hesperus
Full time employment: Posting here.
On a portfolio of that size, I'd push for an ongoing fee of 50 basis points. Before doing that, though, calculate the total amount you are giving up to the advisor over 30 years. You'll be shocked.
You are much better off working with someone to develop a plan you can manage. Your father wrote a tremendous book and passed it on to you. Don't rewrite it, but add a few chapters.
Well put, and exactly what I wish to do: working WITH someone to develop a portfolio I can eventually manage myself. I realize the cost over thirty years would be huge to keep them managing it. No way. All I want to do is get some good professional advice for say, a year, to get the complexity of this thing down to something that I can handle, and do it in a way that factors in gains and risk in a changing market. Over that time, I will also learn by doing. Once I get the portfolio to a place I feel comfortable, I will take it on myself.
I am as skeptical and resistant to a advisor managed portfolio as the next person on this forum, but the difference is that I didn't create this portfolio myself over time, I inherited it with all it's complexities and risks. It's about making smart choices in getting it more tailored to our own needs, but doing it in a timely way that factors in costs and tax consequences.
I like the hourly idea, personally. In this way I can sit with this person and address particular areas of the entire portfolio without having to 'pay' an annual percentage to manage the whole portfolio. In that way, decisions are always run by me, and I can vett & process the trades myself which would probably help the learning process.
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