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I Found A Great Resource For Finding Fee-Only Financial Advisors
Posted on 9/20/24 at 12:45 pm
Posted on 9/20/24 at 12:45 pm
www.feeonlynetwork.com
This post was edited on 9/20/24 at 12:52 pm
1
Posted on 9/20/24 at 6:08 pm to auwaterfowler
Just curious as to why so many downvotes? Are we anti fee-only financial advisors??
Posted on 9/21/24 at 8:08 am to auwaterfowler
I'm not. If you're going to use one then fee-only is the way to go. AUM fees are akin to realtors taking a percentage of a home buy/sale.
Posted on 9/21/24 at 10:33 am to auwaterfowler
quote:
Just curious as to why so many downvotes? Are we anti fee-only financial advisors??
Okay, you so pay a FOA for a plan. What if you don't like it? And, the plan is only good for the market in that particular time frame. Time passes and the market conditions change. You need to reallocate. You pay again for more advice? To me, only have one if you do most of your investing and are only looking for support. Otherwise, if you don't know what you're doing, get a FA that charges 1% and worry less.
Posted on 9/21/24 at 12:37 pm to Enadious
quote:
You pay again for more advice?
Yes. Fee only doesn't mean one-time only. What if you make a will and your life situation changes? Would you pay a lawyer $2k/yr just in case or go back to the lawyer as circumstances change and pay for help with an update?
quote:
get a FA that charges 1% and worry less.
If I have $500k, I should pay $5k/yr? $10k with $1m? No thanks, FA have a place in most plans but that's a large erosion of your future assets. Take a compounding calculator and check the difference 1% makes over 20+ years no matter how big or small you start.
Pay for advice you need, take ownership of your future. Some/many don't care or can't be bothered so FA are better than nothing.
Posted on 9/21/24 at 12:45 pm to Enadious
quote:
get a FA that charges 1% and worry less.
People who say stuff like this are usually either
A) financial advisors themselves or
B) trying to justify the 1-2% that's being stolen from them every year by their own FA
Posted on 9/21/24 at 3:17 pm to auwaterfowler
quote:
Just curious as to why so many downvotes? Are we anti fee-only financial advisors??
You only found 3 assholes on here? Consider yourself lucky.
Posted on 9/21/24 at 6:17 pm to Enadious
Are you claiming that the rules of the market change so much that there is no reallocation philosophy suitable for people saving for retirement that they can't just follow themselves and that a FA is needed because they study the market and know how to "tweak" things to achieve a better result than say, the market?
I'm sorry, but this is not difficult stuff.
I'm sorry, but this is not difficult stuff.
Posted on 9/23/24 at 12:26 pm to ApexHunterNetcode
quote:
Pay for advice you need, take ownership of your future.
A one time FA wanted 7.5K for a plan. No thank you.
Posted on 9/23/24 at 3:01 pm to Enadious
Not a great resource. It is a pay to play listing service for Advisors. Essentially paid advertising.
Posted on 9/23/24 at 3:06 pm to Enadious
How much do you pay per year for someone to manage it? For me that would be a hell of a lot more than 7.5K. I have had two visits with a fee only advisor at $1k a pop. That has been over 5 years. THey have made a couple of good suggestions I have put in play, and a few suggestions I did not agree with. I have zero desire to give 1% a year when I can mimic S&P by myself, know how to tax harvest/ limit exposure/ tax benefits/ run retirement calculators. I might need someone later in life to help me minimize tax burden, and at that point, I will be wiling to pay for advice. I'm not willing to pay the equivalent of multiples tens if not hundreds of thousands to put my account in an algorithim and tell me it is doing ok once a year. I'm also not willing for them to bet their "knowledge/hunches" and statistically underporm the S&P over a 10 year time period.
Posted on 9/24/24 at 8:58 am to GeauxTigers777
quote:
I have had two visits with a fee only advisor at $1k a pop.
You are doing you, and that's a good thing.
quote:
For me that would be a hell of a lot more than 7.5K
Me too. But since May, my account has increased 7% more than what my FA fees will be for 12 months.
quote:
I have zero desire to give 1% a year when I can mimic S&P by myself, know how to tax harvest/ limit exposure/ tax benefits/ run retirement calculators.
I'm in retirement. Anyone can mimic the S&P. Which means you have to be willing to accept the possibility of it losing over 30% as history has shown. I'm invested in funds that will not match the highs of the S&P nor will it reach the lows. Some of these funds I couldn't buy at the discount without being with a broker. Yes, 1% is a hell of a lot over the years. But it's worth it for me.
Posted on 9/24/24 at 10:30 am to Enadious
quote:
Yes, 1% is a hell of a lot over the years. But it's worth it for me.
This is a point that many of the hard-liners should take heart with. Yes, everyone could do it themselves, but for a lot of us time is money or something to spent with family. Using a FA is not a sin, nor is doing it yourself. Everyone's situation is different.
I could go to law school and/or get a degree in accountancy as well. I could save paying lawyers and CPAs to run our business right. That would be pretty wasteful financially though and give me a much lower quality of life.
My FA managed stock account is YTD at 30.39%, and the S&P is at 21.29%. Obviously that 1% fee is worth it currently. I am not worrying about researching the market or making sure I am on track for retirement.
Posted on 9/25/24 at 11:44 pm to auwaterfowler
quote:
Just curious as to why so many downvotes? Are we anti fee-only financial advisors
Honestly, when using your phone, it is very easy to press the wrong arrow when you have large fingers. I would imagine 90% of the downvotes are just that.
By the way, thanks for posting the link…it is exactly what I needed!
Posted on 9/26/24 at 9:28 am to Spankum
quote:
. I would imagine 90% of the downvotes are just that.
No, they are actual downvotes. This place has their opinions, and will not sway
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