Fee Only Planner for Parents in Boston Area

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Topic Author
BrianMc
Posts: 139
Joined: Sat Feb 07, 2009 8:03 am

Fee Only Planner for Parents in Boston Area

Post by BrianMc »

Good evening All,

Not sure if anyone's encountered this (I suspect you have), but I live some distance from my folks. Recently, they shared their investment statements with me. Both are retired, 76 and 65, respectively. Their retirement is mainly funded on military pension, social security, and some savings. They have roughly $150K in mutual funds (80% stock, 20% bonds which they said someone at [insert large mutual fund firm name here] recommended about 10 years ago)...way too aggressive in my opinion. Nothing against my folks, but investing isn't their game, so I'm trying to help. I've been a Boglehead for some time and am very comfortable managing my finances and making recommendations to friends. For some reason, I'm not comfortable being their unofficial advisor as I'm simply not qualified. I've recommended they visit a fee-only financial planner for at least a one-time review of their holdings. I don't think they need active management, just someone to provide some advice on their holdings. I looked at some companies on the NAPFA web site, but I'm getting the impression many seek to manage portfolios or my folks may not have "enough" wealth to become clients. I may be completely wrong, but if anyone has any recommendations, I'd appreciate your input.

Have a great week.

Brian Mc
Laura
Posts: 7975
Joined: Mon Feb 19, 2007 6:40 pm

Re: Fee Only Planner for Parents in Boston Area

Post by Laura »

How about using the Vanguard financial planners? You can find more information here. You can do a video conference for them assuming they have a computer. If not, a phone conference works.

Laura
The views presented are my own and not necessarily those of the Department of State or the U.S. Government.
livesoft
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Joined: Thu Mar 01, 2007 7:00 pm

Re: Fee Only Planner for Parents in Boston Area

Post by livesoft »

My octagenarian mother was 100% stocks because bond funds were so boring. She lived off of a pension, SPIA, and SS. Her Fidelity account was for fun. So your folks could be in a similar situation. I will say that it probably doesn't matter what their $150K is invested in.
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SnowSkier
Posts: 268
Joined: Fri Mar 16, 2012 12:21 pm
Location: Austin

Re: Fee Only Planner for Parents in Boston Area

Post by SnowSkier »

For a similar situation, I helped my retired mom find an hourly-fee-only financial advisor through http://garrettplanningnetwork.com , and we have been very satisfied.

You can search bogleheads.org for "garrett" and find more info and reviews/feedback.
sesq
Posts: 587
Joined: Wed Jan 30, 2013 8:24 am

Re: Fee Only Planner for Parents in Boston Area

Post by sesq »

I could see the high stock allocation if pensions / ss covered the bills. My biggest question would be to determine if the military pension provides a spousal benefit if your father pre-deceases your mother, and if so how much, and how would that compare to her potential budget as a single person.
Topic Author
BrianMc
Posts: 139
Joined: Sat Feb 07, 2009 8:03 am

Re: Fee Only Planner for Parents in Boston Area

Post by BrianMc »

Thanks everyone.

Laura: I may recommend they go with Vanguard or USAA. It think for my folks, sitting down with someone face to face would be more helpful.

Livesoft: I hear you...and the fact their portfolio returned about 30% last year doesn't exactly strengthen my argument to lean more towards bonds.

Snowskier: Thanks for the tip, checking out Garrett's on my list of things to do.

Sesq: Great question and I followed up on it today. If Dad pre-deceases Mom, she'll get 55% of his current pension. He also thinks she'll get the higher of their two social security payments (I have no idea if this is true as I'm not even figuring social security into my e retirement plan equation. I figure whatever I get, if anything, will be a bonus).
Jack FFR1846
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Re: Fee Only Planner for Parents in Boston Area

Post by Jack FFR1846 »

On Sunday mornings on WBZ AM radio, Ric Edelman does a financial show. He is a partner in a financial planning firm and emphasizes "fee only" planners. I've sent his site questions when I was considering whole life and got solid advice (to reconsider and not do it) from one of his planners. Although I shortly after found Bogleheads and decided to do it myself, they were pretty straight with me. They are based in Boston.
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Laura
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Joined: Mon Feb 19, 2007 6:40 pm

Re: Fee Only Planner for Parents in Boston Area

Post by Laura »

I am a fan of USAA but they are not great for investing so I would suggest using Vanguard or finding a fee-only advisor.

Laura
The views presented are my own and not necessarily those of the Department of State or the U.S. Government.
Topic Author
BrianMc
Posts: 139
Joined: Sat Feb 07, 2009 8:03 am

Re: Fee Only Planner for Parents in Boston Area

Post by BrianMc »

Jack,

I thought Edelman was DC or Maryland based. Very cool if his firm is in Boston. Then again, he may have offices nationwide as I listened to him the other night on an LA radio station. I have his "The Truth About Money Book," it's a great reference.

Brian Mc
livesoft
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Re: Fee Only Planner for Parents in Boston Area

Post by livesoft »

Edelman is a high-fee advisor.
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Laura
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Re: Fee Only Planner for Parents in Boston Area

Post by Laura »

Edelman also seems to switch investing styles from time to time.

Laura
The views presented are my own and not necessarily those of the Department of State or the U.S. Government.
chw
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Re: Fee Only Planner for Parents in Boston Area

Post by chw »

Edelman's headquarters are in VA, but has 2 offices in MA- Burlington, and Needham. Agree that generally his advice is good, though his fees from what I've read are on the high side. If your parents are like mine, they probably prefer to be able to meet the advisor face to face, which isn't an option locally for Vanguard. I think Fidelity or Schwab locally may offer some basic planning/advisor options, and both have offices in and around Boston.

Garrett could also be an option, with many fee only (hourly versus charging for AUM) planners in the Boston area.
Laura
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Joined: Mon Feb 19, 2007 6:40 pm

Re: Fee Only Planner for Parents in Boston Area

Post by Laura »

My mother said she wanted a face to face advisor but I suggested she talk to some on the phone before making her final decision. She discovered that it was just fine doing this. If your parents use the computer at all then Vanguard can combine the phone explanation with a visual display they can control on your parents computer making it very easy to explain things and go over recommendations.

Laura
The views presented are my own and not necessarily those of the Department of State or the U.S. Government.
moshe
Posts: 565
Joined: Thu Dec 12, 2013 12:18 pm
Location: Boston, MA

Re: Fee Only Planner for Parents in Boston Area

Post by moshe »

My wife works as a part time administrative assistant for an Ameriprise adviser located just south of Boston in Canton, MA. If you PM me i can ask her to have her boss call your mom directly.

** Neither I nor my wife would/will receive any compensation for this referral. I just like the guy even though I self-manage! Admins - Feel free to delete this reply if deemed as solicitation which i assure you is it NOT :happy **
My money has no emotions. ~Moshe | | I'm the world's greatest expert on my own opinion. ~Bruce Williams
lhl12
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Joined: Mon May 27, 2013 8:24 am

Re: Fee Only Planner for Parents in Boston Area

Post by lhl12 »

My father-in-law had a decent experience with these folks: www.montisfinancial.com

I have no idea how good they are, but maybe worth adding to whatever list you compile?
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