Larrabee's job is to attract investments to American Century funds. But Bower argues that most of us shouldn't wait to reach some dollar goal before seeking help. He said the decisions are difficult whether you have a big portfolio or a little stashed away. Big money make situations more complex, he said, but less money doesn't make them easy. Advisers charge either commissions on each investment they sell you, or a fee that can be an hourly rate or a percentage of your total account each year.
Mutual funds charge annual fees even if they charge a sales load.
A cheaper alternative is to skip the advice, build your own plan, and pick your own stocks and mutual funds from a no-load fund company or through inexpensive online brokers. But the trend these days is to seek and pay for advice. Professional advisers guide investors through maze of decisions E-mail this story to a friend. All rights reserved. Any copying, redistribution, or retransmission of any of the contents of this service without the expressed written consent of the Lexington Herald-Leader is prohibited.