technical question/financial planner
as part of my employment benefits we have a 401k plan (really it's the nonprofit equivalent a 403b). if you use the automatic rebalancing aspect of the plan, you pay a fee of 33 cents per $1000 of your account. i went off that part of the plan a full year ago, and so i set my percentages mirroring that plan "high risk" portfolio. just like almost everyone, i lost money....27% according to the information provided by the employer paid financial planner. the automatic rebalancing group lost 29%..... my questions are these...1-paying extra fees, when my company pays for them to advise and guide employees seems wrong, but is this a standard business practice? 2- how can i be sure that the way that the "automatic rebalancing" is in MY interest, not in the planner/companies interest in getting more money from my account? 3-are there web locations that i can learn how to manage my accounts with minimal fees? 4- are there fee for advice financial planners?
i grew up as a poor kid, welfare family made good, and i never learned much about the skills of managing money, especially in ways to match my future needs in retirement...i don't want to have a really big cardboard box down by the mission as my retirement home. advice greatfully accepted
joyce who has princess peanut, spokesdog for the catpack, mojo, magic, kira and squirty, members of the catpack, angel duke, a good dog who is missed and angel alex the wonder dog, handsome prince.
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