you have money with this guy and they are both very pleased.

As many here know, I've been investing pretty successfully for over 20 years, but I tend to think our portfolio has grown to a point where I'm a bit out of my league and this guy could offer some benefits, specifically, investment vehicles that are available at our net worth, yet difficult to get as an individual.

So what are people's opinions of financial advisors? Well, I know the answer to that question for many of you, but what the downside if he can beat my returns after fees?

I could certainly give him a portion of our money and evaluate him over a year or two, but then I'm certain he'd scoff if I gave him something like $50k and I honestly don't think the benefits of a larger portfolio are available at those levels.

Thanks for your input.

-murray
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