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CGCPA
CGCPA , CPA
Category: Finance
Satisfied Customers: 3819
Experience:  40+ years experience in taxes and financial planning
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My wife and I are currently retired ages 65 and 66. We have

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My wife and I are currently retired ages 65 and 66. We have a financial advisor managing my IRA account. This account of approximately $230,000 made up of three parts. 1. Cash in a Pershing Government Account of about $107,000. 2. Utility bonds with various maturity dates of about $97,000, and 3. A Real estate investment trust fund of about $26,000. Once a month, a distribution of $2000 is automatically deposited in our checking account. We have requested a very low risk account and with that said do not expect a high return, however, the cash account for the last year has earned almost zero. We do not anticipate any major changes in the setup for the next few years. We are currently paying about $160 per month as an advisory fee for this service. I’m thinking about changing to a different service, because this seems expensive to me for what is being done. May I have your opinion on the advisory fee and if you would recommend changing to a different service.
Submitted: 4 years ago.
Category: Finance
Expert:  CGCPA replied 4 years ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

Considering the stock markets and the overall economy, just having most of your money intact is a good thing. The advisor is doing a good job from my point of view. The cash account will not earn much since currently interest rates are low. Also, the investment advisor's fee is less than 1% which is really quite reasonable for the services being provided. I suggest that, if you feel the need, you discuss the fee with him/her. Fees are always negotiable regardless of what some may think. I just would not expect it to drop by very much. You are unlikely to find this service elsewhere for less.

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