CryptoCurrency
‘I don’t trust my financial guy.’ I’m 67 and trying to live on $2.2K-a-month Social Security. I have $500K with an adviser, who charges 2%, but last year the return was 26%. What’s my move?
Question: “I’m 67 years old living – or trying to – live on $2,200 Social Security a month. I don’t trust my financial guy. I rolled over a roughly $500,000 IRA to him without really digesting how much his 2% AUM fee would add up to. He invested in about six different funds, Class A, which cost me a lot up front. He charges 2% to add additional money. My return was 26%, but I know year to year that will vary.
He keeps bugging me for additional funds for an individual account (which I currently have in a 5% CD coming due in March). I need to get out of this situation but am woefully not very knowledgeable about investing. Even though I likely wouldn’t make a 26% return, can I roll those funds into an online Vanguard or Fidelity account? Should I let a robo investor do its thing? What if they don’t accept my funds? Do I need to hire a new financial adviser to help me and if so, what kind?”
Have an issue with your financial adviser or looking for a new one? Email picks@marketwatch.com.
Answer: At the highest level, if you don’t trust your adviser, get out – and that may be especially true in this case, as his fee is very high. “Right off the bat, a 2% AUM fee is quite high, regardless of whether the adviser is just managing your portfolio or providing comprehensive financial planning services. To put you in loaded mutual funds, from which he or she benefits directly on top of that, is outrageous in my opinion,” says certified financial planner Bruce Primeau at Avantax. Typically an AUM fee is roughly 1%, and can sometimes be negotiated down from there.
What’s more, the load you paid for the funds is a sunk cost, says Primeau. “In other words, you won’t get that back should you decide to leave your adviser and sell those funds. My recommendation is to find an adviser that is a fiduciary for you – and not the company they work for – who will look to minimize your fees and invest your portfolio more tax effectively,” says Primeau. Basically, if you’re working with someone who tacks on a sales charge or commission, they’re not a fiduciary because there’s an obvious conflict of interest that could interfere with what’s actually best for you.
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UK based foreign exchange brand Travelex has announced that the company has undertaken a major expansion in the UAE, with the launch of 13 new stores across Abu Dhabi and Dubai airports.
At Zayed International Airport, Travelex is doubling its store footprint from seven to 14 stores, including six new on-the-move kiosk (OTM) locations at arrivals baggage, airside departures and pre-immigration, and one new traditional landside store. The new landside store will offer both a cash management service that will enable the airport’s businesses to process cash, as well as traditional consumer cash services, including access to 62 currencies.
Travelex initially entered Zayed International Airport in late 2023 with seven stores and eight ATMs. The new stores reflect the growing passenger demand and customer requirements of the UAE’s newest airport. As a dominant force in the capital’s aviation sector, Zayed International Airport rapidly affirmed itself as a key hub for air travel, solidifying its position as a vital player in the global travel landscape.
At Dubai International (DXB), Travelex is in the process of launching six new stores across all three terminals, including new traditional stores and stores upgraded from OTMS. Two ATMS dispensing AED were also installed at Terminal 3 Arrivals earlier this year. DXB has also seen a considerable post-pandemic growth in pax numbers, reinforcing its status as a leading hub for international travel.
The 13 new stores across Abu Dhabi and Dubai means Travelex will be operating 60 locations across the country. The latest IATA figures show that Middle Eastern airlines saw a 9.6% year-on-year increase in demand for June 2024, while capacity increased 9.4% year-on-year.
Batu Dölay, Managing Director, Travelex Middle East and Türkiye said:
“We’re delighted to be expanding our presence at two of the most exciting and dynamic airports in the world. This investment reflects the growing global reach and passenger numbers of our UAE airport partners, and our commitment to providing even greater access to international travel money than ever before.”
About Travelex
Founded in 1976 Travelex has grown to become one of the market leading specialist providers of foreign exchange products, solutions, and services, operating across the entire value chain of the foreign exchange industry in more than 20 countries. We have developed a growing network of ATMs and stores in some of the world’s top international airports, major transport hubs, premium shopping malls and city centres.
Travelex has built a growing online and mobile foreign exchange platform, and we also process and deliver foreign currency orders for major banks, travel agencies, supermarkets and hotels worldwide. In addition, we source and distribute sizeable quantities of foreign currency banknotes for customers on a wholesale basis – including central banks and international financial institutions. We also offer a range of remittance and international money transfer products around the world.
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