Reply to Paying a “wealth manager” 1pct fee- what can he do?

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Reply to "Paying a “wealth manager” 1pct fee- what can he do?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My financial advisor offers estate planning services (wills and trusts) included in their fees.  They advise on tax implications of various scenarios and make suggestions on any financial scenario I throw at them.  [/quote]

Ours as well plus insurance planning, education planning, beneficiary designations, charitable donation/foundation planning, and retirement planning year-by-year scenarios including major purchases, life events, home planning (sales, second homes, down-sizing, etc), and multi-generational wealth transfers.  We also meet with reams of spreadsheets annually to go over all of the above in detail.  And no, we don't have tens of millions to get this level of service.  FYI, we also pay on a sliding scale, 1% is only for the first million and scales slides toward zero for successive amounts they manage.  Big firms need/want to generate lots of revenue.  Look for smaller more focused fee-for-service financial planning firms.  Our estates attorney gave us some names and then we interviewed several before choosing one with a planner I clicked with.  Been with them for over 10 years.[/quote]

Wow!  That's a lot for 1%.  Mind sharing how much you have with them?  We had one where we also paid 1% but we only got wealth management from them. Tax planning and other services were extra.  We fired them after a few years. [/quote]

Well, it started out with under 1 million but as our money grew, so did the possibilities (charitable giving, estate planning) and so did the services.  So sorta commensurate with their fees if that makes sense. [/quote]

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