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Wealth management: any experience with Sequoia or Cerity?
05-08-2021, 10:12 AM
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#1
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Thinks s/he gets paid by the post
Join Date: May 2016
Location: Mid-Atlantic
Posts: 2,654
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Wealth management: any experience with Sequoia or Cerity?
Anyone ever use Sequoia Financial Group or Cerity Partners for wealth management? I've been referred to them for (fee or hourly based, of course) advice about my portfolio, and I'm going to talk to them both to see if I want to do so, but I was wondering if anyone has used either of them or has heard anything first-hand about them.
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-Looking to FIRE in the mid-2020s, which would be our mid-50s.
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05-10-2021, 03:53 PM
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#3
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Thinks s/he gets paid by the post
Join Date: May 2016
Location: Mid-Atlantic
Posts: 2,654
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They are both supposed to have fee-based options, and this is the Sequoia Financial Group that I am considering. Thanks for the link to the review about Cerity, that matches what I've heard so far. But I'm not looking for an AUM arrangement, as I said, just considering a fee-based consultation, basically a check-up and possible refinement of where we are and what we're doing.
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-Looking to FIRE in the mid-2020s, which would be our mid-50s.
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05-10-2021, 04:29 PM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
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Just me, but since I've had to pay for the mistakes of those who "helped" me (for a fee) I've decided I can screw up without anyone else's help, thank you very much. I heartily endorse (at least the idea of) fee-for-service HOURLY CFP or similar. Other than that - my suggestion would be to "roll your own." Keep in mind, I've made all the mistakes in the book - except saving like a fiend. YMMV
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05-10-2021, 04:46 PM
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#5
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Quote:
Originally Posted by The Cosmic Avenger
... fee-based options ...
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Just a caution, in the FA business "fee based" means that the advisor doesn't get paid on commission. An FA charging fees bases on AUM is considered to be "fee based."
When the client is paying fees directly I think that is automatically a fiduciary relationship, but certainly ask.
Also I suggest https://brokercheck.finra.org/ for anyone you talk to, ideally before the meeting.
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Ignoramus et ignorabimus
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05-10-2021, 04:56 PM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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Location: City
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Quote:
Originally Posted by The Cosmic Avenger
Anyone ever use Sequoia Financial Group or Cerity Partners for wealth management? I've been referred to them for (fee or hourly based, of course) advice about my portfolio, and I'm going to talk to them both to see if I want to do so, but I was wondering if anyone has used either of them or has heard anything first-hand about them.
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I just skimmed the Cerity review and see that they invest in private equity and hedge funds. Do you have a personal IPS with a prohibited investment list? DW and my prohibited list includes both of those due to illiquidity and opaqueness. YMMV, of course.
IMO it would be good to go into both meetings with your IPS and prohibited asset list.
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Ignoramus et ignorabimus
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05-10-2021, 06:17 PM
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#7
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Thinks s/he gets paid by the post
Join Date: May 2016
Location: Mid-Atlantic
Posts: 2,654
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I made it clear I'm not planning on letting them control anything, they can make recommendations, and I'm mostly interested in withdrawal and tax strategies rather than investment planning. But thanks, those give me clearer ideas of how to state what I'm looking for.
__________________
-Looking to FIRE in the mid-2020s, which would be our mid-50s.
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05-10-2021, 06:57 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Southern California
Posts: 3,995
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I think your experience with them will depend on the skills of the individual they assign to your account. You can read a lot of reviews about the company overall but since you are likely to be primarily working with one person I would try to get some reviews from other clients who have used the specific individual they assign to you. What you are looking for is very specific and we really have no idea if they have the expertise you need.
But my general observation is that tax strategies might be better to discuss with a CPA than a wealth advisor.
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05-11-2021, 04:16 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,793
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Quote:
Originally Posted by OldShooter
Just a caution, in the FA business "fee based" means that the advisor doesn't get paid on commission. An FA charging fees bases on AUM is considered to be "fee based."
When the client is paying fees directly I think that is automatically a fiduciary relationship, but certainly ask.
Also I suggest https://brokercheck.finra.org/ for anyone you talk to, ideally before the meeting.
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Good point. I would only consider an hourly CFP at this point in my life but YMMV.
__________________
Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
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