Trying to decide on a new financial advisor. Have $12+mm in investments (retirement and other), two properties worth ~$2mm, and a small business worth ~$4mm. Point is I don’t have the time to do it myself, and need tax and other advice. Aside from confirming they are a fiduciary, any other key things I should ask? Is 6 basis points a reasonable fee (will drop to 4 when I reach $15mm in AUM). Looking at an RIA who came recommended. Just don’t know what I don’t know…

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Hi. I’m assuming you mean 60 & 40 basis points? 6 & 4 is extremely low. In that case, just putting it out there I know an RIA who’s incredibly recommended who charges 30 basis points if your net worth is 4mill+. Just thought I’d share since you have the money for it i could save you half the fee

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When I interviewed advisors I described the issue I was trying to address and the advisors came back with proposals. It wasn’t just one meeting. We had 2-3 meetings with each proposed advisor. In my case I was doing this in late 2021, my investments were highly appreciated and I was concerned about the market falling. At the same time I didn’t want to move to bonds (which my friends advisors were suggesting) because I was concerned that rates were going to increase (seriously, did I call this or what). So I got a couple proposals and selected the one that seemed like the best fit. I turned over about $5M in investments but held back one large mutual fund holding, my company stock and my rental property and my primary residence. To address my specific concern we moved a bunch of assets to private real estate debt and equity funds and bought out of the money puts against some of my appreciated stock to hedge without generating a capital gain by selling. They also suggested an opportunity fund investment which allowed me to defer $200k in capital gains from the sale of company stock until the 2026 tax year, reduces that gain by 10% (ie wipes out $20k in capital gains) and all gains from the investment itself are tax free if I hold for 10:years. They also have provided some tax advice both general and helping with some specific questions. We meet quarterly to review status. In 2022 I think I was down ~5% in my managed portfolio. Overall I’ve been happy with the results.

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Off topic but curious what your small business is?? 😊

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You’re in an odd stage where you aren’t quite to the point warranting a multi family office level of service but you need a lot of their core offerings. Would be worth researching minimums at a few places and seeing if any pique your interest.

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I decided I didn’t want the fee tail to wag the larger dog. I went with the 60 basis points company bc I liked their approach, steady style, and recommendations. I know I could have paid less at like Ameriprise but I want something more sophisticated and tailored.

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I know a few great planners. Happy to connect you to them.

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Don't have insight into what to ask. But just wanted to add that you can see if they do family deals (if you have children). My mom is a high net worth individual so Fidelity has put all her children with the same advisor even if we don't have millions. We also get the same deal as my mom in terms of management fees. It is great bc he is very familiar with our family's situation and can advise appropriately. Fidelity also gives her tax planning advice and has lawyers who can give input for planning but doesn't do her taxes.

Yes, doing a family deal with my mom and sisters. Getting a better fee structure. But also because some money is in trust from my dad passing, and we have a special needs sister, so lots of interconnection.

.6% seems pretty reasonable. I’m paying .7 or .75 (I don’t remember which it is) and they have $5M AUM.

I have a great advisor, very caring. DM if you’d like the contact info

What are the targeted questions I should ask?

72000/year buys a lot of tax advice

Yeah, that’s why I want to ask more questions and make sure I’m getting good value. I have an excellent CPA but want the more constant attention. They will also help with things like charitable contributions and mortgages. Just hurts to know I’m shaving so much off for fees.

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