If you have a net worth of 1.4 million at 44

[Anonymous]

Anonymous wrote:OP, most of the people replying to you don't have the type of money they claim to have.

We use Charles Schwab and have access to a financial advisor that we check in with quarterly. She's a CFP and gives us great advice.

Same with Fidelity for accounts over $250,000. It’s worth seeing what your place offers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, most of the people replying to you don't have the type of money they claim to have.

We use Charles Schwab and have access to a financial advisor that we check in with quarterly. She's a CFP and gives us great advice.

can you elaborate on this option?

If you go to their website, you'll see all the options they have. We have Intelligent Portfolio Premium - about half of our accounts are invested in their roboadvisor and the other half we do on our own (and our 529s are through the state, so not under Schwab at all), but you can enter all your info into their retirement planning software and the advisor will work with you to refine it and make adjustments at every meeting. Ours also provided advice on the 529s and the implications of things like buying a $900K house vs a $1.1 Million house, etc.

Real question is how much are you paying for this service?

[Anonymous]

Anonymous wrote:Does that include your home? If so, you need to aggressively save. No need for a financial advisor right now.

+1. If home asset is included you are really behind.

[Anonymous]

Are you counting your home in the $1mil?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Does that include your home? If so, you need to aggressively save. No need for a financial advisor right now.

+1. If home asset is included you are really behind.

Behind what? Or whom? How much is 1.4 million worth if one doesn’t own a home?

[Anonymous]

I don’t have one

[Anonymous]

A money manager is going to leach about 1% in fees off the top of that money and not add enough value to pay for that.

Better plan: put it (the investments anyway) in a roboinvesting platform like betterment or wealthfront - they have a simple questionnaire to determine your goals and timeframe and then will do the actually valuable things FAs do like keep the money appropriately invested in low cost investments, balanced, and handle tax loss harvesting - for a much much lower fee than 1%

We have multiple millions in liquid investments and we still just do this - studies have shown over and over again that human FAs just aren’t worth the money

[Anonymous]

OP, I have about the same NW (a little higher but mine is joint with DH) and we have pretty much everything in target date 401ks and 529s for our kids, plus an emergency fund and a small pension. I don’t think you need a financial advisor, unless you’re doing/tempted to do something wacky with your money. But I did not grow up with money, and I found it really helpful to sit down with the advisor offered by my workplace. He just talked me through my current approach, modeled what I can expect in retirement (FYI, the model shows that I will be just fine, in spite of the weirdos on here claiming we’re way behind), and explained some things I’ve always wondered about. So if something like that is available to you, I highly recommend taking advantage of it.

[Anonymous]

When I started acccumulating money I opened a Vanguard account and started reading a lot of what they had there. I decided just to just do things myself on their website. Basically I bought either a target date fund or mix of funds that closely matched that. The portfolio checker shows you how diversified you are and if it matches your goals. That works for me because I actually am kind of a math nerd and find finance an interesting topic.

[Anonymous]

Anonymous wrote:What type of financial advisor should you get? Is this enough for a wealth manager? Goals include paying for college and being comfy in retirement.

Fee-only advisor if you get one at all. Really, I just recommend Bogleheads.

[Anonymous]

Use Vanguard. They have low fees. They can provide advisors. When you have enough invested with them, the advisors are free or close to it.

What do you mean by Turbo Save?

The usual advice is to max out your employer plan first and IRA second and then save elsewhere.

We have more than you and do not use an advisor.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Does that include your home? If so, you need to aggressively save. No need for a financial advisor right now.

+1. If home asset is included you are really behind.

Is this a joke? What an idiot

[Anonymous]

Anonymous wrote:A money manager is going to leach about 1% in fees off the top of that money and not add enough value to pay for that.

Better plan: put it (the investments anyway) in a roboinvesting platform like betterment or wealthfront - they have a simple questionnaire to determine your goals and timeframe and then will do the actually valuable things FAs do like keep the money appropriately invested in low cost investments, balanced, and handle tax loss harvesting - for a much much lower fee than 1%

We have multiple millions in liquid investments and we still just do this - studies have shown over and over again that human FAs just aren’t worth the money

This. I was wealthy but then inherited a lot more. I interviewed several FAs but didn’t like any for many reasons:

1. The ones I talked to required me to transfer my assets to the places they do transactions with repeatedly.

2. I needed to sign a doc allowing them to do transactions for me.

I was at a no by then. This part would apply to all FAs tho:

What the person wrote above is right. They automatically get a fee no matter how they do. If they were so good at it, I wondered why they were still working. Wouldn’t they be rich? They promised growth at x amount BUT when you look at investment averages for the year overall, it was exactly what that was. Meaning YOU investing it carefully would have resulted in the same return they were suggesting they could get. Then, you need to consider if you could make 6-7% return event very conservatively, you’re down whatever percent you’re paying them. It’s not worth it, IMO.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, most of the people replying to you don't have the type of money they claim to have.

We use Charles Schwab and have access to a financial advisor that we check in with quarterly. She's a CFP and gives us great advice.

can you elaborate on this option?

If you go to their website, you'll see all the options they have. We have Intelligent Portfolio Premium - about half of our accounts are invested in their roboadvisor and the other half we do on our own (and our 529s are through the state, so not under Schwab at all), but you can enter all your info into their retirement planning software and the advisor will work with you to refine it and make adjustments at every meeting. Ours also provided advice on the 529s and the implications of things like buying a $900K house vs a $1.1 Million house, etc.

Real question is how much are you paying for this service?

Fyi Vanguard has a service like this called portfolio advisory services that has a .3% fee I think. One option is to try it out for a year and then decide whether to DIY. Another option is to use the questionnaires on their website (and bogleheads.com) and go straight to DIY.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Does that include your home? If so, you need to aggressively save. No need for a financial advisor right now.

+1. If home asset is included you are really behind.

Behind whom? In what world? Are you delusional?