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‘I hope I don’t crash and burn.’ I recently hired my first financial planner, but in just seven months, they’ve lost $70K. What’s my move?

·4 min read
‘I hope I don’t crash and burn.’ I recently hired my first financial planner, but in just seven months, they’ve lost $70K. What’s my move?

Question: I recently rolled my retirement pension and 401(k) into one account, managed by a financial planner. How do I know if they’re making sound investments? Answer: First, you’ll want to share your concerns with your new financial planner, and know this: “We’re in a bear market …What’s surprising is that your financial planner has not contacted you to discuss your portfolio allocation, what they’re doing to mitigate risk and how they’re performing relative to appropriate benchmarks such as the S&P 500 for stocks and the Bloomberg Aggregate US bond index,” says certified financial planner Anthony Ogorek of Ogorek Wealth Management.