Hello Bogleheads,
I know it’s not typically within Boglehead thinking to hire a financial consultant, but I’m at a point where I’d like a financial health check to ensure I’m on the right track. My finances are fairly basic—not overly complex—but I would still appreciate an outside perspective as I have some life changes coming up.
I recently met with a financial professional who proposed a plan: $1,300 for three meetings throughout the year. That seemed reasonable to me, but one thing gave me pause. They asked if I’d feel comfortable moving my Roth IRA to a product they work with, where they’d earn a percentage of my gains.
They presented themselves as a fiduciary, but is this standard practice for a fiduciary? All I really want is for someone to understand my finances and give me honest feedback on how I’m doing without any conflicts of interest.
Any insights if this is what a fiduciary typically functions like would be helpful.
Thank you in advance!
I know it’s not typically within Boglehead thinking to hire a financial consultant, but I’m at a point where I’d like a financial health check to ensure I’m on the right track. My finances are fairly basic—not overly complex—but I would still appreciate an outside perspective as I have some life changes coming up.
I recently met with a financial professional who proposed a plan: $1,300 for three meetings throughout the year. That seemed reasonable to me, but one thing gave me pause. They asked if I’d feel comfortable moving my Roth IRA to a product they work with, where they’d earn a percentage of my gains.
They presented themselves as a fiduciary, but is this standard practice for a fiduciary? All I really want is for someone to understand my finances and give me honest feedback on how I’m doing without any conflicts of interest.
Any insights if this is what a fiduciary typically functions like would be helpful.
Thank you in advance!
Statistics: Posted by Macha — Fri Jan 03, 2025 12:56 pm — Replies 6 — Views 139