H &I have quite a bit on retirement savings and we’re 55 so we’re realizing we’re pretty ignorant on how things work. We each handle our own 401k investing. I follow the boglehead forum 3 fund portfolio. I’d like to have someone review our combined accounts, but prefer to collect the info and send it electronically to someone who can deliver a report with recommendations. And then maybe repeat this every couple of years. Does anyone know if such a service exists?
What exactly do you want the reviewer to do? There are planners you pay on an hourly basis and others that charge a % of assets under management.
I once had an employer that paid for me to have an hourly fee only financial planner consult with me and look over the assets I chose to disclose to her. She helped me get a feel for how on track we were to retire as planned if our assumptions turned out as we predicted. According to her calculations, we had about a 70/75% chance of never running out of money.
You can ask at Bogleheads.org if there are any fee only hourly rate financial planners in your area. You can also get a free review if your assets are high enough and you’re willing to have them at Fidelity or Vanguard.
Take recommendations with a lump of salt, especially if anyone is recommending you purchase annuities, insurance, funds that have a front or back load, and any product you don’t understand.
The folks at Bogleheads.org will do a free portfolio review and make suggestions if you follow the format they recommend. There are a lot of very nice and knowledgeable folks there.
I’d start with your broker or 401k provider. Many have advisors who are able to do exactly what you nee:
I’d strongly prefer an independent firm who would do this for a fee and not turn it into a sales situation. My friend went to Chase Bank and had a “review” but she didn’t see much value and he was heavily pushing their products. That’s what I’m trying to avoid.