Yes, this is what keeps FAs in business. Also people's feelings that they just do not want to mess with the financial stuff, especially when they don't understand what the FA is costing them in fees and underperformance. Sad, but I cannot be my brother's keeper.
I understand what you're saying and appreciate it. I'll just restate an important detail which is that this is by no means a typical/conventional "AUM" 1% or more FA arrangement...so to be clear, what i am paying is a tiny fraction of the typical FA scenario and has had minuscule cost impact. This is a former fund manager who established a 'boutique' small advisory firm. I got acquainted with him when I was freaking out post 2008-09. Since then I 've maintained my own portfolio and consulted with him at most 2-3x a year on a purely hourly, no-strings-attached basis. These meetings have always only been my at my own discretion and request.
I have seen this as a proactive situation and he has no proprietary interest or benefit gained by any funds he's suggested over the years. I may, as well, be underreporting or short-changing him as far as the actual returns he's helped to accomplish by not factoring in say, dividend income as well as growth of principal. Oversimplification for the purposes of an OP like mine can gloss over some important details. Also to reiterate, FWIW, my total asset value under his 'occasional' guidance has roughly doubled, to recent highs of about 2.4m (before downturn) while working with him. I'm likely the only client for whom he does an hourly thing and i disbelieve that he's ever steered me into any funds for his own gain, because he has zero 'commission' interest let alone physical attachment to my brokerage accounts.
I'll acknowledge that i could've matched and maybe bettered his recommendations and resulting performance with like, a single balanced VG fund alone, and I suspect you'd say I'm trying to justify my laziness in not having made a change by this point. That point does not elude me. Hence, why I'm seriously reflecting on all this at the moment... Thanks
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