Is anybody using these services? Anything to consider, any negative points?
If you’re referring to their financial advisory services, the pricing I do not think you will find anything lower with access to the same person, but you also tend to get what you pay for.
I used them for years during my accumulation phase and was generally satisfied. However, about five years before retirement, I decided to move on because I needed more comprehensive retirement planning rather than just portfolio management. I’m still working today, but I wanted guidance on areas such as income planning, tax strategies, and retirement readiness that went beyond investment management.
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The following are general comments not having specific information about your financial situation. Vanguard Personal Advisor services is an excellent choice for a financial advisor to handle your portfolio. Vanguard’s assets under management fees are low compared to the most brokerages that charge in the range of 1% fee for assets up to 1 million.
Fidelity and Schwab are other lower cost options. Schwab uses a different fee structure. Vanguard cons compared to Fidelity includes no local branches, worse phone call services and a website that is not as easy to navigate. Vanguard advantages include lower fees, and the ease of selecting an diversified index portfolio.
First, I have no comment on fund management here there or anywhere.
I do have strong feelings about Vanguard though! They are the one institution I hate more than Fidelity. Long ago, using advice I conveyed from Clark, my son did open and have a Vanguard account until he croaked. Being the court-appointed Independent Administrator (executor), you would think things would be routine and easy.
It was like pulling teeth to get the money! They wanted a “medallion” signature guarantee. Court order not good enough. I managed to roll most of it into a like-titled account at another institution, but with only dregs left (way under $100) it was still like pulling teeth. So use 'em only if you hate your heirs!
Vanguard manages funds for me at 0.38%. They have been growing quite rapidly for me, thanks to paying myself first, which Clack has been drumming it in. Is there a template for retiring? What is my next step? 60 is approaching quite fast. Please help. There are so many wise retirees here; please share you knowladge.
To get better responses, what is your current situation and what questions do you have?
Just getting ready to retire at 60 years old. (Maybe work a bit part-time for medical insurance) Don’t need SSC. Till 62 -65. What’s the next step? I can not ask questions that I don’t know. Start as an independent financial adviser? get knowladge om medicare; is there a class I can enroll in ETC.
I read books about retirement. Include a book that covers the financial issues Social Security, Medicare, Roth conversion, covering expenses in retirements etc. I am older and read the book by Jane Bryant Quinn How to Make Your Money Last. There are likely more recent books that others may recommend. Also read a book about maximizing your experiences. I read the book Die with Zero by Bill Perkins.
Getting a financial advisor is a good idea. Consider first learning enough through books or other sources to be better prepared to find an advisor who will work in your interest: no expensive insurance products, low-cost index funds etc. Some advisors operate on an hourly only basis for individuals who are comfortable in self managing the recommendations.
Two other specific free sites: the “opensocialsecurity” calculator and the State Health Insurance Assistance Program for your state at “shiphelp”.
I’ve been using Vanguard Advisors since 2016 when I got tired of managing investments myself. I’m 81, that was one of the best life decisions Ive ever made!
If you already have a relationship with them why not ask them to design a retirement plan for you. They’ll probably design a portfolio around the four ETF’s (Exchange Traded Funds, almost exactly the same as Mutual Funds but cheaper and more flexible). US and World Total Stock Markets , US and World Total Bond Markets, varying percentages according to your “risk tolerance.”
Try not to take SS until age 70 as you gain 8% on your benefits every year you delay , and it’s one of the few retirement benefits you will receive that has a Cost Of Living adjustment.
Don’t fall for any scams!
Keep working at any job you enjoy , that contributes to SS , as long as you can if longevity runs in your family. Retirement can last a very long time
I used the more expensive of vanguards advisors for a portion of my investments for a year, in order to dip a toe in. Since I’m retired, I was prohibited from using the cheaper roboadvisor.
At that time, I could arrange phone appointments with advisors but always got a different one. Advisors are quite different in advice they will or will not provide. I believe you can arrange to have a single advisor on some plans now.
They initially provided me with a plan of 4 etf index funds to peruse before I signed up, as this was a taxable account. They said I was free to use it even if I didn’t sign up.
My main issue with the service was that they repeatedly refused to advise me on my other investments, since they were not under management, and thus not subject to fees. In the end, i canceled because I didn’t feel the management of the 4 etfs warranted the fees, as those funds can sit and grow without management. The etfs were pretty stagnant due to the market dips at the time but have done quite nicely since.
If I were able to participate in their lower fee roboadvisor I’d be all in, but alas, I cannot.
No, these are not ROBO. I am happy with the result. Yes, a different person if you want to talk to them. (For me, they are just hand-holders anyway ) Hope they have a good team of managers behind all this. I am glad I did start the Roth a long time ago. Yes, the power of compounding is great better than working for that money.