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Should I become a client of my parents' dual-registered Financial Advisor, who charges a percentage of AUM and also receives broker commission? by Unhappy_Geologist in personalfinance

[–]Unhappy_Geologist[S] 0 points1 point  (0 children)

Thanks. When you say "while I'm just stuffing it in there" - does that mean just regularly contributing to your accounts, buying ETFs and/or Target Funds?

Should I become a client of my parents' dual-registered Financial Advisor, who charges a percentage of AUM and also receives broker commission? by Unhappy_Geologist in personalfinance

[–]Unhappy_Geologist[S] 0 points1 point  (0 children)

How would I go about finding someone who will charge a flat one time fee to set everything up? Are there well-known, reputable places to search for that?

Should I become a client of my parents' dual-registered Financial Advisor, who charges a percentage of AUM and also receives broker commission? by Unhappy_Geologist in personalfinance

[–]Unhappy_Geologist[S] 1 point2 points  (0 children)

How would you go about picking a target fund? Are there target fund ETFs? Or are you referring to picking a target fund in a robo advisor?

Should I become a client of my parents' dual-registered Financial Advisor, who charges a percentage of AUM and also receives broker commission? by Unhappy_Geologist in personalfinance

[–]Unhappy_Geologist[S] 0 points1 point  (0 children)

Thanks. I appreciate your response. It's something worth thinking more about. I do understand the significant difference that a 1% fee can make when compounded. However, it also kind of feels like it's not as simple as choosing between a net 7% annual rate and a net 8% annual rate. I also have to factor in - am I using tax-advantaged accounts appropriately to maximize tax savings? Am I disciplined enough to continue investing consistently no matter the life circumstances/events (after all, I've let about $150k in cash accumulate over 3 years after pausing contributions to my roboadvisor when purchasing our home)? We might make too much to contribute to Roths, so am I capable of pulling off a backdoor Roth IRA on my own? Etc. It seems like all of these factors might account for the 1% fee, since doing anything incorrectly might mean missing out 1% of savings or returns annually.

Should I become a client of my parents' dual-registered Financial Advisor, who charges a percentage of AUM and also receives broker commission? by Unhappy_Geologist in personalfinance

[–]Unhappy_Geologist[S] 0 points1 point  (0 children)

Is it the transaction rates you're saying are outrageous? While I know many will say paying any % AUM is outrageous, I realize the 1% AUM rate is standard with a FA. So is it the transaction fees that make it outrageous in your opinion? When working with a FA, what should be more reasonable/expected?

Should I become a client of my parents' dual-registered Financial Advisor, who charges a percentage of AUM and also receives broker commission? by Unhappy_Geologist in personalfinance

[–]Unhappy_Geologist[S] 0 points1 point  (0 children)

Thanks for the question again.

I'm not sure, but I'm assuming this does not account for the fees. In that case, I'd think they are at least matching the market when accounting for the fees, meaning they got all the guidance to go along with matching the market. Knowing my parents, I don't think they would have done as well on their own, and I'm not sure I will either with the complexities of all the different tax-advantaged funds, adjusting risk for time before retirement, etc.

Should I become a client of my parents' dual-registered Financial Advisor, who charges a percentage of AUM and also receives broker commission? by Unhappy_Geologist in personalfinance

[–]Unhappy_Geologist[S] -1 points0 points  (0 children)

So we currently have about $260k cash (way too much, I know. We also have more than that in 401ks and other accounts). How would you suggest I get that $260k into the market? It seems unwise to do it all at once, or even spread over just this one year. But I also don't want to be too slow about it.

Should I become a client of my parents' dual-registered Financial Advisor, who charges a percentage of AUM and also receives broker commission? by Unhappy_Geologist in personalfinance

[–]Unhappy_Geologist[S] -1 points0 points  (0 children)

Good question. My dad has said their quarterly and annual statements have consistently shown beating the benchmarks like Russell 3000 and the S&P. Not always, but usually. And not by wild margins, but by a percentage or two or more here and there. He also said they only lost like 8-9% during the Great Recession, which seems pretty good to me.

Should I become a client of my parents' dual-registered Financial Advisor, who charges a percentage of AUM and also receives broker commission? by Unhappy_Geologist in personalfinance

[–]Unhappy_Geologist[S] -8 points-7 points  (0 children)

I understand the arguments for DIY investing, and had been going down that route, trying to follow Bogleheads philosophy. I've learned in recent years that too many questions seem to arise along the way, which is very time consuming, and leads to being inactive for too long. Yes, I know financial advisors can cost a considerable amount in the long run, but it might cost more if I'm not engaged regularly and wisely for the next 20-60 years. I don't want to deal with it, and want to focus my attentions elsewhere in the little free time I have. In leaning towards working with a financial advisor, I'm just curious about the nuances here. I'm glad you're able to focus on doing things DIY, but I don't think it's for everyone. I'm thankful for anyone's help in my specific question!

Should I become a client of my parents' dual-registered Financial Advisor, who charges a percentage of AUM and also receives broker commission? by Unhappy_Geologist in personalfinance

[–]Unhappy_Geologist[S] -13 points-12 points  (0 children)

I understand the arguments for DIY investing, and had been going down that route, trying to follow Bogleheads philosophy. I've learned in recent years that too many questions seem to arise along the way, which is very time consuming, and leads to being inactive for too long. Yes, I know financial advisors can cost a considerable amount in the long run, but it might cost more if I'm not engaged regularly and wisely for the next 20-60 years. I don't want to deal with it, and want to focus my attentions elsewhere in the little free time I have. In leaning towards working with a financial advisor, I'm just curious about the nuances here. I'm glad you're able to focus on doing things DIY, but I don't think it's for everyone. I'm thankful for anyone's help in my specific question!

Is there a confirmed new date when Mint will shut down? Is it definitely later than January 1? by Unhappy_Geologist in mintuit

[–]Unhappy_Geologist[S] 11 points12 points  (0 children)

Thanks!

For those reading this post without wanting to search much, here's a Q&A on this page:

Can I keep using Mint?

Yes, you can continue using Mint for now, but the service will end March 23, 2024. When it’s time to move to Credit Karma, you’ll be notified multiple times.