Great feedback -- much appreciated!
What drove me to my willingness to help my friend was their disgust with being charged an exorbitant fee for setting up the inherited IRA. That, coupled with their growing mistrust of the advisor, led to a discussion of having a simpler investment strategy. I guess a lot could go wrong with a wholesale move away from the advisor, but the current situation is like watching a slow moving train wreck -- or maybe a sinking ship.
Of course I will point them towards the wiki here, and I think the suggestion to have them discuss their situation with a Vanguard PAS is a good one. I'm definitely not suggesting all of this be done pronto, but perhaps taking baby steps to build confidence that they can in fact understand and manage at least some portion of their portfolio.
And yeah, I don't want to be their financial advisor and have told them that. But I am trying to lead the horse to water -- or maybe to teach a man to fish!
What drove me to my willingness to help my friend was their disgust with being charged an exorbitant fee for setting up the inherited IRA. That, coupled with their growing mistrust of the advisor, led to a discussion of having a simpler investment strategy. I guess a lot could go wrong with a wholesale move away from the advisor, but the current situation is like watching a slow moving train wreck -- or maybe a sinking ship.
Of course I will point them towards the wiki here, and I think the suggestion to have them discuss their situation with a Vanguard PAS is a good one. I'm definitely not suggesting all of this be done pronto, but perhaps taking baby steps to build confidence that they can in fact understand and manage at least some portion of their portfolio.
And yeah, I don't want to be their financial advisor and have told them that. But I am trying to lead the horse to water -- or maybe to teach a man to fish!
Statistics: Posted by AlligatorPear — Tue Apr 09, 2024 6:01 am