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Reply to "Why would you pay 1% to a financial advisor?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]The best deal is actually for people who have income mainly from a business, SS, or pensions. That 1% is actually a relatively small amount for them due to relatively low investible cash.[/quote] You do realize that you are not obligated to commit all your money to an advisor, right? if you have $5M, you could have them draw a financial plan for you but only have them manage, say, $500K or $1M. [/quote] This^^^ While our FA manages most of our money, I still keep some in CD/MM that I had years ago (think 10 banks to manage FDIC insurance). And even the large amount of cash (liquid assets) our FA manages without a fee---they only charge a fee on stuff in the market. Even our 529 is "managed" by our FA, but is not included in our fee schedule. That is what a good FA does. [/quote]
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