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

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[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]

This is pretty much exactly me. $6m or so in funds invested with my planner.  Dh and i both make around $1m each; i work insane hours and it is hard for me to set aside time to do non-preferred household administrative activities. Like, i've owed my wealth planner 401k and other paperwork for years and literally never get to it because i work 60-70 hours a week (10pm right now and i'm on a work call).  And i really don't enjoy financial planning and find it overwhelming, so it's the item that falls off my to do list all the time.  DH has a lot more free time but he is very untrustworthy with money (he doesn't spend it, but he doesn't understand basic financial principles well).

So we pay a financial advisor some percent i don't even know (i think a bit less than 1%) and he does around index fund returns which isn't amazing but we've also not lost our shirts. ANd i don't have to think about it at all.

There are other things i do myself and save a lot of money; we haven't had any childcare costs since DS started K -- i've always been available to him and avoided needing a nanny, so that's $50-80k a year we've saved for 10 years. We also never really get takeout/delivery, while a lot of our neighbors do ubereats 4 times a week -- which never costs less than $80 for a family with delivery fees - so that's $20k a year.   It's all about priorities. I can sleep at night handling my own childcare and cooking. I would not sleep well at night if $6m of investments were all my responsibility.  So i'm happy to outsource that piece. [/quote]

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