Quote:
Originally Posted by Chocaholic
Early 50's, 3 kids, wife (homemaker), 401k, various mutual funds, 529 plans, savings...nothing fancy. Every investment advisor I've spoken with over the years wanted to sell me life insurance and transfer all my investments into their commission-paying vehicles. No thanks.
Having just sold a house in addition to aforementioned savings, and with only about 12 years to retirement, I feel I should get some advice from someone I can trust. Preferrably someone not incentivised to sell me their product.
How do you go about finding such a person? Happy to pay a fee, but prefer not to get ripped off by someone who took a weekend class. Any ideas?
|
Actually the insurance sales pitch is not necessarily a red flag. Standard portfolio analysis includes insurance coverage. Life insurance and disability insurance may be an important component of the overall portfolio plan depending on how/who earns the bread in your family. Sure, we all have these at work right? Generally speaking work provided policies are inadequate for higher earners and thus supplementary poilicies make perfect sense as a part of the overall portfolio makeup. Additionally, while it seems counter-intuitive, the policies sold by the advisor are less expensive on a cost per coverage basis than the work provided policies.
Additionally, many sales commission loads are waived completely on front end funds if the total invesment portfolio exceeds 1 million. Less than a million and there is a declining scale. Once, you get down to retail level investing they hit the full 5% which is not a good deal.
So ......... what is bad for one investor is good for another .... it just depends.
Disclaimer ..... Not in the financial planning or financial sales business .... I am on the investor side of the equation.