• Question
  • Financial Advisors

    Asked on 6/11/2009

    In the Fall of 2007, when the stock market was doing well, and I had $476,00 in my IRA, I went to my financial advisor (a load company) and asked if 87% in stocks wasn't too high for a 67 year old retiree. I also asked that he rebalance my asset portfolio into some cash. Well, with flow charts and a pointer he was able to convince me not to change my allocations though he did say he would rebalance the account, which he never did. The rest is history, and now I have lost 38% of my IRA.

    Puckpa, I was going to ask if I should get a new financial advisor, but when you told bigalle that losing 40% in his IRA wasn't bad, it sounded like more of the "Stay the course" business that advisors say.

    Should I get a new advisor?, e.g., he didn't do what I wanted, and he never did what he said he would do.

  • Categories: Financial Advisors, Retirement Planning


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  • Any relationship can be complicated -- even one with a Financial Advisor.

    But, as in any relationship, only YOU can know whether or not you want to stick it out or not.

    However, it is very important to trust your advisor and it appears that in your case this trust is loss. I also believe that it is important that an advisor do what you have asked of him.

    Furthermore, I do believe that most experts would say that having 87 percent of your asset allocation in stocks at age 67 is very much too high. I might think that it is rather irresponsible of your advisor to have suggested otherwise.

    NewRetirement can connect you with a prescreened advisor who is familiar with the proper asset allocation for someone your age and who can wholistically analyze your goals and resources into a plan for your retirement.


  • Login to rate this answer:   Answered on 6/12/2009
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.