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Should I fire my financial adviser?

08.03.10

Question: Last year I put my money with an adviser for an annual fee of 1% of assets and told him my only criteria for evaluating him will be whether he beats the market. I have refrained from telling him where to invest, when to invest, etc. as I view that as his job. He "got into the rally late" last year and underperformed the broad indexes by 10% to 12%, although we did have a decent fourth quarter. This year he's off to a horrid start, however, and we are already 3% worse than the broad indices. I try not to be a knee-jerk investor and know that every adviser has his ups and downs, but I'm wondering....Is it time to pull the plug? --Mike, Elkins Park, Pennsylvania

Southwest is beating the air travel slump. The biggest U.S. discount airline surprised investors in January by posting earnings of $74 million (before one-time charges) after lower jet fuel prices made up for cheaper ticket prices. The economy is in shambles, and the stock market is in the tank. If you're entering the waning years of your career - or if you've already retired - that's more than enough to suck the joy out of retirement. If you let it. Question: I'm single, 38 years old and have about $900,000 saved up. I'm tired of the stress of the corporate world and am wondering: If I live a very simple life, can I afford to retire and not have to worry about going through all my money? --Don H., Marietta, Georgia



Question: I'm 47 years old and would like to begin participating in my company's 401(k) plan. But I don't know if this is the right time to do so. Do you think I should start now or wait until the economy gets better? --Frank, Brighton, Mass. Summertime, and the living is supposed to be easy. The fish are jumping -- or maybe it's the kids at the pool -- and yard work is the last thing on your mind. But the lawn has brown spots, monochrome greenery has replaced those May flowers, and weeds have overrun the mulch beds. If 84-year-old Bob Sievers of Pacific Palisades, Calif., had his way, Congress would scrap the estate tax altogether when it considers an Obama administration proposal on the future of the controversial tax. As co-owner of a lumber business for 40 years, Sievers built his wealth from scratch and paid taxes on his earnings every step of the way.

Question: What does the new stimulus package do for people receiving Social Security benefits? --Bonnie, St. Petersburg, Florida

Question: My 21-year-old daughter makes $80,000 a year working at a large firm. She has very low expenses, so I'd like to see her sock away a huge amount of money. I told her that if you get used to spending a lot each month on "fun" stuff, it will be much harder to save down the road. I'd also like to see her bypass the high-end investment firms in favor of less expensive alternatives. What do you suggest? --Tom F., Chatham, Illinois Getting old brings a host of changes. Achy knees. Way more time to play bridge. And, occasionally, the tendency to make unwise money decisions.

More people say they just don't have the money to retire these days. As yet another bank faces collapse, consumers are worried about their cash. Nearly half of U.S. workers who left their job last year cashed out their 401(k) accounts, according to a study released Wednesday, despite ongoing efforts to dissuade Americans from doing so.



In an era of specialization, world allocation funds take on a challenge that verges on hubris: All it requires is deep expertise in stocks, bonds, and other securities in virtually every market on the face of the earth. When the kids need to support mom and dad, how should they divvy up the expenses? Money's ethicists weigh in. If you think you're immune to market panic, consider this experiment.

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