What is the value of / case for hiring a wealth manager with management fees (say 1% of holdings) as opposed to investing directly in ETFs/index funds yourself (through any of the brokers like Fidelity, Vanguard, etc.)?

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It’s never made sense to me getting to current asset levels but I am starting to wonder if there are opportunities for more expertise/support as my assets go up and diversify especially around tax planning, buying a second home/staring a business, estate planning, life insurance, etc...but even as I do look for this, I’d prefer to avoid a % of assets fee structure

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Echoing the advice from other responses, my wife and I only recently consolidated our various accounts into an Edward Jones account with a guy my mother has been using. We have a number of holdings from investment real estate, insurance policies, private securities etc... This guy has been very good to my mother in terms of service and performance over the years, and his advice has been very helpful to us so far. I am 58 and retiring next year, so wanted to make sure my portfolio is structured in a tax-wise way and I am tapping the funds strategically. I'm sure there's a valid argument for doing it myself but given this fellow is handling my mother's and our portfolios, we get white glove treatment from him.

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You are much better off investing yourself then paying someone that much. If you really are worried about investing use a roboadvisor

I think SM1 hit it pretty well. Talking strictly stocks, then using an advisor is a fools move. But if you get to a point where you are doing estate planning, second homes, buying homes to then rent, tax planning,...these items are more complex than dropping $ into an etf and index fund that it would probably worth having someone help you out on

Thanks everyone - that helped a lot. It makes a lot of sense for more complex moves like you mentioned but I def do not want someone siphoning off 1% of my Roth IRA to place a buy order for VOO that I could’ve easily done myself

I’d also add that it comes down to what you want to outsource vs. do on your own (and potential time commitment to learn, execute, track, update plans, etc.).

Should you look for advisor (disclosure: I’m one), it helps to find someone who you have good rapport and fit with, 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 (or can calmly state that you can’t afford two vacation homes), etc. Also, a Registered Investment Advisor has a legal obligation (hopefully stemming from a moral obligation) to put your interests first and their 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 it can be a misalignment of incentives to charge on % of AUM (another thread for another time, perhaps).

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