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plowt-kirn t1_j6nvddr wrote

> Recently started my career as a RN (22F), had some expendable income and my friend recommended a financial advisor at Northwestern Mutual.

Your friend did you dirty.

NWM is a notorious high-fee investment provider. You are being charged high fees for something you could very easily do yourself.

> I only have put $1,500 and they invested in FAGAX. Annual operating expense of 0.89%. I am extremely financially illiterate and I’m not sure if they are trying to scam me because I see other more diverse pro folio.

I wouldn't call it a scam, but as I said you could easily do it yourself.

Open a Roth IRA at a low cost brokerage. This sub recommends Vanguard, Fidelity, and Schwab. Then initiate a "Transfer of Assets" from the receiving firm's web site. This will pull the money over from NWM.

As to how to invest, consider a target date fund or a total market fund. See: https://www.reddit.com/r/personalfinance/wiki/iras#wiki_eli5.3A_how_should_i_invest_within_my_ira.3F

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the_beluga_whale OP t1_j6o7b6r wrote

Thank you for your input. I will definitely look more into it and possibly, most likely, close my accounts with NWM.

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