jukngene

Our broker has full access to our accounts, but does nothing before discussing her recommendations with us. We have a great relationship!

Lainey

Nothing happens on our account unless we make a call. As we are nearing retirement, we were offered some kind of account where they move your money into some kind of funds, trade in, trade out depending on the market, no or minimal trading fee, but of course an annual percentage fee based on the value of the account. No thanks. We are not financial whiz kids, but we've done OK with occasional reviews on the account with the same broker for years. She is a certified financial planner, but we have not hired anyone in that capacity, nor do we care to give anyone control of our hard earned money.

Legal Bill

This is why I am with a big fat honking company like Fidelity. If someone decides to try some funny business I know there is a trillion pound gorilla that can stand behind my account and make good on any improper dealings.

And that said, in a few months I'll probably move some percentage of it to a different trillion pound gorilla.

dlq04

I've never used a financial planner. I spent many hours talking to several before I retired but in the end I selected Index funds with Vangard (a really big gorilla) and have never been sorry. I have used their brokerage service to buy funds outside their circle but I've never had great success picking individual winners. I often quiz retired friends who use planners and they all have had a more rocky road than me; but, maybe they made more too.

MsPerky

Well, my advisor was with a big fat honking company, too. He was in a pretty high position, so was given some time to heed the warnings. He did not. I still can't believe he was so stupid. IMO he has ruined his financial future. Mine will not be ruined.

Zippy

We are with an "boutique" advisory firm, which has full fiduciary access to our accounts. Interestingly enough, they just merged with a larger banking institution. They did this primarily to provide future continuity, as they are starting to approach retirement age themselves.

ralper

You might want to consider putting stop limits on some of your high fliers and more speculative issues.

As always, the trick is to invest in high quality stocks that have kept up with the times. Generally these are not highly speculative and pay a dividend. Regardless of where the market goes, you will have a source of income, and even if there is a readjustment in the market, eventually these issues come back. The worst possible thing you can do is panic or become afraid of the market.

Legal Bill

I believe in adjusting at the tops and bottoms of markets. I don't really care if the market goes a bit higher or lower following my moves. I'm just adjusting by 15 or 20 percent to cushion against the expected changes.

S2KRAY

I have been with our financial planner at M. Lynch for 20 years. He is honest and has taken good care of our finances and long term planning. He is also a good friend who we trust.

MsPerky

^ Well, that is the really sad part about this whole situation. This was a friend of many years whom I also trusted. It appears now, however, after my meeting yesterday with the new advisor, that he may have held his own financial growth more highly than mine (and other clients). It is a big disappointment. I was already going to separate out my business from the personal relationship, but in view of these new revelations, I'm afraid our personal relationship may not survive. I take some responsibility in being too passive an investor, but it ultimately comes down to his being responsible for his own undoing. I've not had any conversation with him since right after his termination. The next one will be hard.