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][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]

Are you sure .08 percent is correct? Do you actually mean .80 percent?

If it's .08 percent, please say the name. Our extended immediate family has about twenty million collectively and our fee is .45 percent. It's supposed to be a lower percentage the higher you go in assets[/quote]

You are getting a decent rate at 45 basis points for 20 million.  I have to think the PP is paying 80 basis points for the 2.5 million which is a very good rate for 2.5 million.[/quote]

I'm the PP and I meant .8, not .08. My bad. Sorry to get everyone excited.[/quote]

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