More on Loyalty and the 529 plan...

The post on how I feel about my financial advisor generated a email from a very close friend (blog reader, Seth) of ours who is also a financial planner...basically asking, jokingly-sort of, 'where's the love?"

I wrote..."Love doesn't get you ROI."

But then I said...

My current advisor’s transition means that I am going to have move my stuff anyway. While I am not making any promises, I am open to the idea that you might be a fit.

As you’ll see on the blog, I’ve gotten some more 529 advice. Attached
is my most recent statement….and I’m not happy.

The performance hasn’t been very solid at all and I’m wondering if I’m missing out by paying these higher fees (my Ameriprise guy says it’s part of the compensation he gets since I don’t pay him anything.) 5% for every contribution seems pretty
stiff.

For example, what am I giving away by not doing the MD one? I know the tax deduction but the argument is that the Fidelity plan gives higher returns…

Being a friend means that you have a foot in the door, but after that, it’s all business. Fair enough?

So, if you want…take a look at the 529 info, ask any questions you want to “discover” what else you want and offer some advice.

I am VERY impressed by his response...take a look at the comments section for it in its entirety.

Let me know if you want his contact info.

What's interesting here is that the fact that my current advisor is making a change is creating an opening for a competitor. While loyalty certainly does play a role, it does give me a chance to get a 2nd opinion...and if there's anything I learned from my thyroid cancer, it's that 2nd opinions can't hurt.