US employment unexpectedly surged in September by the most since the start of the year, illustrating a durable labor market and bolstering the case for another Federal Reserve interest-rate hike.
Nonfarm payrolls increased 336,000 last month, twice as much as the 170K expected, combined with sizable upward revisions to the prior two months, a Bureau of Labor Statistics report showed Friday.
The unemployment rate remained unchanged at 3.8%.
Expect another rate hike in november. Powell will also point to the JOLTS report of last Tuesday which also came in stronger then expected giving the Fed hawks ammunition to hike.
In a nutshell, I've been with my wealth manager for the past three years. During this time, I've invested precisely £1,017,318 into my portfolio. However, my returns have been lackluster, around 2%, while I've paid £33,575 in management fees.
As of now, my portfolio is valued at £1,090,799. This essentially means that my investments have barely yielded any substantial gains over the past three years, which has left me questioning the value of the wealth management service.
From my perspective, it seems like all they do is spread my money across various funds in the name of "diversification" – primarily to accumulate management fees. They inundate me with detailed reports on the numerous equities and bonds they've invested my money in. On top of that, they constantly urge me to increase my monthly allocation to meet my long-term financial goals.
The crux of the matter is whether this is worth it. Should I consider cashing out and investing in a few Vanguard ETFs while keeping some cash on hand? The thought of shelling out £30,000 a year in fees for what seems like minimal value-added makes me uneasy.
I've come across alternatives like Wealthfront, which claim to offer similar services but with much lower fees, around 2% instead of the hefty 10% I'm currently paying. I'm torn between sticking with my current wealth managers or exploring other options. Has anyone had experience with better alternatives in this regard?