Reply to Do you use a “wealth manager” or DIY?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I ($6M) use a financial planner who charges about 0.4% annually.  There are some special services that he’s done, like setting up bond ladders for income, and advising on tax strategies.  He also advises on insurance and setting up trusts.  I could do all of it DIY in theory, but it’s not my area of expertise, and it’s nice to have a professional looking over our accounts every quarter.[/quote]

Sure it’s your money and you can spend it how you want but the question is whether it’s worth $25k a year or whatever to do this. [/quote]

I’m not the PP but at this level of assets the tax issues can get complicated and messing it up can cost $200K+.[/quote]

I’m a little sceptical about what kind of messy tax issues you might run into that would cost you $200k+ but the choice isn’t between diy and paying an aum fee— it’s whether you want to pay $25k for advice because it’s “0.4%” or $5-10k for advice by writing a check to a tax/fin plan professional. [/quote]

Exactly.  Should be pretty easy to pay someone for a review and consultation to devise a plan, maybe you create it once you enter retirement, and then do a review 7-10 years later- maybe 5 hours of work each time.  If you know what you are doing generally, you just need a plan/instructions guided by someone who knows the tax issues.  They don't need to manage the actual accounts.[/quote]

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