Fee Only Advisor wants to use Schwab

[MRG]

I believe lots of folks here think DIY is the best way to go such that spending money on an advisor is a waste if not worse.

I think it depends on the type of advisor. I've never heard anyone talking negativly about a fee only advisor that you have a with a fiduciary relationship with.

The other side is someone who takes a percentage of AUM every year, no fiduciary relationship and sells investments that benefit the advisor more than the client.

 

[target2019]

I would look further down the road, and determine whether the investments can be transferred in kind to other well-known institutions.

Even though this doesn't seem to be the case for OP, I'll include this thought to supplement the other ideas given. This has happened to in-laws, where leaving the AUM requires opening new accounts, selling the institutional funds, and purchasing investor shares.

With the OP proposed FA/Schwab arrangement, it sounds like he/she can end the relationship, and the account remains as is, with no additional fees or selling required.

 

[jazz4cash]

Deleted post.


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