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138k as an ACD in San Francisco - too low?
Is April month salary slip generated in FIS Global ??? Mine is not showing, when it will generate?
I doubt they didn't give me quarterly variable , I joined in mid February and even salary came less than previous month.
Did they deduct tax in April month salary of it is then fine because they didn't tax in March month .
Kindly comments if anyone have idea .
Thanks
Is it worth to resign in this recession time ?
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Mentor
I work with HNW & UHNW clients everyday… my fee schedule is based on AUM, and I do a lot of pre-work complimentary… things like performing a discovery, doing the analysis and creating the plan… but I don’t give them the plan or access to it unless they commit to me investing a piece of their wealth with me…
That’s why I don’t agree with the “one time” fee model… I don’t view that as a fiduciary standard… if I charge you a fee to do a plan, doesn’t it make sense for me to omit certain strategies so that you have to come back so I can charge you another fee?
An AUM model makes the most sense to me, because I am invested in the success of your plan… my fee ranges between 1.45% - 0.40% depending on AUM… so 1.45% for $100K and 0.40% for $50M+… but you get access to me anytime, anywhere… if you have a question about an account that I don’t manage, that’s fine, your paying me for continuous advice…
Thanks for clarifying, that makes sense to me. I misunderstood.
Why can't you DIY?
Mentor
I tecommend getting a trial to projection lab and playing around with it. If you like it then $100 for the first year is peanuts.
If you are somewhat savvy then you easily could do better in 10-20 hours than something you’d pay only a few thousand for.
You don’t need to be perfect, if you’re thinking about managing RMDs, Roth conversions and have a plan for that, then you’re doing good.
You’d likely need to pay at least 1% of assets each year for a high quality plan.
There are plenty of fee-only CFPs that charge for time - which could be limited if you have a lot of experience. I value having the outside perspective and depth of knowledge I don't have. Paying for expertise is often well worth it - from plumbing to law to financial planning.
Can I ask why you're considering hiring a professional overdoing it yourself? It seems like you have all the skills, I would just continue doing what you're doing.
Two things, figure out what you want and check references. I wanted to work with a firm but as per them I’m not a good match. They’re more of a white glove firm and I’m a DIYer.
You might not be searching correctly, you might need someone to independently review your work and that’s it. In my case, I wanted to see myself if some mental load and I can do that by setting out a plan and letting someone else manage it.
The form I wanted to work with did send me a list of people who can help with a self directed plan. I’ll check in again in a year or two with y rehire glove firm. I suspect the reason is that my account isn’t big enough for them.
Get your favorite GPT working for you!
Consider a fee-based model where you seek guidance when you need it, possibly periodic check-ins if you feel needed. I'm personally not a fan of the AUM model. It's true under AUM that CFPs make more when you make more money, but they also still make money when you're losing money.
Yeah I just thought there might be some subtle rule or tax policy i might be missing. I discovered things like rule of 55 or section 72 withdrawals which help for early retirement by accident and wondering if there are more things like this I should be aware of.
We are largely DIY- we have supplemented our DIY with advice/input from Plan Vision - Mark Zoril is the owner/lead. They will run a plan in emoney for you. We have compared that to the results in other tools and while there are always variances it has worked well for us. There is also a pretty tax savvy guy in the Plan Vision team- Jason Lynch. Their costs are very low- first year is
I think part of my message was cut off .
First year is less than $500 and then $8/month. We think of it as having a financial planner on demand when needed. We may only email over a couple questions or meet once or twice a year, but having a professional that will double check our thinking or answer a question when needed has been well worth it for us.
Mentor
Absolutely… it’s largely to disincentive households from holding back assets, while also making it worth my time to service their needs… I work with multi millionaires… I don’t need $300K accounts… But there are advisors that will jump for it… and will discount their fee to onboard…
There are fee-only companies like Facet, but the fee is still going to be between $5k and $10k.