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Old 02-25-2015, 10:51 AM   #41
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I think that forum members should reserve judgment on people who pay the recurring asset management fee. If you have no head for finance and no time or inclination to manage your portfolio, a good FA can be better than no FA, even if after deducting a reasonable fee. Of course there are bad apples in the industry. Just like there are bad lawyers, doctors and cops, teachers, etc.

If you are lucky enough to have the time, skill and confidence to manage your own portfolio, kudos to you, but don't knock someone else who doesn't.

This site is a good resource for people looking to go DIY, and they'll be more likely to continue that journey if they are greeted with constructive advice and not condescension.
I think I did a bad job of trying to make my point.

Clearly some special problem, especially a political problem, is worth spending money to avoid or solve. Same with unusual titling or other things like insurance or estate plans or other things that a FA may of may not be competent to help with.

But the plain Jane aspects of how much money do you put into what seems to be to be greatly in doubt, so some random choice within the usual bounds encountered everywhere is as likely to be successful as any other, whether one's own choice or some FA's.What people mostly seem to do is pick out some favorite guru, and make his pronouncements a benchmark.

Anyway, I am saying let people do whatever they are committed to doing, and let it be. Frankly, it is tiring and unnecessary to discuss this over and over since we seem to agree that no one really knows what will be best.

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Old 02-25-2015, 01:33 PM   #42
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Thanks for all the comments. Someone on here posted a link to the Garrett network. I found a guy who is running his model for me for about $400. He apparantly does this frequently for people in my shoes. I'll see how it looks.
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Old 02-25-2015, 02:22 PM   #43
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Fair point, but is making decisions concerning your financial future and your ability to live out the "FIRE" dream the equivalent of changing light bulbs or rewiring the house? .....
I guess I was unclear. My point is that unless one knows that a task may well be within their capability, their first instinct is to close their eyes and reach for their wallet. This forum consistently provides the insight that investing is not that hard.

I think that many more people can handle their own finances than currently do. I also think many of those paying a FA have no idea how much they are paying because of the way the payment is spirited away a little at a time in a more or less opaque manner.

That said, if you want to pay a FA, go for it. But I'll continue to educate those that may not realize that they may well be able to do it themselves, and if not, how much it is really costing them.
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Old 02-25-2015, 02:30 PM   #44
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I think that many more people can handle their own finances than currently do. I also think many of those paying a FA have no idea how much they are paying because of the way the payment is spirited away a little at a time in a more or less opaque manner.
+1

There's also a certain amount of ego involved. My FIL always talked about having his CPA handle his taxes ($600/yr) and his FA who put him into variable annuities. When I took over doing his taxes, he didn't even itemize deductions. He was paying $600 for a 1040EZ!
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Old 02-25-2015, 03:15 PM   #45
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......... He was paying $600 for a 1040EZ!
Well yea, but that $600 was tax deductible ............ but not on a 1040EZ
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