I received a large severance from my employer that recently eliminated my job after 38 years. I plan to find an Advisor, but because I have never had one before I am wondering what I should pay for their services.
You are not the only one looking around for a new investment advisor. With the volatile stock market environment, many people have sent me comments and questions about how to move their portfolios to a new advisor. I would caution those investors on making any quick changes and selling stock at this time. Remember, the key is to maintain a well-diversified portfolio which includes bonds, cash, and high-quality stocks. When you are looking for an investment “partner,” try to pick an advisor who really has your best interests at heart; someone you will definitely need when weathering future market uncertainties. Please make sure to do your homework and find out what the firm and the new advisor’s value proposition is. It goes without saying that you should interview more than one and make sure you find a good fit with not only the advisor but also the brokerage firm. [...]