Financial Advisor

[bogeyman]

Now that I have sold my sold business and entered retirement I have been approached by several investment professionals to help me manage my portfolio. The truth be known I kind of enjoy managing it myself. I understand the concept of asset allocation and setting up buckets according to the risk I am willing to take. My returns have been good , if not spectacular. I don't try anything fancy - mostly index mutual funds of various types. I feel like my risk is relatively low and performance will be good as long as the U.S. economy keeps on track.

But on the other hand I wonder if i am giving up some significant performance by going it alone. I've heard plenty of horror stories, but are there people out there who would recommend hiring a professional investment manager?

Thanks

[mejask]

Don't know if you are still pondering this but it is a very complicated subject. You don't mention concern about your financial future but only that you may be 'giving up' more return. I would suggest asking yourself if that is important to you. Also, the size of your portfolio might influence what you would like to consider.

Most quality financial advisors will ask you many questions and then based on that make recommendations for you. Horror stories are usually the result of someone who is only interested in large commissions on products.

There are many resources on the internet that can offer you information about the average return over time, risk tolerance, questions to ask yourself etc. Perhaps you have used them already.

If you are still curious a good thing to do is go to someone who will charge you a 'fee' only to review your situation and make suggestions. Look for some credentials like CFP or CFA.

This subject is a special interest and I could go on and on but I will spare you. Good luck.

[bogeyman]

Thanks Mejask, seems like very good advice. I particularly like your suggestion to talk with a fee only advisor to get his/her opinion of how i am doing.

The more time i spend with this i realize there are advisors who have very good track records better than my own. The trick seems to be to find them and document their success (anybody can talk a good game, but the proof is harder to establish)

thanks again!

[62andout]

my advice is ask all of your friends who they are using, as well as looking in the yellow pages. The advisor's of the friends who are enthusiastic, particularly in bad times, should be followed up on. Make a list of questions, talk to a lot of them (and take notes). Don't be rushed; eventually the right choice will come to you. Best of luck!