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Hi Folks, Does Accenture blacklists candidates who accept the offer and dont join ? My joining date is on 31st May and if i decline the offer in a few days now informing them that I won't join would it be a problem ? I am an ex-employee of Accenture and would like to keep options open with Accenture.Accenture India
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Chief
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Am I the only one who hasn’t used tiktok? Lol
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1-2% is average.
For that 1-2% you should be getting
1)investment consulting (allocations, choices, fee/tax reduction options)
2) advanced planning strategies (multiple goal management, estate and legacy planning, charitable giving management, tax mitigation, financial analysis, net worth tracking, Roth Conversion, etc)
3) relationship management- coordinating with CPA, Attorneys, other family members, etc.
I think 1.7% is high, I don’t have one client at that rate. My highest is 1.2 for accounts under 250k, 1.1 for over 250k, and 1 for over 500k.
0%. Anything more and you’re getting ripped off. I hold low fee ETFs like SPY and QQQ in my IRA and joint account at E*TRADE.
Enthusiast
What kind of fees are you talking about? I have no fees at Fidelity (401k) and moved an old HSA there from some off-brand place with fees for that reason (as well as good investment choices). No fees on my taxable and IRAs with Vanguard. Are you paying for some kind of advising?
Chief
Every fund you can invest in with a 401K is required to provide a prospectus which will detail their fee schedule.
1.7% is excessive. That’s 3-5X the interest rates right now on CDs or “high yield” savings accounts.
While I agree with most of what A1 has said, keep in mind that those “fee-only” Certified Planners can sometimes charge more than your standard investment advisors on a percentage basis. For example, a $5-$10k fee charge for $500k plan is about 1-2% of your assets. Most will also do an annual review of assets/plan which could end up being an additional recurring charge.
That sounds like what WFA tried to sell me a year or so ago. They also have fees on the some of the underlying investments, so your returns are taking a pretty big hit. That 1.7% management fee number was pretty bad compared to the others I looked at around the same time.
Pro
It's not super high for a management fee (this is on top of expense ratios you pay for each investment noted in the prospectus). These rates are lower for wealthier people which is why yours is on the high end. The big question is whether you need an advisor at all, since unless you have very unique needs or are super wealthy, you can do it yourself for much less.
Paying that much for stock / fund selection is generally a bad trade. If you don’t want to have to think about those things, you can use a robo-advisor like Betterment for more like 0.25%, and that covers automatic tax loss harvesting too. Or just DIY but keep it simple - pick a few broad ETFs like VTI, VEA, VWO and invest in a fixed ratio yourself and skip any management fees.
Buy the dip, BTC and HODL.
1.7% is good as long as it’s a one time upfront fee, which I guess is what you mean by flat rate? 1.7% annually is a different story and reminds me of the scammers at Edward Jones. The place where I went had different %’s based on what you invested obviously. I believe 200-499k was 2.25% and anything over 500k had no upfront fee at all.
Thanks everyone. I am consolidating several 401k accounts into an IRA and don't want to manage the accounts myself. It's not my wheelhouse.