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.
financial planners
January 22nd, 2010 at 04:17 pm
January 22nd, 2010 at 04:48 pm 1264178902
January 22nd, 2010 at 04:58 pm 1264179503
January 23rd, 2010 at 08:10 pm 1264277448