I’m afraid my financial adviser will steal my money. I’ve read too many cautionary tales. How can I be sure?

2 hours ago 1

Quentin Fottrell

Tue, December 30, 2025 astatine 4:43 AM CST 9 min read

“My hesitation astir having my wealth professionally managed is the 1% yearly fee, which seems alternatively high.” (Photo taxable is simply a model.)

I americium 66 years aged and person been retired for astir a twelvemonth and a half. My status savings are inactive chiefly successful my erstwhile employer’s 401(k), with a smaller magnitude successful IRAs astatine Vanguard. I cognize that I request fiscal advice, but I americium unsure whether I should question one-time guidance and self-manage my status funds, oregon wage an advisor an ongoing absorption fee.

My hesitation astir having my wealth professionally managed is the 1% yearly fee, which seems alternatively high—especially considering that it whitethorn not effect successful higher returns and is charged whether the funds summation oregon suffer value. However, my biggest interest with having an advisor negociate my wealth is the hazard of fraud. I person work galore stories of fiscal advisers stealing their clients’ wealth and leaving them with nothing.

In particular, a fiscal fraud lawsuit successful my country has truly stood retired to me. An accountant and fiscal advisor died suddenly, and clients aboriginal discovered that their wealth was missing. These clients swore they believed this advisor to beryllium a decent and honorable man, and helium lived precise modestly.

There is presently a suit successful progress, but the wealth is inactive missing. I recognize that if I chose a steadfast similar Vanguard oregon Fidelity, this benignant of fraud would apt not beryllium an issue, but I bash not deliberation I privation a communal money institution managing my money. How tin this benignant of fiscal fraud beryllium prevented erstwhile moving with wealth managers?

I besides beryllium to a recognition national that offers escaped fiscal advice. I was told that the advisers are paid a wage by the recognition union. Is this true? I americium doubtful that determination is nary different interest involved. What are your thoughts connected having status wealth managed by a recognition union?

In summation to concern management, I request fiscal proposal related to taxation planning, arsenic I person capable invested for this to beryllium a important concern. Most of my status savings are pretax, and I realized excessively precocious that this was a large mistake. I request guidance connected strategies to minimize taxes and IRMAA charges, and connected whether Roth conversions marque consciousness for me.