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What cryptos are my fellow fish buying?
Should I take loss or sell some stocks?
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What I feel confident in saying is that they should be a fiduciary, and for most people, you’re better off with fee-only vs. commission or assets under management, to better align incentives.
I have a (what I think is) medium-complexity life, NW ~$2 million, and was seeing pricing in the $3k-$6k for a fee-only advisor to do a review and analysis with recommendations. I haven’t pulled the trigger because it feels like a lot.
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I’d also add that it can come down to what you want to outsource vs. do on your own (and potential time commitment to learn, execute, track, update plans, etc.) for your overall needs.
Building on what has also been shared, should you look for an advisor (disclosure: I am one), it helps to find someone with whom you have a good rapport and fit, helps by being a sounding board and providing advice, listens well to learn about your goals and can be straight with you about what needs to be done to potentially achieve them (and, when needed, can calmly state that you can’t afford two vacation homes at this time), etc.
Also, a Registered Investment Advisor has a legal obligation (hopefully stemming from a moral obligation) to put your interests first and our compensation is earned solely through clients (no commissions, third-party payments). Related to comp, compared to the % of assets under management (AUM) crowd, it can be tough to find people out there who offer a flat fee for services, but we do exist; I personally think I can be a misalignment of incentives to charge on a percentage of AUM (a thread for another time, perhaps).
Happy to chat further as a sounding board about this if you’re still considering it.