How much money before you stop managing and hand off to a wealth management firm?
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
| At some point, managing my own money became more stressful than I want it to be. The big issue is taxes. Selling and facing capital gains and selling to take losses creates a lot anxiety. I have too much in U.S. equities etc. I don't want to worry about it any more. I'm at least 20 years from retirement and have about $8 m invested. Money came from a windfall legal settlement that has grown about percent in last four years. About half in index funds, but i took a beating in REITS offset by big tech wins. |
Anonymous
|
We had someone managing our money before we even hit $1 million. At about $2.5M I decided to do it on my own, then realized I wasn't actively managing anything--more just watching. My husband is completely uninterested in money, so I couldn't count on him.
A couple of years later I signed on with a wealth management firm that also manages my mother's money. While I hate the .08% fee, I love the personalized attention when it comes to taxes and retirement planning. And we're up quite a bit. |
Anonymous
| We've got about $10M in the market. My DH manages it all. It's become his retirement job. Anything happens to him tho, I'm going straight to a wealth management firm. |
Anonymous
| OP here: doing further research. The big breakthrough is at $10m when you qualify for private banking at places JP Morgan and CITI. That opens you up to more investment opportunities and tax, retirement advice |
Anonymous
|
I think OP needs a tax accountant more than a CFP.
When you’re 20 years from retirement, it’s generally coming up with a long term plan and sticking to it. This can be DIY and saves any AUM fees. |
Anonymous
| We are at $9.4M invested assets plus a paid off home and I don't see the need for a wealth management firm. I watch some YouTube videos at the gym on retirement and tax planning and that's been enough for now while I'm still in the accumulation phase. I can see it getting more complicated during decumulation, though. I did purchase Pralana which allows me to mess around with withdrawal strategies and impacts. Honestly, though, taxes are so incredibly complicated, it's never going to be easy or clear. I figure I'll do it as well as anyone, though. I will need a plan for my old age (80s-90s) since I've seen my extremely competent father make silly mistakes even though he's still quite sharp. We just lose our abilities, sadly. |
Anonymous
| Some of the major companies, like fidelity offer free assistance with a 1-1 advisor. That's what we do. |
Anonymous
|
Some have a minimum amount, like 1 or 2 million, not counting residence.
It’s worth checking into. |
Anonymous
0.08% or 0.8%? |
Anonymous
| For us it wasn’t so much the amount as the time out from retirement. We moved to one about 5 years from expected retirements and they’ve been great. Helped us make some shifts in the investment buckets to minimize tax impact and other planning. We are both actually retiring about 2 years earlier than planned now. |
Anonymous
|
OP,
Get a good CPA first. They are a really good resource. Their fees are reasonable due to the resources/ability to ask them questions/ through the CPA. Use the CPA for your tax filing. I'm paying about $1200 per year for tax prep from a Maryland CPA and my holdings are 4x yours. The CPA has been very helpful when I come up to forks in the road. |
Anonymous
| we have $10 million invested and I still DIY. But I like doing it and it doesn't stress me out. |
Anonymous
agree with this. DIY for investments but have had a good tax accountant since our HHI was $200K |
Anonymous
| OP you don't need to crowdsource this. You find it stressful. Hire an advisor. |
Anonymous
| I'm pp. Also, it doesn't have to be forever. Maybe you change your mind in a year or two, maybe not. Take care of your needs. |