This may seem like more of a rant than a question, haha.
I recently put my savings in the hands of a financial advisor who was recommended by my father. I am beginning to regret that decision. Since April of this year, my portfolio has shrunk almost 20%; That's including what I've made back from dividends and before any fees.
So, I ask; How can he suck this bad? I think I could do much better myself, but do not have the time.
Should I give him more time before I judge his strategy?(if he has one?) This is supposed to be a LOW RISK portfolio! 3 out of 4 "closed end funds" he has had me in have dropped 10%+
I also checked into his background. He has a couple of complaints from people claiming he lost a majority of their money. Is this normal for most advisors? Just people getting in at the wrong time?
Also, I made it clear that I wanted a short term strategy (about 4 years) and told him he should plan on me withdrawing some of my portfolio every year (to help with college).
And there is no diversification. All closed-end funds. Which are all performing poorly (except for one that was up about 17% at one point; it has fallen to +3% in the last 2 months or so)
I recently put my savings in the hands of a financial advisor who was recommended by my father. I am beginning to regret that decision. Since April of this year, my portfolio has shrunk almost 20%; That's including what I've made back from dividends and before any fees.
So, I ask; How can he suck this bad? I think I could do much better myself, but do not have the time.
Should I give him more time before I judge his strategy?(if he has one?) This is supposed to be a LOW RISK portfolio! 3 out of 4 "closed end funds" he has had me in have dropped 10%+
I also checked into his background. He has a couple of complaints from people claiming he lost a majority of their money. Is this normal for most advisors? Just people getting in at the wrong time?
Also, I made it clear that I wanted a short term strategy (about 4 years) and told him he should plan on me withdrawing some of my portfolio every year (to help with college).
And there is no diversification. All closed-end funds. Which are all performing poorly (except for one that was up about 17% at one point; it has fallen to +3% in the last 2 months or so)