Managing Your Money: Who You Gonna Call?
If you don't feel comfortable managing your own money, then you should talk to a professional and get a helping hand. But that helping hand can be expensive.
If you want a full service securities broker to handle your account, expect to pay 1.5% to 3% of the assets under management.
Some full service brokers will also hit you for trading commissions along with the fee, or just charge commissions on any and all transactions. This can become very expensive and may lead to under-performance of your portfolio.
Remember, the more you're charged, the higher your investment needs to grow to overcome expenses.
A registered investment advisor could be a cheaper alternative if your portfolio is worth $500,000 or more.
Typically, an advisor will charge only 1% on the first million and less on the next amount. But be sure you ask if the fee includes transaction costs.
We have a special FREE invitation for you today: Smart Money Moves with the Dolans. This email tip-letter is loaded with advice to make your money life simpler and more rewarding—and it’s FREE. Sign up here.
Banking
- 5 Warning Signs Your Bank Could Be In Trouble
- What the Fannie and Freddie Takeover Really Means
- 5 Secrets Your Bank Doesn't Want You to Know
Live Richly
- Secrets of Millionaires (And How You Can Become One, Too!)
- How to Claim Your "Missing" Money
- Food Prices Surge Most in 20 Years
Retirement Center
 |
 |
|
Miss This Week's Your Money Matters?Here's what we're talking about in your weekly e-letter: |
||
 |
 |
|
|
|
Child Savings AccountsWhen opening a savings account for your child, make sure their Social Security number is used as the account's tax identification number. That way, as long as your child is under age 14, interest earned will be taxed at your child's lower tax rate, not at your tax rate. This rule holds true as long as your child earns less than $1,300 a year in interest. |
||
|
|
Advertisement
