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Thoughts on having a wealth manager? I hired one two years ago and have seen 20% returns to date. The S&P 500 has seen 25% gains over the same period of time. Wondering if I I’ve got something good or if I should go at it alone...

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Anyone who can consistently beat the S&P500 isn’t going to work as a wealth manager lol

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Wealth managers tend to act more like money therapists, convincing clients to not react to media stuff than anything else. If you don’t need that and think you have an idea of how you’d want to invest, you could DIY and automate through something like M1 Finance.

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A wealth manager’s role is more than gains. They also offer stability. I’d recommend you still closely watch the portfolio and ensure it’s risk appropriate to your tolerance. If the market makes a big dip, you may be pleasantly surprised at the outcome.

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Read what warren buffet has to say about “the helpers"

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Be a helper and tldr?

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Investment wise they’re probably not doing anything you couldn’t do yourself. Idk your income level or net worth, but people who have a lot of “wealth” aren’t always concerned about 5% variances to the market. They’re often just looking to preserve that wealth and plan for tax efficiencies.

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If you are judging the wealth manager on growth compared to market alone you probably don’t need one: invest in a passive tracker and remove FOMO from the ups and be happy knowing everyone is down in the downs. I think they start adding value when they really help you think through your wealth a bit more: what are you goals? When do you want to retire? Will/do you have kids? How much emergency money do you need? Etc etc they should be helping you set your investments with these things in mind and the result for you should be more than just “was i within X% of market growth?”

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It's funny because I just watched the wolf of wall street scene about them treating investors as suckers lol.

My husband thinks we need a wealth manager. I do not. Price tag is $7500 for Y1 and slightly discounted for following years. He is about to become a QREA which will change things up for us but i just still don’t like the fee. Thoughts?

He makes 90% of our investment decisions. He’s a finance major but in commercial real estate so he knows enough to be dangerous but is concerned he’s missing something. The reason it’s a flat fee is that at this point the wealth manager (Lenox) would act more cfo like (budget, make sure we are utilizing cash correctly, estate planning and insurance guidance). He does well financially and has a lot of growth potential so his thoughts are let’s go down this path now and we can see how we want to proceed with investments and what not. I guess if it helps him sleep at night, I’m supportive of it.

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