We've had a financial adviser for over ten years. I know my limitations when it comes to investing and realize that I have no clue about financial matters. The risk of course is getting someone you can trust and someone that is looking out for your best interests and not necessarily the company's.

 

Planning for +1's retirement went on forEVAH. I no longer wish to discuss investments, insurance, social security or any form of finance. IE, I'm sick of money discussions.

 

Well, at least it's done. It is, isn't it???

 

It IS done and I'm finished with it. I've never liked discussions about money, etc. (except with our financial advisors) and have ALWAYS been conservative in spending. I'm just weary of all the dominating news about financial issues, etc. I do NOT like borrowing or living on credit and with those things in mind, just do not want to get into a lather over money issues.

 

 

Would you be surprised,if I told you,that I don't have the slightest idea...

 

He is absolutely correct. One should never engage in business with a relative. Personal relationships and business relationships should remain separate.

My son is a successful investment manager for a few wealthy investors. He does not manage my portfolio. That keeps my personal relationship with him free of possible problems in case things would not go well.

That does not mean we never discuss investment issues. We do discuss market strategy in general terms. He also knows exactly what my assets are since he is my alternate executor in my will after my wife (his stepmother.)

 

I had always made my own investment decisions and one quite well with that approach. I was looking primarily for growth. When I was getting close to retirement time we decided to get some advice. I asked my financial advisor at my brokerage firm (now UBS) to set up a plan that would yield enough income for our needs. As a check I also went to an independent firm, now Ameriprise, and paid for a plan.

The two came out with very similar recommendations in terms of equity and fixed income mix. The difference was that Ameriprise had a wildly optimistic growth scenario! This gave me confidence that I could depend on my advisor at UBS and would follow his plan. This meant that I would reduce my equities and buy fixed income.

I leave all decisions on fixed income securities to my advisor. He has constructed a 10 year ladder. I generally still make the decisions on equities myself, while he does make suggestions at times. I rely on him for some stuff such as unit trusts.

Plans can never account for all eventualities. When I started out I was counting on my medical insurance in addition to Medicare being covered by my former employers pla. That coverage has been steadily reduced. Now that the Supreme Court has given the go ahead on discriminating against those over 65 I fully expect I will lose all medical coverage and will have to replace that with private coverage at additional expense.

 

Along with a financial advisor and a sound retirement plan, don't forget about your ESTATE PLAN. This is often the most overlooked part of your portfolio.

 

Same financial planner with Merrill Lynch for over 25 years. He put together a comprehensive and documented plan prior to retirement and we meet with him 2-3 times a year or we just pick up the phone or e-mail. He has our investments well positioned to provide a lifetime income and they are well diversified.