Reply to How much money before you stop managing and hand off to a wealth management firm?

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Reply to "How much money before you stop managing and hand off to a wealth management firm?"

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[quote=Anonymous][quote=Anonymous][quote=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.[/quote]
yep.  And the firm has access to some funds that the general public does not.

DH got one long before he hit $1mil. I decided I was going to manage it on my own. His investments grew faster than mine.  I just didn't have the time or energy to spend time on it.  People who do that for a living do have the time.

We now have about $3.7mil with the firm. They've done well for us.  Even my kids are using them, LOL.[/quote

Mea culpa. I said .08% when it is actually .8%. And we currently have $2.7M with the firm and growing fast. Our daughter, who has a much smaller portfolio, uses them also. I love that they're intimately familiar with my mother's estate, our estate and now our kids' accounts, and are taking all of that into account when advising us. It's not just money management--it's one-stop shopping for taxes, retirement, insurance, etc.[/quote]

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