Wondering if I could get some feedback from professional financial advisors here at BBI. Here's some background:
My last surviving parent died several months ago and surprised my siblings and I with an estate such that we each rec'd a significant chunk of $$$. These investments are with two long term advisors several states apart.
I also have 25+ years in a 403B and my wife will have a modest state pension (yes, we are fortunate). Trying to track and plan for the whole of this proved distracting, so I enlisted a fee-only CFP I've known for a few years. After looking at the current asset allocation, she suggests that I give her permission to collaborate with these advisors to adjust investments to align the allocation for someone at my age and stage of life.
My question is this: how will an advisor view and and respond to a request like this? Is this commonly done? Can they decline the request? These advisors did good work for my parent and I don't want to alienate them, but I don't feel qualified to re-align these myself. Thanks for any feedback you may have.
They service you. Do what you want to do
I'm not an Investment Advisor, but it sounds like you're getting close to Retirement and that you've got things lined up in your favor with the 403b and the Pension -- you should be in Asset Protection Mode.
I would suggest putting the windfall in one of the Target Date Mutual Funds, let Fidelity or Vanguard juggle the percentage between Stocks and Bonds.
I don't know what the Fee-Only guy is charging you, or what the others want for payment. But you can do the same thing they would do, for a lot less in Fees. With the Market at all time highs, now is not the time to start buying individual stocks (and paying commissions).
Simplify. Everything on one monthly Statement so you can track performance.
How much are they charging you? Compare fees among similar advisors If you went to a bank, some offer free financial planning if you’re already a customer rather than having to pay for it.
Not knowing your friend, CFP designations can be gotten by anyone, no industry experience required so I would ask for resume.
Age is important for allocations, but find out how. Is it stocks, bonds, mutual funds, ETFs? All those vehicles have separate costs.