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Reply to "Financial Advisor, cost per year "
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[quote=Anonymous]We pay 1% of assets managed which is typically the case for most CFPs - not net worth. It’s 1% for assets under $5mil. This is our first year with a CFP and only have $1m currently being managed by our advisor. I also interviewed fixed fee advisors which included creating a financial plan which we would manage ourselves and were quoted approximately $4k-6k. We opted for AUM fixed fee since it would be 10k for the plan and management. We both have ADHD and busy lives so we doubted we’d be able to manage or funds effectively (which was a good call since I’ve failed to managed some of our savings we didn’t invest with our advisors). Their recommendations have also been really helpful in these uncertain times and our risk profile - they found some investment options I never knew existed and talking to some friends are less known. For us it’s been worth it but I do plan on self managing in the future once we get the hang of things. [/quote]
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