OK, I am very unknowledgable on this topic. Our 401K has lost almost 50% of the balance in the last year. Is it just that stocks are down and the economy stinks or do I need to look for a money manager (no idea what they are called) to manage it and replace the shares elsewhere. If so, who do I call and what do they charge, thanks a ton.
You want a financial advisor. DA Davidson is who I have been using since I lived in Montana. I'm not sure if they are here. I think there is one called Brennen Financial in Dallas. I don't know what they charge. If you can find a DA Davidson they have been used by my family for the last 30 years and they have never disappointed thus far.
Everyone's 401k has gone down significantly. So you're not alone, not that it will make you feel any better to know that.
Chris Smith is with Ameriprise and we have used him for the past 3 years. You pay him a fee upfront annually for advice. I think it's $500 a year. Even our accounts with him have gone down.
But the plan we have in place I think will bring the results we want at retirement.
Sometimes there are special offer discounts at Ameriprise on the annual fee. I think Costco did a deal one year for $300. It might make you feel better to have an entire plan on your financial goals.
Calling him doesn't cost you anything.
His number (817) 428-9898