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TheOcean
Florida State Fan
#honeyfriedchicken
Member since Aug 2004
38587 posts
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Thoughts on financial advisor fees?
What do you consider high? Reasonable? I'm talking run of the mill FA that people with $200k - a few million would have access to.


Janky
LSU Fan
Team Primo
Member since Jun 2011
20587 posts
 Online 

re: Thoughts on financial advisor fees?
It should be in the range of .75-1.25% depending on asset amount.


YoungManOldMan
Miami (FL) Fan
Member since Dec 2017
1255 posts

re: Thoughts on financial advisor fees?
Here is a secret, when I was an intern with a Financial Advisor firm, I used to write the plans at 20 yrs old.

It’s all a computer program that you pretty much hit and print. There is little customization except insurance.

Best bet is to know somebody and they will personally handle your things and customize your portfolio based on what your stated goals are.

If you’re just wanting a general plan, you would get me. Flat fee of $1200.


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YoungManOldMan
Miami (FL) Fan
Member since Dec 2017
1255 posts

re: Thoughts on financial advisor fees?
You don’t pay a % unless you’re into wealth management. That’s not standard FA


OleWarSkuleAlum
Texas Fan
Member since Dec 2013
4582 posts

re: Thoughts on financial advisor fees?
quote:

You don’t pay a % unless you’re into wealth management. That’s not standard FA


It depends. You can go fee based or AUM. Either way OP just purchase Right Capital LINK and that’s pretty much what your CFP is using anyways.


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whitefoot
LSU Fan
Member since Aug 2006
2599 posts

re: Thoughts on financial advisor fees?
Our guy is $800/year. This includes running through household budgets, retirement savings, other savings, income, expenses, insurance, retirement goals, etc. He plugs everything into his software and comes up with a report that tells us any deficiencies or anywhere that we're over allocating funds, and a plan of action.

I think they first year might have been $1000-$1200.

We've skipped the last several years as well since we've had minimal changes.

We use the same guy for moderate investments and our kid's 529 plans.

It was worth it for us because I was really into saving money and my wife thought maybe we could save a little less and enjoy the present more. So the financial planner was a good neutral party who helped us strike a better balance.


1609tiger
Member since Feb 2011
1290 posts

re: Thoughts on financial advisor fees?
Financial Advisor is a broad term. It should mean an RIA because they have the highest fiduciary duty. An RIA should change you about 1 % of managed assets with discounts for larger amounts. Make sure they are fee only, meaning they Make NO product fee like a broker or insurance guy.


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matthew25
Ole Miss Fan
Member since Jun 2012
8256 posts

re: Thoughts on financial advisor fees?
I thought Trump scuttled the fiduciary duty rule for financial advisors.


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Pussykat
LSU Fan
South Louisiana
Member since Oct 2016
810 posts
 Online 

re: Thoughts on financial advisor fees?
What is an RIA


OleWarSkuleAlum
Texas Fan
Member since Dec 2013
4582 posts

re: Thoughts on financial advisor fees?
quote:

What is an RIA


Some random person that takes the series 65 exam which is a complete joke btw. Don’t trust an RIA solely. I only somewhat trust someone with certified CFP credentials.
This post was edited on 2/4 at 7:38 pm


Pussykat
LSU Fan
South Louisiana
Member since Oct 2016
810 posts
 Online 

re: Thoughts on financial advisor fees?
What does RIA stand foe? Who is trustworthy? How do you know? (Serious question btw)
How do you determine if they have a fiduciary duty?
This post was edited on 2/4 at 8:41 pm


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sneakytiger
LSU Fan
Member since Oct 2007
2130 posts

re: Thoughts on financial advisor fees?
Where do you find someone like this?


Janky
LSU Fan
Team Primo
Member since Jun 2011
20587 posts
 Online 

re: Thoughts on financial advisor fees?
RIA= Registered Investment Advisor

It is what allows you to be able to charge a fee to manage money. You are then under supervision of the SEC rather than FINRA.


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whitefoot
LSU Fan
Member since Aug 2006
2599 posts

re: Thoughts on financial advisor fees?
quote:

Where do you find someone like this?

Word of mouth, for me.

You could search for "Chartered Retirement Planning Counselor" for someone in your area.


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