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-   -   Wealth management: any experience with Sequoia or Cerity? (https://www.early-retirement.org/forums/f28/wealth-management-any-experience-with-sequoia-or-cerity-109194.html)

The Cosmic Avenger 05-08-2021 10:12 AM

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.

ncbill 05-10-2021 03:44 PM

Sequoia Financial Group seems to be a debt collector...did you mean Sequoia Wealth Management?

High AUM fees:

https://smartasset.com/financial-adv...agement-review

Cerity Partners review:

https://www.magnifymoney.com/blog/in...rs-review-ria/

"Cerity Partner’s standard fee for its wealth management services is typically 1.25% of assets under management, with a minimum annual fee of $25,000."

Sure you don't want to try something like Plan Vision first instead?

https://planvisionmn.com

($189 first year, then renews at $96/year)

The Cosmic Avenger 05-10-2021 03:53 PM

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.

Koolau 05-10-2021 04:29 PM

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

OldShooter 05-10-2021 04:46 PM

Quote:

Originally Posted by The Cosmic Avenger (Post 2604955)
... fee-based options ...

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.

OldShooter 05-10-2021 04:56 PM

Quote:

Originally Posted by The Cosmic Avenger (Post 2604020)
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.

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.

The Cosmic Avenger 05-10-2021 06:17 PM

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.

Ready 05-10-2021 06:57 PM

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.

Koolau 05-11-2021 04:16 PM

Quote:

Originally Posted by OldShooter (Post 2604985)
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.

Good point. I would only consider an hourly CFP at this point in my life but YMMV.


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