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Dude, the fees alone over your life time will be millions at that run rate. Don’t do an advisor, please. I dropped mine middle of last year and have never looked back. Remember, these guys take their fee regardless of how your portfolio performs.
Chief
I am nowhere near any of your levels of savings (i’m still trying to get out of debt), but this is really helpful to know. Thank you!!
My savings rate is also pretty high, but I can’t figure out how an advisor would help. Not sure I’m hearing a compelling view here one way or the other, although generally agree I can’t figure out how to justify the cost.
Rising Star
As long as you have a decent investment strategy, especially tax deferred investments, and not just putting money in savings accounts because your cash will keep losing value because of inflation. Also, most of “advisors” are trying to sell you insurance products as saving strategy but be careful.
If you are planning to let someone manage your portfolio then 1% is common fee. My experience is that advisor managed portfolio also has returns similar to portfolio that i manage. I just play safe and invest in ETFs, and big names like Google, MS, Invidia.
So I am not against to having a portfolio advisor, they are more diverse than I am so that is definitely a positive. But they don’t come up with something earth shattering.
If you are able to save 100k a year for the next 30 years, you are at the point where a wealth manager may be useful. The only way to answer this is to start taking meeting and doing to the math to see what they offer
Looks like you may have a planning problem but not a savings problem based on how much you have already saved.
The best way to go about this would be a one-time consultation with a fee-only certified financial planner (CFP) who will go through your finances, budgets, spending goals, savings goals, etc. and come up with a plan for you. You could then do follow-up check-ins every 3-5 years or depending on major life events.
Look up feeonlynetwork.com. Speak to a few and ask them what services they provide and their fees/charges. Not sure who manages finances in your relationship but recommend going with someone your wife feels she can work with. A comprehensive financial plan should cost $5-6k ish.
Things you should definitely discuss are - term life for both, POA, healthcare proxies, will and perhaps an estate/trust planning. Learned the hard way how imp all these are as part of an overall financial plan.
Yes please feel free to DM me
just S&P500 and chill.
nah bro 100% into VOO, VGT and SMH
VT and chill is my strategy.
My brokerages are managed- mostly because I am bad at planning and I have higher anxiety. My rate is .4%. I measure them against the S&P, with the expectation that they beat it by more than their fee. (They know I do this and come to our meeting ready to discuss)
It makes me feel more secure knowing someone is responsible for keeping up to date on what is happening in the market and will adjust my holdings as needed. They will give me financial advice when needed that is included in that fee. Not sure if that is the type of advisor you are looking for, but it works for me.
That’s fair and something they should consider when selecting/ deciding where to go.
We self manage our Schwab account and have been doing a pretty good job. Personally, I think it's a waste but if you don't want to be bothered then maybe that's the right choice for you. It's completely dependent on personal preference.
I used an advisor for one year - got all my financials in order. Maximizing tax free deductions, comprehensive insurance planning, right-sizing the mix of investments and estate planning. And stopped them. It cost me about $7.5k for the year. Now, I’m on autopilot for investments. I don’t believe in alpha returns from active investing - nor do I have the time and appetite to do that. If this is you, you may benefit from having an advisor for 6-18 months.
What’s the breakdown of your net worth? Stock, cash, RE?
Out of that roughly 500 in RE (primary residence and investment property)
Everything else is basically SP500 in retirement accounts, Ira’s and brokerage.
My takeaway from here, and what I’ve been thinking about, is that while I and most here seem to support the general VOO and chill approach, the advisor support needed, particularly as you attain more significant wealth isn’t necessarily an advisor that helps you “pick a winner” to make a higher top line return but one that helps you with strategies and investments to help you keep more of and protect those VOO returns via alternative investments, tax strategies, trusts, etc.
No, just invest in index funds and don't waste your money.
Depends on your experience with financial market, pick your poison... All options do have drawbacks: (1) Direct Bank Investments - They get their fees on selling products, not you getting the best investment / portfolio. [2) advisor/investment companies: They receive money based on your portfolio increase, so fight for a better investment, but will get paid anyway, or [3] DIY: in this case YOU need to own the decisions and keep an eye on the market and effect. Of course, with AI, it got easier to navigate yourself, but still demands a lot of time and cold blood many are not ready for.