Your experience with using a money manager for IRA, etc. vs. doing it youself?

Parent Cafe
21

I would really hesitate to use a financial planner if your relative need more basic money management assistance. Financial planners are good for setting investment strategies but they may not be the best at helping someone figure out how to pay off debt and talk to them about setting a budget.

I have worked with community groups over the years who do credit counseling and have done a bit of lecturing on it myself and it is a different set of skills and guidelines than helping someone pick a mutual fund. I would try to find a non profit counseling agency myself.

22

Yes, Vanguard does offer money management for only 30 basis points–less than 1/3 of 1% annual fee for assets under management. That is one of the lower prices available on the market.