Reply to If you have a net worth of 1.4 million at 44

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[quote=Anonymous][quote=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 [/quote]

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. [/quote]

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