Reply to Why would you pay 1% to a financial advisor?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]The more money you have, the smaller percentage you have to pay or you can negotiate to do so.  All of you should not be paying 1 percent if you have anything worth being managed.  That is an old way of thinking in investment services.  We use an investment firm and our money along with extended families money all is considered under the same umbrella. So we get investment services for far less than 1% because of the large amount  total but our personal direct money is just a percentage of the larger pot.  We still get the same services. It is very much worth it to us.  Speak to investment firms and see what they can do for you.  Or pool with extended family members like we did.  They want your business but you have to make it worth it to them.[/quote]

+1 
By the time we were at a million, we were paying less than 0.5%.  A good financial advisor is worth it.  We do get better returns than the index market funds, have more diversity, and ours manages most financial issues for us.  so they play the game of keeping our "cash" in CD/MM so we have FDIC insurance for all of it (there is a lot of it)---I don't have the time to be opening 20+ bank accounts and managing the 3-6 month CDs that come due (that has been the best returns in last year).  My FA also gets access to CDs that are at higher rates than even I can get at most good online banks.[/quote]

How much are you keeping in CD/MM an why?  $500K for you and spouse is (1) far too much anyway beyond a short term need like real estate sale, and (2)  already half of that "million".

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