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Started By
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Thoughts on financial advisor fees?
Posted on 2/3/18 at 10:15 am
Posted on 2/3/18 at 10:15 am
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.
4
Posted on 2/3/18 at 1:04 pm to TheOcean
It should be in the range of .75-1.25% depending on asset amount.
Posted on 2/3/18 at 2:50 pm to TheOcean
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.
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.
Posted on 2/3/18 at 2:51 pm to Janky
You don’t pay a % unless you’re into wealth management. That’s not standard FA
Posted on 2/3/18 at 3:00 pm to YoungManOldMan
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.
Posted on 2/3/18 at 4:51 pm to TheOcean
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.
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.
Posted on 2/3/18 at 8:09 pm to TheOcean
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.
Posted on 2/3/18 at 9:47 pm to 1609tiger
I thought Trump scuttled the fiduciary duty rule for financial advisors.
Posted on 2/4/18 at 7:20 pm to 1609tiger
What is an RIA
Posted on 2/4/18 at 7:36 pm to Pussykat
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 2/4/18 at 7:38 pm
Posted on 2/4/18 at 8:36 pm to OleWarSkuleAlum
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?
How do you determine if they have a fiduciary duty?
This post was edited on 2/4/18 at 8:41 pm
Posted on 2/4/18 at 8:36 pm to whitefoot
Where do you find someone like this?
Posted on 2/4/18 at 9:59 pm to sneakytiger
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.
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.
Posted on 2/5/18 at 11:08 pm to sneakytiger
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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