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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].8 percent of 2.7 million is over $21,000 a year. No way would I pay anyone that amount of money per year. What decisions are they making that are worth that? I belong to the Bogle philosophy of buying and holding, long term, diversified mutual funds. It’s not rocket science. If I need specific advice, I can hire fee-only advisers for a per hour rate through the Garrett Planning Network I did try a wealth manager for a while, but after a few years of paying them gobs of money while they did not do much of anything, I realized that I was losing a huge amount of money—because I was losing thousands in fees that should have been compounding as part of my investments. [/quote]
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