Oklahoma City retiree urged to focus on broker’s cautious advice
Dear Mr. Berko: I’ve just retired and will convert my 401(k) into an independent retirement account. As you can imagine, quite a few advisers have solicited me. I have narrowed my search down to two people. Broker A is a young man of 38. He has many impressive credentials on his business card and stationery, such as CPA, C.S.C., C.S.S., C.S.A., C.S.F.P., M.B.A., Ph.D, and B.S. His stock market plan for my $426,000 makes a lot of sense. I’m impressed with his approach to the stock market and his long-term goals, which will give me a 6.6 percent current income that will grow between 4 percent and 6 percent each year with very little risk. He’s been in business since 1998 and except for last year, when his accounts were only up 2.4 percent, all his accounts averaged better than 11 percent. Because he’s a certified public accountant, he will do my tax return as long as I remain his client. And there will be no charge except the 1.75 percent management fee on the money invested with him.
Market Watch
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