I know this is slowlane so please don't flame me for it.
I have about $60K in a SEP retirement account. It will be about 25 years before I access the money. Its in 4 or 5 mutual funds that are doing pretty well. I started it several years ago as a long term retirement plan and tax saving vehicle. Its basically unmanaged. I can make changes to the accounts whenever I want to. I just don't. I'm not interested enough to study a thousand mutual funds to find the best ones.
I met last week with a fee based investment advisor. For 1 1/2% per year he will manage the funds. He's been doing this since 1996. He spent about 2 1/2 hours with my Dad and I explaining what he does, how he does it, and going over a risk/returm questionaire to help determine our objectives. I'm thinking that this looks like a good way for me to go. The portfolio will be actively managed by an experienced professional. Surely, this can make me enough to more than pay his fee. As it is, the account just sits unmanged. There is no rebalancing, reallocation or anything. I would think this guy could improve its performance and even minor improvements add up substantially over 20-25 years. $60k is not alot of money for someone to manage. On its own I doubt it will get much attention from anybody. But, my Dad has about $300k in an account he's thinking of placing with this guy. Surely, I benefit from that. I'm thinking I'll make more money over time with the account being managed than I am currently.
I just wanted to toss the idea out for discussion, advice, opinions, etc. What do you think? I like the fee for service model in this situation.
I have about $60K in a SEP retirement account. It will be about 25 years before I access the money. Its in 4 or 5 mutual funds that are doing pretty well. I started it several years ago as a long term retirement plan and tax saving vehicle. Its basically unmanaged. I can make changes to the accounts whenever I want to. I just don't. I'm not interested enough to study a thousand mutual funds to find the best ones.
I met last week with a fee based investment advisor. For 1 1/2% per year he will manage the funds. He's been doing this since 1996. He spent about 2 1/2 hours with my Dad and I explaining what he does, how he does it, and going over a risk/returm questionaire to help determine our objectives. I'm thinking that this looks like a good way for me to go. The portfolio will be actively managed by an experienced professional. Surely, this can make me enough to more than pay his fee. As it is, the account just sits unmanged. There is no rebalancing, reallocation or anything. I would think this guy could improve its performance and even minor improvements add up substantially over 20-25 years. $60k is not alot of money for someone to manage. On its own I doubt it will get much attention from anybody. But, my Dad has about $300k in an account he's thinking of placing with this guy. Surely, I benefit from that. I'm thinking I'll make more money over time with the account being managed than I am currently.
I just wanted to toss the idea out for discussion, advice, opinions, etc. What do you think? I like the fee for service model in this situation.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
