Can you recommend your financial advisor?
September 4, 2024 10:43 AM Subscribe
I've posted about this before, but have so much inertia around this that I haven't done anything about it. I have a financial advisor who is charging me more than 1% AUM. He's now moving to a new company, so this would be an obvious time to make a change. I am specifically looking for firsthand recommendations for financial advisors.
I know the standard advice is to just put everything in index funds and deal with it myself. But I think I may be too anxious to deal with this on my own, and the comfort that comes with a trustworthy advisor may be worth some amount of money to me. But just how much is the question. I have mixed feelings about my guy, but when all is said and done, I feel a level of comfort with him because I've been with him for 15 years. But his fee is above the industry standard, and that's what leads me to want to change. But so far I haven't been able to get a solid recommendation from anyone. Can you confidently recommend your advisor?
I know the standard advice is to just put everything in index funds and deal with it myself. But I think I may be too anxious to deal with this on my own, and the comfort that comes with a trustworthy advisor may be worth some amount of money to me. But just how much is the question. I have mixed feelings about my guy, but when all is said and done, I feel a level of comfort with him because I've been with him for 15 years. But his fee is above the industry standard, and that's what leads me to want to change. But so far I haven't been able to get a solid recommendation from anyone. Can you confidently recommend your advisor?
Another place where you may be able to source a reasonable recommendation is the bogleheads forum.
An alternative to an advisor who charges an ongoing fee based on your assets is a financial advisor / planner who is "fee only" or "flat fee" per consultation, there are many existing discussions, see: google search for fee only site:www.bogleheads.org
posted by are-coral-made at 2:44 PM on September 4
An alternative to an advisor who charges an ongoing fee based on your assets is a financial advisor / planner who is "fee only" or "flat fee" per consultation, there are many existing discussions, see: google search for fee only site:www.bogleheads.org
posted by are-coral-made at 2:44 PM on September 4
If you feel the need for an advisor consider Fidelity Robo Advisor. Fee is .35% AUM and despite the name it gives you access to basically an infinite amount of human consultation. (Access to a team of Fidelity advisors, unlimited 30-minute 1-on-1 phone calls,conversations on budgeting, managing debt, retirement planning, etc.)
The Robo refers to the construction of the portfolio - they take a bunch of information from you and construct a customized portfolio based on your needs. Hard to beat that level of service at that price.
posted by jcworth at 5:42 AM on September 5
The Robo refers to the construction of the portfolio - they take a bunch of information from you and construct a customized portfolio based on your needs. Hard to beat that level of service at that price.
posted by jcworth at 5:42 AM on September 5
I have had really good success with fee-only financial advisors available via Nectarine (https://hellonectarine.com/). transparent, adheres to Boglehead index fund investing philosophy, not AUM-based fee structure. I can recommend a specific advisor on Nectarine, if you like, just DM me.
posted by hampanda at 5:07 PM on September 13
posted by hampanda at 5:07 PM on September 13
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posted by softlord at 11:37 AM on September 4