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Dumb Newbie Question:

What are the advantages & disadvantages of these two different methods of hiring someone else to manage your retirement money?

For example, SSB has this flock of what they call Private Portfolios, where you actually hold the stocks from a variety of these portfolios, each having their own manager. This approach, versus going to an advisor who sets the retiree up with a set of regular mutual funds designed to meet his needs and risk profile. In one you hold stocks, in the other you hold mutual fund shares.

The private portfolio approach also may have sizable fees, and require lots of money for entry. Yet, they seem to live on and attract customers.

Any comments on operating comparisons, opinions, etc, are welcome and most appreciated.
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