Reply to How Many With $1Million+ Manage Own Money/File own Taxes

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]
Except you and many like you have no idea if your advisor is doing well or not -- you are relying so heavily on salesmen that do you really understand what fees and expense ratios are being paid and after you pay them, are you actually beating the market?? [/quote]

Uh yeah, I do. We use a fee only advisor (not fee based), and their fee is directly billed to us. They detail out the other fees that the funds charge, which we weren't paying attention to prior to using them. We interviewed 4 different advisors (2 fee only, 1 fee based, and 1 traditional commission).

The reality is that the switches they made after we hired them offset more than half their annual fee in fund expenses alone. And we're better diversified now. It's not that we couldn't have done it ourselves, just that we weren't, and don't care to. I'm confident our $1M is going to become $2M and then beyond much faster since we're working with them than if we didn't have the couple thousand in expenses but we kept ignoring allocating and other decisions.

If people can and do do it themselves, that's the best way. But hiring a trustworthy fee only advisor is better than what we were doing, which was pouring money in but not spending any time thinking about where the real value is - the growth.  [/quote]

Who did you use and who else did you interview?[/quote]

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