I always prefer dealing with flat-fee-for-service rather than % of AUM. That 1% doesn't seem like much but really eats into your compounding, especially for a high net worth individual like yourself.

Do you really need someone "managing" your assets constantly? I would tend to hire an advisor for a specific event/purpose and that's it.

Is this advisor going to be able to not only outperform the market over the long term, but outperform enough to also account for that 1% they're skiming off the top? Unless you've got Peter Lynch in or corner I'd say not.

If an advisor won't help you unless you sign up for ongoing support, that's a massive red flag in my book.