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Financial advisor. cost
Posted on 4/18/18 at 9:05 am
Posted on 4/18/18 at 9:05 am
What is the average cost for a good financial planner....
I have about 600 THOUSAND invested with him and don't plan on touching it for 10 years
How much should I be paying him a year and do I really need him
His fee for the first quarter was 2300.00....doesnt this sound high...it does to me
I have about 600 THOUSAND invested with him and don't plan on touching it for 10 years
How much should I be paying him a year and do I really need him
His fee for the first quarter was 2300.00....doesnt this sound high...it does to me
This post was edited on 4/19/18 at 1:27 am
4
Posted on 4/18/18 at 9:07 am to tigers1956
Depends on what level of assets they are managing for you, but 1% per year is a good starting point.
ETA: on $600K, expect to pay 1%.
ETA: on $600K, expect to pay 1%.
This post was edited on 4/18/18 at 10:16 am
Posted on 4/18/18 at 9:15 am to juice4lsu
quote:
Depends on what level of assets they are managing for you, but 1% per year is a good starting point.
Screw that. Fee-only financial adviser is the only way to go.
Posted on 4/18/18 at 10:15 am to lynxcat
quote:
Fee-only financial adviser is the only way to go.
That is fee only. If the advisor is paid only on what he manages his interest are aligned with the clients. The only way the advisor grows is if the client's assets grow.
Posted on 4/18/18 at 10:21 am to lynxcat
quote:
the only way to go
Do you also buy generic brand toilet paper?
Posted on 4/18/18 at 10:25 am to LSUcam7
1%
Posted on 4/18/18 at 11:19 am to lynxcat
quote:
Fee-only financial adviser is the only way to go.
1% *is* fee-only. I assume you mean flat fee? Not sure anyone works that way, at least they didn't when I was in the industry. But it's been awhile and could be mistaken.
Posted on 4/18/18 at 11:32 am to foshizzle
If the net cost is greater than $0.00, you need to start looking elsewhere.
Posted on 4/18/18 at 11:36 am to tigers1956
I pay that 1% to my retirement. With no-load index funds or ETFs, all you need to worry about is the percentage distribution between equities and bonds. Or don't worry, and purchase year of retirement/need funds (not a fan, myself). Too much free financial advice is available from multiple sources (including MT) to be trusting your money to one person (even if he/she has company resources). Unusual financial situations more often require a tax accountant, not financial planner.
Posted on 4/18/18 at 11:53 am to tigers1956
My company charges 0.89% for accounts under $1million. It drops to 0.79% for those over $1million.
It includes these services:
? Two Dedicated Financial Advisors
? Customizable Individual Stocks & ETFs
? Full Financial & Retirement Plan
? College Savings & 529 Planning
? Tax Loss Harvesting & Tax Location
? Financial Decisions Support
including Insurance, Home Financing,
Stock Options and Compensation
The services increase quite a bit when you get over $1million.
I have been really happy with the people I use for 3 years now.
It includes these services:
? Two Dedicated Financial Advisors
? Customizable Individual Stocks & ETFs
? Full Financial & Retirement Plan
? College Savings & 529 Planning
? Tax Loss Harvesting & Tax Location
? Financial Decisions Support
including Insurance, Home Financing,
Stock Options and Compensation
The services increase quite a bit when you get over $1million.
I have been really happy with the people I use for 3 years now.
This post was edited on 4/18/18 at 11:55 am
Posted on 4/18/18 at 12:59 pm to SurfOrYak
quote:
I pay that 1% to my retirement.
Amen. I have never paid an advisor. Over 20+ years I have made a lot of scratch by not giving it to someone else.
Posted on 4/18/18 at 1:35 pm to foshizzle
quote:
1% *is* fee-only. I assume you mean flat fee? Not sure anyone works that way, at least they didn't when I was in the industry. But it's been awhile and could be mistaken.
Correct, I was speaking to a flat fee arrangement. Naturally, this depends what services someone needs - a flat fee arrangement works perfectly fine for a building out a financial plan but isn't going to work for daily management of those assets.
At 1% fees on $600K, he is paying $6K annually at minimum so he is looking at $60-100K in fees he pays over a decade & he loses the compounding on those assets over that period of time.
In short, make damn sure you absolutely need someone managing your money or that is an expensive path to take.
Posted on 4/18/18 at 3:29 pm to tigers1956
quote:
How much should I be paying him a year and do I really need him
what do you want him or her to do? I certainly wouldn't pay 1%. Most brokerages will give you an adviser for free if you have 600k in there. Yes, they will pimp their products but its not too bad.
Just invest in low cost ETFs.
I use my schwab adviser pretty regularly. She is great at running shite down for me, and doesn't seem to mind putting together analysis on my investments. I have found her advice to be better than decent. My previous two schwab advisers were ok.
Posted on 4/18/18 at 3:31 pm to lynxcat
quote:
a flat fee arrangement works perfectly fine for a building out a financial plan but isn't going to work for daily management of those assets.
Daily management of those assets is a fools game, unless you know what you are doing. I think flat fee. Get a plan. Then learn some basics yourself, or move it to a brokerage that can run numbers for you (like rebalancing).
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