Musica40
Dryer sheet aficionado
We have an acquaintance who gives us financial advice. He has a degree in finance and manages a small group of clients. We started utilizing him in March and he charged $500 to look over our account and to consider rolling over my old 401k to Schwab. He also introduced us to dividends and how they work. He has no access to our accounts and there is no magic to what he does but rightfully so, he feels he should get paid for his services. Today I received this email where he is notifying us that he will be increasing his fees:
Account value less than $100k will be $350 per year
Account value greater than $100k will be $750 per year
The fee covers up to 2 accounts. Any additional accounts will be $350 per account.
Our dividends are not reinvested. They are placed in a cash account.
Should we just accept this or does the rate increase seem steep? 5-10% annual increase would seem fair, but I am having an issue with this increase on principal. Going from $500 to $750 is a lot. Am I wrong?
Account value less than $100k will be $350 per year
Account value greater than $100k will be $750 per year
The fee covers up to 2 accounts. Any additional accounts will be $350 per account.
Our dividends are not reinvested. They are placed in a cash account.
Should we just accept this or does the rate increase seem steep? 5-10% annual increase would seem fair, but I am having an issue with this increase on principal. Going from $500 to $750 is a lot. Am I wrong?
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