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I just started a relationship and did so at the one percent rate for access to financial products that I could not get on my own. I plan to also use him as a gut check on tracking to retirement readiness, thinking about creative ways to mitigate taxes, discipline about portfolio management, and get perspectives on what other clients are doing and trends he’s seeing in market. If I expand relationship it also grants me Tax, legal, foundation/donation advice which I know I can source separately so not yet there in needing this. Once everything is sorted, I do see a time when the relationship will plateau and potentially exit.
Don’t do it. I am not the best investor but my returns are better than my ex financial advisor
That’s generally the reality
I did for a couple of years and it’s just not worth it unless you have 100m+ in assets.
What was valuable with the advisor was the initial review and development of strategy and doing all the set up, but you can just pay hourly for that.
I think it is worth it if the % is low (less than 0.5%) and if the advisor is helping you pick specific stocks and bonds - and achieving results better than market average. Very difficult to find
There are fixed fee financial advisors who charge either by the hour ($250-$500) or per engagement ($5 k - $25k based on complexity and scope). The scope of the engagement can also be customized to include/exclude management of funds.
The AUM model is gradually declining unless you have large fund sizes and want to structure complex tax strategies, personalized index investing and alternative investment vehicles.
The WSJ just wrote a piece on this topic. Might want to look it up OP
It’s funny how the financial advisors don’t really make a big deal out of what these “small percentages” to help with your portfolio charges will be. We really pressed and found out that they were charging around $10,000 a year to just help us manage our 401(k). And of course there were other fees to help us with the larger portfolio but in five years to give someone $50,000 to help me determine whether I should put my money in the 401(k) is ridiculous. We’ve definitely tightened our belt as to what fees were willing to pay for.
I think minimizing downside risk is more of my goal than simply trying to maximize returns. I am looking for frequent reviews and rebalancing, as well as assistance with tax minimization through Roth conversions and tax loss harvesting. SS planning, medicare assistance, insurance, etc.
I’ve gone to BoldIn to get my retirement planning. Otherwise, low-fee index funds.
I use captrust I pay flat 1200 year they guide my 401k past 5 years done great !