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financial planners

January 22nd, 2010 at 04:17 pm

I just had a yearly "State of Gamecock finances" talk with my financial planner.
I inherited the services of this planning company when my mom passed 3 years ago. She and my dad used the head boss for years. I never liked the boss- going by my mom's irrational spending habits I didnt think the guy did a very good job. Maybe logically I know that no one could keep my mom in check and it would have been my responsibility to do so over the financial planners...but I still dont like him. Even today 3 years later I get angry and annoyed at the thought of him.

So I was reluctant to keep my business with the company when I had the inheritance. I guess the boss knew that because after my first meeting with him I was then partnered with a young guy who was my own age. I initially thought it was because my business was less important than the other clients. My mom had spent down a lot of my fathers accounts but the boss continued to work with my mom out of loyalty to my dad. Now I was working with smaller numbers and was only worth the time of the young guy fresh out of school. My dislike of the company grew. I decided to keep them until my situation had settled then take my business elsewhere.

But then I got to like the new guy. He was "on my level" with communication styles and I was not intimidated to ask questions...He was never too busy to talk to me. Now it's been 3 years and I still continue to use the new guy. I still dont 100% trust him- I dont know if I will ever really trust anyone to handle my finances. But I am satisfied with him.

So todays meeting went well. I am 60% stocks and 40% safe. Thats where I feel comfortable being. Through 2009 my account went up 26.3% - which I can hardly believe with the stock craziness we have been having. But stats are tricky- though it's math and math doesnt lie- I know it is easy to twist numbers to tell whatever story you want to tell. And I dont know how to read the charts that were provided to me enough to read any bad stories that might not be told to me (my distrust peeking through).

But I use my own math formula. I know I inherited $xxx in late 2005. I know how much I have spent out of the account since it was put into my name. And today it is only about 10% less than what it was when I inherited it. I have spent much more than 10%. So according to Gamecock math- the account is doing alright. So I am satisfied.

3 Responses to “financial planners”

  1. Ima saver Says:

    I hate the fact that you have to pay someone to handle your finances. I am sure if you went with a good company, like vanguard, they would help you with their own funds, which are very low fee based. And if you did some reading you could probably pick your own funds. I like vanguard Index funds and the target funds!

  2. gamecock43 Says:

    I hated paying someone at first too. But I only pay a yearly fee of 1%. And even that 1% killed me- but honestly it's worth my peace of mind. They notice things and have access to tools that I dont. They know laws and rules about inherited IRA's that I dont know. I just look at is as: if I lost the money it's because I didnt know enough. But with this company I have access to all those eyes and ears keeping an eye on things in addition to my own! I try to stay as involved as I can- I know ultimately no one will care as much as me- but I like knowing I can take long mental breaks from the market and what not- and someone else is still on their shift watching everything.

  3. boomeyers Says:

    Wow! That is really good - only a 10% loss! I call that a miracle! How has it been after these last few days?

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