Wealth Management/Fee negotiation

[vm26]

I'm with ML. Overall happy with their services however, never considered their fees or negotiating a better fee rate. Curious as to what others do? Some docs seem to think that having a financial advisor is unnecessary/scam

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[tartesos]

I'm with ML. Overall happy with their services however, never considered their fees or negotiating a better fee rate. Curious as to what others do? Some docs seem to think that having a financial advisor is unnecessary/scam

A fee for service financial advisor is not a scam.

 

[vm26]

A fee for service financial advisor is not a scam.

You would avoid AUM fees? Is this possible with firms like ML? I saw the below info on WCI:

#2 AUM fees: 0.5%-2% per year ($5,000-$20,000 on a $1 million portfolio, $25,000-$100,000 on a $5 million portfolio)

I want you to do the math and ensure the total paid is less than $10,000 per year.

 

[Mad Jack]

Are they doing true wealth management or are they just a glorified asset manager? Like, are you dealing with trusts, offshore accounts, and other vehicles or just investments? If they're doing actual wealth management and estate planning they can be worth their fees, but asset management is usually a waste of time, as 90% of them underperform the market after fees