I have a company 401k and we are offered the services of Financial Engines "Personal Asset Manager". This service's fee is 0.6% of your account balance per year and advertises to provide the following:
"When you enroll in the Personal Asset Manager program, you get peace of mind knowing that professionals are managing your investments for you. You also get toll-free access to Investment Advisor Representatives who can help with any questions you may have."
Is this worth the fee?
It depends. If you know nothing about investing you are probably better off, but if you know about risk and how to balance your own portfolio, you should retain control of your money (includuing the .6% fee they are trying to take).
They offer no guarentees.
#1 by Maggie Jeans on May 31st, 2009
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It depends. If you know nothing about investing you are probably better off, but if you know about risk and how to balance your own portfolio, you should retain control of your money (includuing the .6% fee they are trying to take).
They offer no guarentees.
References :
#2 by Sharon T on May 31st, 2009
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I'd be leery of the worth. It is most likely computer-driven rather than involving much personal attention.
Remember that no one cares as much about your investments as you do. Rebalance once a year or use Target funds if the are available in your plan.
References :
#3 by Shaun R on May 31st, 2009
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I would not consider any "personal asset manager" a professional unless they can continuously make at least 2 did-get returns for you year after year.
I don't think anyone really needs one. There is nothing they know that you cannot learn.
References :
http://www.stocks-simplified.com