Phil Fragasso, former President of I-Pension LLC and co-author of Your Nest Egg Game Plan, has launched a unique service to help individuals assess the strategy, cost and performance of their investment portfolios.
The service is designed for both DIY investors and those working with an advisor.
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Fragasso, the founder of AuditYourFinancialAdvisor.com, describes himself as "a reformed safecracker who now works with law enforcement."
"Most people are confused when it comes to investing," explains Fragasso. "Ask the average person what they’re invested in and the response will be ‘Fidelity’ or ‘Putnam.’ Ask how their investments are performing and they’ll say ‘pretty good.’ Ask what they’re paying in fees and they’ll have no idea. And ask about their financial advisor and they’ll say ‘He’s a nice guy’." As proof of this disconnect, Fragasso points to research from Dalbar Inc. showing that the average equity investor earned 5.02% annually over the last twenty years vs. 9.22% for the S&P 500.
The Audit Your Financial Advisor service provides a written assessment of an individual’s current investment portfolio with actionable recommendations. The service includes a one-on-one telephone call or Skype session. The cost is 10 basis points (0.10%) of the portfolio value – a fraction of the cost of the average mutual fund (1.37%) or typical financial advisory fee (1.0%-2.25%).
"Very few individual investors and only a minority of financial advisors truly understand basic concepts like asset allocation and the balance between risk and reward," says Fragasso. "They get frightened by the talking heads on CNBC and they’re bewildered when talking with their own advisor. The sad truth is that it’s in the brokerage firms’ best interests to make investing seem complicated and overwhelming."
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By GlobalDataWith an Audit Your FA report, investors are armed with specific facts and figures and equipped to ask questions they either didn’t know or were afraid to ask. Because Fragasso is not affiliated with any other firm and is not trying to sell products or additional services, he has no conflicts of interest. "My only goal," says Fragasso, "is to help ensure that people’s money is working just as hard as they worked to earn it."
