Reply to Why would you pay 1% to a financial advisor?

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[quote=Anonymous]There is a difference BTW a fiduciary and a financial advisor who is just a sales person.  The majority are not fiduciary.   I'm a boglehead and built up a 7 fig portfolio from nothing using index funds, on a middle class salary range of 150 household.  No fancy inheritance. S&p 500 and a minority in indexed bond funds are my mainstay.  I'm a two fund portfolio person.

My advisor is jack bogle and I recommend the commonsense book of investing by bogle. Short abd sweet read.  I've been doing this approach for 25 yrs..  I have flirted with the idea of using a fiduciary esp when I hit 7 figs. But I can't justify the cost.

I will be using my acct to help me with tax related planning.  I also don't mind spending on an estate planner for trusts etc.  Those are free standing one time type costs.  But a 1% fee on a 7 fig portfolio is too significant a cost.

A couple of close family members use financial advisors and are invested in expensive funds
 I shudder when I look at their fees.[/quote]

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