Is It Time to Fire Your Financial Advisor? - 245

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 29 October 2019

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Should you stay or should you go? Joe and Big Al weigh in on whether a couple of listeners who are dissatisfied with their financial advisors should ditch or keep the advisors. Plus, how should you choose investments in your 401(k)? Is it a good idea to make Roth contributions for your kids? How do you manage taxes and penalties because of Roth conversions? Ask your money questions, read the transcript, and access more free financial resources at http://bit.ly/YMYW-245

Transcript

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0:00.0	Should you stay or should you go? Today on Your Money, Your Wealth, we've got a couple of listeners who are dissatisfied with their financial advisors, and Joe and Big Al weigh in on whether they should ditch the advisors or keep them. Plus, how should you choose investments in your 401k? Is it a good idea to make Roth contributions on behalf of your kids? How do you manage taxes and penalties because of Roth conversions?
0:22.6	How do you know when someone in Minnesota is thinking about you?
0:26.2	Get in your comments, stories, or actual money questions now.
0:29.9	Go to Your Money, Your Wealth.com, scroll down, and click Ask Joe and Al on air.
0:34.1	Tell us who you are, where you're from, how you found out about the podcast, and
0:37.7	what you want to know or share. I'm producer Andy Last, and here they come now in Big
0:42.5	Al's imaginary Corvette, Joe Anderson, CFP, and Big Al Clopine CPA. We got Robert from Alabama.
0:51.0	He's riding in. All right. So currently, I have both a rollover IRA in Roth IRA with one of the larger investment firms.
1:02.0	I'm 61, but I have no plans to retire in the immediate future and he's willing to be more aggressive rather than conservative.
1:12.1	All right, I get that.
1:14.1	Yet we agreed to use a retirement age 70 for planning purposes.
1:19.5	My advisor has now established an investment plan based upon my hypothetical retirement date
1:25.2	and advises against changing anything. This feels very cookie cutter
1:30.8	akin to set it and forget it. Where's the planning or the adjustments to large market changes?
1:39.6	I don't want to day trade or play with the market, but should there be a strategy for changing
1:45.2	allocations of stocks and bonds or something other than a fixed date in the future?
1:49.2	All right, let me see. So Robert from Alabama is going to retire here at age 70 for
1:57.2	planning purposes. Right. Ten years from now.
1:59.6	No current plans to retire, but just kind of threw out 70.
2:02.6	He's like, all right, I'm 61, got some cash, want to retire, 70. All right. And then,
2:07.6	so my advisor is now established an investment plan based upon this hypothetical retirement date.
2:13.6	And then it advises against changing anything. So, first of all, when did you put the plan together?
	...

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