My experience is that a CFP planner provides the most useful advice at the beginning, when they analyze your situation and lay out all the implications for risk, taxes, insurance, potential future obligations you need to consider, as well as portfolio analysis and advice. After that, the main value is in behavioral restraint. If you can manage the portfolio and weather markets yourself, along with the support of this forum, you can ditch the ongoing relationship and improve your investment returns. You can always go back in a few years for a review of your situation with this or another CFP.Hello All, As the title says this is my dilemma, and I'm looking for input from those who have gone back to DIY after using an advisor. I am not in an %AUM situation, I have a flat fee negotiated, and have been with him for about 10 months. I am 61, retired with 1.25M in investible assets, no debt whatsoever, spending about 55k a year. 40% taxable brokerage,40% traditional IRA and 20% Roth IRA. NO children, no dependents. All the above is just for background info.
There is really no more planning to be done at this point for the next 5-6 years until I collect 3K a month SS. All we are doing til then is selling VTI out of my brokerage as needed, as well as using interest and dividends. I am engineering my income to qualify for ACA credits. I understand all of this fully and do my own taxes. I used an advisor as I thought there would be things in retirement I didn't know about, but so far it seems I'm keeping track of realized gains, monitoring quarterly state tax payments and total income more than my advisor is. Would visiting a CPA once a year to go over my accounts and estimate MAGI and taxes be sufficient? Do any of you just do this? It drives me NUTS to see money coming out of my accounts for doing nothing but moving the account to his control.
I'm not against paying for something of value, but I just don't see it here. Have any of you tried to DIY after retirement and ran into something you hadn't expected or regretted going to DIY? One of my main reasons for going with a CFP planner was that I just didn't want to concern myself with it, but I just can't seem to keep away from looking at my portfolio all the time. I was thinking that if I did need some questions answered, Planvision might be the way to go.
Statistics: Posted by desiderium — Thu Oct 17, 2024 11:08 pm