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What if everything you thought was true about the personal financial industry wasn't? Author Helaine Olen has written a terrific book "Pound Foolish: Exposing the Dark Side of the Personal Finance Industry" that confirms many of your worst fears. She says Suze Orman doles out contradictory advice; Dave Ramsey continues to peddle 12 percent stock market returns; and so-called financial planners are often conflict-ridden salespeople who don't put their clients' first.
Maybe that's why we often field questions from listeners who work with advisors and want a second opinion. Paula from KY works with a CFP who thinks she might need long term care--does she? Meanwhile Joe from KY is paying 1 percent to Smith Barney to manage an old retirement and is wondering whether they deliver enough value to justify the cost.
Paul from TX has accumulated a $4 million nest egg that is mostly invested in tax-free bonds. Should he add other asset classed to the mix? Although his asset base is a tenth of Paul's the retirement planning steps are exactly the same for Dale from NY, who has $400K in various accounts. I help him calculate future retirement income, which will influence when he decides to retire.
Susan wrote about converting some of traditional IRAs into a Roth IRA. The answer is a bit more complicated because she has a daughter who will be applying for college financial aid.
Michael wants to know the difference between mutual fund share classes. Remember that even if you are investing with a no-load fund company, there still may cheaper share classes available for investors whose accounts meet minimum-balance requirements.
Here are web sites and resources mentioned in this week's show:
-- NAPFA: National Association of Personal Financial Advisors (fee-only advisors)
Thanks to everyone who participated and to Mark, the BEST producer in the world. If you have a financial question, there are lots of ways to contact us:
Call 855-411-JILL and we'll schedule time to get you on the show LIVE
Send an email: email@example.com
Tweet me: @jillonmoney
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