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Read an interesting article recently stating that some of the bigger financial firms are now incorporating "Elder Client Initiatives" to oversee client directed activity......... guess it covers the more affluent types but does raise the question of - Do you have anyone that checks on or is even aware of your finances?

Me, tried to get wife involved, daughter too, neither wants to really know how the finances of this place really work. Grandson and Gdaughter-in-law are interested but I'm not sure the trust is there. The financial firms I deal with are, well, ahhh, seem to be in the camp of the wife and daughter.... but are willing to take over for a fee, of course.

So do you have or even want an "Overseer"????
 

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I can't imagine a worse scenario. It's just like all the 'investor/brokers' that were selling people mutual funds on a commission, while claiming they were 'investment advisers'. One thing I have learned is that I dont trust anyone with my money. Everyone is self motivated, that means they are going to do whatever is in THEIR best interest.

You have to look out for yourself in life, sad but true and nowhere is that more apparent than when it comes to your finances.
 

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Yeah, I manage my own. I'm taking a new job starting in a few weeks and after the initial transition phase, I'm going to sit down with my wife and bring her up to speed with everything. But, I definitely won't let the bank do it. I have free investment advice and financial advisors with my bank and there isn't any commission on any of the funds I use, so I'll talk with them every now and then about advice - I call and tell them what I'm looking for and have them suggest a few funds/stocks and then I'll do more research on it after they make suggestions.
 

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Been down that road and don't plan to go there again soon. Investment advisors, wealth managers, etc. are in the business of making money.....for themselves. If you think about it, it is a perfect business. They are using your money....you take all the risks and they make money off of it. Brilliant! I now have a self directed account and I'm doing much better.

Alas, there is not anyone to keep apprised of my financial dealings. I haven't figured out how to do it yet, but my hope is to spend my last dollar about 5 minutes before I die. There has to be a formula to accomplish that somewhere!
 

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No overseer for me either. Both my sons are adept at spending $11 for every $10 earned. I trust my brothers and sisters, but I haven't put any of them on my accounts. That's something I should probably look into doing. Thinking about dying or becoming incompetent to handle your own affairs is a real downer though. I'd rather plan the next trip instead.
 

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DS knows. Our retirement is PERS so they manage that, set up so DW will have an income as long as she lives. We have another account that was set up through work, no fees. We will receive that monthly after one PERS account dries up in 2 years and before S.S kicks in, if it is still solvent. Our cash reserves were used to build rentals that the kids have inherited. We get income from 1 full time rental and some part time rental at the lake cabin and beach cottage as long as we are alive. Sweetie knows what goes on. Everything was gifted to the kids, they take over when we are gone....James
 

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Yes, we do. We've had a guy in southern Indiana for years who's really good, and recently got another that's about fifty miles east that's also good. DH manages very well but is not in good health, and I know I'll need help with it should DH pass.

My second daughter is executor and has a superficial understanding of where we are. Getting her in too deep at this point makes no sense, as these things are relatively fluid. Second executor is a family friend that's her age and her friend, who is also a CPA. I'm sure they'll work together very well.

DH has a very good head for finance and investments. He does a lot on his own, understands the processes very well, and has a high regard for both these men. There are actually good eggs in the investment field who take their responsibilities seriously, and they're worth seeking out. My father is downright brilliant in finance, and has also hooked me up with a guy in Georgia for one investment. That's yielding a nice income right now.

People have to live within their comfort levels. If turning the management of your assets over to someone whose skill and character you cannot determine makes you squelchy, well, I get that. It's better then to stuff it in a mattress and be able to sleep nights.
 
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I agree with the other's here, "Financial Advisers" are in it first to make money for themselves. Yes there are some good ones but there are bad ones also.

I've handled the finances really well since we've been married.

My only concern is when the end is near as we were never able to have kids and I don't really trust any of the nieces or nephews.
 

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Even though I deal with stock and investment brokers , as my father always said "Instead of brokers shouldn't they be called investment "richers"?" :)
 

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yes, I use financial planners because they have expertise I do not have. There is no way I can do all the things I enjoy doing and maintain the skill and knowledge levels they do with constantly changing tax codes. I'm an accountant by trade but I still hire a CPA to do my taxes. I know my limitations. Sure, they charge their fees, but so does my mechanic, electrician, and grocer.

I can do part of what these experts do, but not all they can do while staying in compliance with all the applicable laws and regs. Just like I can wire a lamp, but that doesn't mean I can wire a house to code. Could I learn the electric code? Sure, but it would take me away from something else I want or need to do more. The same applies to managing my finances.

I think what some folks have a problem with is people who are not real financial planners. A stock broker makes more money when he trades stock, so his incentive is to trade, not manage your money well. A stock broker, or mutual fund rep, or banker, or CPA is not a financial planner...or are rarely financial planners in addition to their primary duties.

The planners I use get paid a modest salary regardless of where my funds get invested or how often they are moved. They get paid a significant annual bonus based on one criteria, customer retention. If they don't keep customers happy and satisfied, they suffer personally. That aligns our interests.
 

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I haven't figured out how to do it yet, but my hope is to spend my last dollar about 5 minutes before I die. There has to be a formula to accomplish that somewhere!
I wrote a Excel program that pretty much does that. I call it "How to Live Well and Die Broke". I have the money in fixed income accounts and withdraw $x0,000 annually with increases of 2.5% per year to deal with inflation. Being an optimist, I have it set up to last until I'm 95.
 
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